Anyone That Has a NEW Credit One Acct Since June 13'....

[Credit-hoarder]

What was the starting limit you were given. My pre-approval mailer expires in 3 days and I probably won't take it, but I'm just curious about what kind of starting CL they typically give. My nephew has a pre-approval w/ them also and I'm trying to get him to take it b/c he needs to re-build his credit from scratch.

[mikey78]

off topic but i did get credit one pre approved letter in the mail few days ago

although it went in the trash bin but i did read on the letter that i was eligible to get up to 1500 CL
lol.. i have cards twice as much CL then what they offered me and even if they did offer more i wouldn't ahve taken it

[mikey78]

I think you should try to go with Cap one or check with your bank to see what kind of offers they have for rebuilding credit for your nephew
Cap one (not their fan) seems pretty friendly to rebuilding credit situation people

try going for secure card to Re establish credit, and maybe add your nephew as a authorized user on your credit cards to boost his credit?

[Credit-hoarder]

@mikey78: I did seriously consider accepting mine at one point a few weeks ago just to see what kind of CL they would have given me, but was strongly advised by the kind folks here on the forum not to take it, esp. since I had just acquired Discover IT and a C/U Visa card. But my neph's scores are in the 500's right now and I'm trying to help him get into the mid 600's by next Summer so I suggested he take his offer. He tried Cap ! but was declined. I told him however stay the heck away from First Premier-LOL!

[mikey78]

try your bank, maybe they will offer secured credit i do believe you do deposit some cash for credit limit

and also try adding your nephew as AA user on your cards?

i'm not that familiar with credit one, but i do think they charge outrageous fees per month (maybe not as bad as first premier)

[djc1puno]

i just recently closed creditone..but when i had them i never had any problems with them...sure they charge hefty for AF, but it still isnt as bad as FP, nor are their monthly fees if you do decide to keep them longer than a year...my suggestion is if your nephew can't get any secured cards, i would take the credit one for about a year (before renewal of AF) just to build credit...keep in mind that even if banks offer secured cards they still check credit and can still deny you even with your deposit.

EDIT: and as far as AFs and fees, it's unfortunate but it's the price we have to pay when starting out or rebuilding

[Thebyte]

If you are just now receiving a mailer/offer from them, and you already have other cards such as Capital One or Discover, then are you already past their target market for their card. It will NOT grow with you like your other cards will. Shredd it now and focus on better card opportunities, they will arrive eventually.  If you nephew needs to be rebuild his credit, then this card is the perfect for that purpose. Have him take the offer and tell him to happily pay the monthy fee.  Credit One includes an Experian FAKO score, so think of it as paying to get that score every month. Eventually, he will get better cards and this card will need to be put out in the pasture.

Credit One was my first credit card after my bankruptcy 5 years ago.  They were willing to give me the credit to start my rebuild process. Not even Captial One would approve me for another 2 years later. Yes, they charge a monthly annual fee and high APR, but the point is that they give you credit when nobody else will.

5 years later, I now have other cards including Capital One, Amazon Store card, a CU card, etc.  Even though Credit One is sitting unused, I continue to happily pay the monthy $8.25, as its the oldest tradeline on my credit report. I do plan to close it within the next year or two, when I get to a point that the card doesn't matter anymore when compared to other cards I have.

Ironically, I just got a letter from them last week, completely out of the blue, and they lowered from APR from 23.9% to 19.9%.  Thanks Credit One!

[Credit-hoarder]

@thebyte: At the time I got the latest Credit 1 offer a little over a month ago, I was right at the beginning of my app spree, so I didn't have Discover yet. I don't have Cap 1, but I do have a Visa with my CU which I app'ed for about a month ago. Even after I got those cards I did still consider taking the Cred 1 offer, but everyone here on the forum said the same thing you said-that I didn't really need it at this point, so it remains unaccepted as of right now.

[coterotie]

Tell him to take the credit one.  They are a  little difficult to deal with as it is hard to do auto-pay and a few other things.  BUt they do offer cash back on gas etc.  Also, if he is diligent over the next year he will have some other credit choices.  They increased my CL from 300 to 500 then to 750 within the year.  When I called to cancel after 13 months, they waived the monthly fee for the next 3 months and I will keep getting them to waive it until I close the account.  As long as your nephew can be responsible, they are not terrible and to me better than a secured card.  The key is he has to be responsible.  If he isn't the fees will eat him alive and he will be worse off than before.

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@Credit-hoarder wrote:

@mikey78: I did seriously consider accepting mine at one point a few weeks ago just to see what kind of CL they would have given me, but was strongly advised by the kind folks here on the forum not to take it, esp. since I had just acquired Discover IT and a C/U Visa card. But my neph's scores are in the 500's right now and I'm trying to help him get into the mid 600's by next Summer so I suggested he take his offer. He tried Cap ! but was declined. I told him however stay the heck away from First Premier-LOL!

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[SunriseEarth]

I opened my account with them a while ago (Nov 2010) and started off with a $500 CL.  I paid for two CLIs, so now it's at $950.    They have an AF which is billed to the tune of $8.25 per month.  APR is 23.9%.   I found out recently that you cannot pay electronically more than 4 times in 30 days.  Regular payments that post don't free up your credit line immediately, so you could pay and not access your credit until ten days later.  You could have immediate access, if you want to pay extra for an "express" payment.

While they aren't as bad as FP, they're nowhere near as good as Merrick Bank (higher APR, but no AF or weird payment policies) or Capital One (lower AF, lower APR, lower CL).  If your only other viable option is FP, take Credit One.  However, I'd explore other options, including store cards.