Best way to manage CreditOne card?

[Anonymous]

I was in the same boat a year ago. I used it a lot and paid every time it was over $200. Keep in mind they only allow 4 payments a month. Keep an eye on the statement date and make sure it has a very very small balance at statement cut date.  They do take up to 4 days to post a standard payment. They allow express payments but charge $10 so avoid that at all costs. After a few months they bumped my limit to $500 then to $750 and it is now $950 and i am finally able to sock drawer it. I will cancel in a few months after my new accounts with Chase and BoA age.  Sign up for their free Fako credit score. It really helped me rebuild.  But you are way ahead of where i was at that stage. I didnt find myfico forum until several months after I had my credit one account. Good luck !!

[Anonymous]

You mentioned that you already have a secured card from CapOne on the way. I would use the CapOne card over the CreditOne card. I think that the fees associated with Credit One, along with the lack of grace period, make the card prohibitively expensive. Since you have another card, I'd let that card do the work and cancel the CreditOne card. If you're going to insist on keeping it, one small purchase per month, paid off immediately (letting the CapOne card post a balance on the statement date). 

[Anonymous]

Id try to bunch all my purchases up in one day and pay it off the second it posts because of the lack of a grace period. You can do this up to 4x/mo before they start giving you guff about "excessive" payments.

Id close it the second you get a different card though too.

[Anonymous]

Sapingo you must have a problem with being able to read?  He/she clearly stated this is their only line of credit that they could get approved for that was unsecure.  Your post was not only unhelpful but it made you seem like some righteous **bleep**.  

Anyways OP, I would just pay the annual fee up front, not charge anything to it EVER and cancel it after the 1st year.  After that first year you should be able to get a Cap 1 unsecured.  

[Anonymous]

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@Anonymous wrote:

Sapingo you must have a problem with being able to read?  He/she clearly stated this is their only line of credit that they could get approved for that was unsecure.  Your post was not only unhelpful but it made you seem like some righteous **bleep**.  

Anyways OP, I would just pay the annual fee up front, not charge anything to it EVER and cancel it after the 1st year.  After that first year you should be able to get a Cap 1 unsecured.  

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This is not friendly, supportive nor respectful. Refrain from such statements in the future please.'

#benice

[gdale6]

As a general reminder   

http://ficoforums.myfico.com/t5/Credit-Cards/Friendly-Supportive-and-Respectful/td-p/2797115

[Anonymous]

Sorry, just felt like there was no need to rag on this persons card that they just got with replies like "fart on it" and "close it and forget about it lol".  I do not think those replies were neither HELPFUL OR RESPECTFUL to the OP who CLEARLY stated that this was the only line of unsecured credit that they could obtain.  For helpful way to manage as the title states, pay AF and sit on it for a year.  Close it and open up better line of credit.

[Anonymous]

clearly someone woke up on the wrong side of the bed. anyway, I rather go without unsecured card than have a credit one card, but now that you have it, don't use the card and just pay the whatever fee they charge, but keep it open. think of it as fee that you're paying for to establish credit.

[MarineVietVet]

Goodness folks. Is there a full moon out or something?

It's amazing how the anonymity of the internet can make for brave cowards.

[Kirmie2010]

Just use it for payments you can take advantage of the cash back on, like gas  I used mine for gas mostly.

Dont forget, its easiest to pay with a checking account setup online.  If you want to pay by debit or credit its going to cost you 9.95.  It also takes about 4 days for your payment to post (unless its the 9.95 option, than its 1-2 days).  So you wont be able to pay 250 on monday and spend 250 on wednesday, itd be more close to friday that your credit limit would be available again.

Its not a bad card for the first year.  Its just after that year with the AF coming up again and the monthly installment payments its crap.  But by then youll be able to get better cards!  (I closed my creditone last week, only needed it 10 months but it was a fine card to have, didnt even charge me when I accidentally went 3 dollars over my max limit.)