@Erusidhion wrote:
How good are their pre-qualification mailers though? I got one today actually that says 19.90%, $45.00 annual membership fee and up to $1500 credit line which most know they start you off at like $300.00 or $500.00 The only reason I ask is because I did the prequalification on their website and it comes up with 23.90% and $75.00 first year annual membership, $99.00 thereafter billed monthly.
I mean, if they gave me the offer that is in the mailer.... for having a credit line to boost more utilization; if you don't mind the $45.00 annual fee, that's not too bad... I've wasted way more money on less trivial things. I am glad a lot of people didn't bash them in their replies. They truly did help a lot of people even though I thankfully avoided them but now I wonder if I should just get one. Anyways.
Congratulations! We all have to start somewhere, 3 bankcards + 1 store card + 1 $500 secured installment loan (48-60 month term) is the best way to jump start your credit profile. I wish you all the luck in your journey!
Chances are if you are getting those kinds of terms from them, You can get much better and less predatory cards. I.E. If your FICO's have a 6 in front. 
@Erusidhion wrote:
@Anonymous,
You are probably right but with two cards at 85% utilization, 0% apr cards; rather have the cash in my emergency fund and current investments at the moment, I doubt any major companies are going to approve me. But you know I could be wrong. I'm afraid to go on an app spree with these two cards being almost maxed. I will probably get shut down pretty hard. As of right now, no pre-qualifications show up on cardmatch or any other major sites I try.
I will think long and hard about this Credit One prequal. In the mean time, once I have some balances updated reporting 0 in middle of April; I may get the itch to just pull the trigger on my app spree then since that'll be the best time to do it while I'll just have the two high utilization cards reporting. I was hoping to keep them high to try an experiement when they get 2 months out from losing the 0% apr status. I wanted to initiate a CLI with high score with both and see if they'd give me huge CLIs thinking that maybe it'd be in their best interest to give them out thinking I'd not pay the balances down before the 0% inroductory period ends; dunno.
I think the best thing about myFICO is all the experimentation threads. This site is just too damn addicting.
Your scores may very well be where they are because of the high utilization. Don't worry about utilization until you need to apply for something that matters.
Your 85% average on each of the cards with balances will still be there at the end of the day. Even a $10,000 CreditOne won't fix that. 
@Erusidhion wrote:Well I currently don't pay for a checking account because I have a Credit Union account (no monthly fee) and a Wells Fargo account (secured card attached, savings, use debit card 10 times within a month). I was just doing a comparison I should have been more clear. I understand it has no grace period. It's essentially a Cash Advance card which at 19.90% is lower than a majority of my cards that have Cash Advance (not that I'd ever use it, no one should).
I will address the utilization towards the end of the year. Hopefully my current investments will cover paying them down and still having what I have now in my emergency fund. And as for paying for the credit limit increase; good point I probably shouldn't. I'm going to just keep this for 2 years and dump it. As for the $2,000 limit; I have to read more Credit One posts to see the highest limit anyone has ever gotten. But I remember that number $2000 showing up somewhere... was it for this card?
I enjoy all your advise Nixon and all your posts. Honestly, paying the annual fee for a Credit One is no problem. Do you know how much money I spent on the whole process of adjusting inquiries? If you only knew, so glad that option is gone. I'll never attempt that process again. Thanks again for replying!
If you mean waiting two years for them to drop off..... 
