Approval CC from Navy Fed!

[SoulMaster]

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@0REDSOX7 wrote:

SoulMaster - depending on your CreditOne card, don't they charge interest from the posting date, not statement?  I don't see a grace period listed in the T&C, but it may be by card product.

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I don't think it depends on which CreditOne card you get... I think all of them start charging interest on the day the purchase settles.  What your missing is that there's a minimum $1/cycle interest payment where there's a purchase in the cycle.

BUT

Here's the math on that.

Assuming a $500 limit... the person should NEVER charge more than $50, so let's use $50 as the number.

1 month of 29% interest on $50 = $1.20

1 month of 2% interest on $50 = $1.00 (the minimum)

So the interest rate really doesn't matter.  

The above also assumes that the $50 purchase is made on day 1 of the cycle, if not, it matters even less.  This horrible interest policy is yet another reason why the rebuild plan tells you to close the CreditOne card 11 mo after opening it and to hardly use it at all once you have the CapitalOne.  I hate CreditOne, but IMO between that or a non-graduating secured card, CreditOne is the lesser of 2 evils.  When I originally wrote the guide, one would use HSBC, but they don't exist anymore.

-SM

[CWESTL]

Just an update on my February 12, 2014 application for a NFCU cash rewards card .  .  . This morning I received an email and text message informing me I have been approved for a $2000 credit limit. Thanks to this forum for providing valuable information for those of us working to rebuild our credit history.