02-15-2013 11:50 AM
Well after being approved for the Discover IT last week, I decided I was more credit worthy than a "Credit One Card".
Called them up today to pay off the small balance I had on it and told them to close it. They tried waiving the annual fee and even lowering the interest but I stayed strong and had them close it. It was a great feeling. The card served it's purpose well but I am so happy to be done with it.
Now I just have to close my First Premier Credit Card this month and I will be a happy person.
Thanks again to everyone on these forums for the information to help me get from a Credit One card to a Discover Card over time.
02-15-2013 11:54 AM
I also got Discover just recently also, but I started off with Capital One. I'll probably close Capital One before the annual fee hits and apply for Amex PRG.
02-15-2013 12:01 PM
Congrats! I have just started rebuilding I have a secured merrick card and an unsecured cap1 with a 300 limit. But before I did my research I applied to credit one and got approved for a 300cl . I have not gotten the card yet so the account is not active but I am having second thoughts about it. Is it worth all the fees and crazy % or should I just not activate it?
02-15-2013 12:03 PM
To me, yes it was worth it. I had a 500 something credit score (very low 500s) and no one else would approve me.
The card served it's purpose very well.
Had I known the information I know now, I would of got a secured card instead.
02-15-2013 12:14 PM
Follow behind Credit One and verify (then print the proof) that they closed the account and that its paid in full. I have heard that they like to sometimes be sneaky and keep it open so they can nab another AF.
02-16-2013 04:15 AM
Personally if they offered to waive the AF I'd have accepted that and sockdrawed it for another year. But if you wanted to close there's nothing wrong with that.
The problem is that some lenders have a problem with borrowers having accounts from Credit One, First Premier, etc. It's best to get those cards out of your life ASAP.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.