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Cancelled Credit One Bank Card and Not Looking Back!!!

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MadTechnologist
Frequent Contributor

Cancelled Credit One Bank Card and Not Looking Back!!!

I just cancelled my Credit One Bank CC with a sky high APR of like 24/25% and a low CL of only $500. I called and spoke with a few people, including a manager, and they didn't seem to want to give me a real break on anything, so I just cancelled my card. Really, all I wanted was the annual fee waived or removed, completely, but they acted like I asked for free money. So since they weren't willing to budge, neither was I. They are the lowest limit CC I have and the highest APR, so they kind of did me a favor by letting me go so easily. They countered with temporarily reducing my APR to ~15.5%, but for only 6 months. In the meantime, I would've accrued almost $50 in monthly annual fees without every buying anything, and that's 10% of the CL! I would've liked to grow with them some more, but the huge annual fee, comparatively, was an absolute deal-breaker. And on the bright side, I have 1 less CC to have to manage or worry about! 

 

I do have a question though, which is, does anyone know what Walmart likes to see to get approved for 1 of their store CCs? As you can see now, my score is on the low side due to some high uti on my CCs, but I'm paying them down now and everything is reporting under 30% uti so I'm hoping to see some improvements to my score real soon. As odd as it sounds, I would love to option to use it in Walmart, but I'm moreso interested in the free Fico score. I subscribe to MyFico Score Watch now and I also have a Barclay's CC with a free Fico. I know Score Watch gives me my EQ score and I think Barclay's gives me TU, so does Walmart give me EX or is that TU as well?

Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
Current Score: 665 (05/13/16 EQ) 655 (05/13/16 TU) 672 (05/13/16 EX) Gardening since 04/30/2016
Goal Score: 740+ All Around

Take the myFICO Fitness Challenge

Message 1 of 14
13 REPLIES 13
SunriseEarth
Moderator Emeritus

Re: Cancelled Credit One Bank Card and Not Looking Back!!!

Congrats on closing CreditOne!   With their high APRs, pay-for-CLIs, monthly billed AFs, and lack of grace period for charges, I'd only recommend them if no one else will give you credit.

 

When I got my Wally card, my TU scores were in the 620s.   Once you get your UTIL down and the updated balances report, you should see a score boost.  Do you have another other baddies you're working on?

 

BTW, Wally gives a TU 08 FICO.  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 2 of 14
kukumjacka
Established Member

Re: Cancelled Credit One Bank Card and Not Looking Back!!!

Credit One Bank has consistently raised my limits, from 350 initial limit to 900. I've had the card for nearly 2 years, minimal usage on it, paid in full most months so never really incurred any finance charges. I am due for another increase in a couple of months, their reviews of my account seem to happen every 4-6 months or so. I will call and ask for a higher limit. Last time I called, I asked and was offered a 200 limit increase, vs the 100 increases I accepted via their website. Will keep the card for age of account and push the limit as high as it can go, then cancel, maybe in another 1-2 years.

Message 3 of 14
alvon123
Super Contributor

Re: Cancelled Credit One Bank Card and Not Looking Back!!!

congrats!!! Good for you.


Message 4 of 14
Kirmie2010
Established Contributor

Re: Cancelled Credit One Bank Card and Not Looking Back!!!

in my walmart denial letter, not enough open revolving accounts, not enough accounts reporting.  it seems they want you to already have credit  and a little history on paying them.

Message 5 of 14
money_talks
Frequent Contributor

Re: Cancelled Credit One Bank Card and Not Looking Back!!!

When I apped for the Wal Mart card last year, I had a few baddies reporting on my CR. At the time I had both Credit One (+1.5 year history) and First Premier (+2 year history). I got both Credit One and FP after my baddies ocurred, so I think my positive history with the shark cards after the baddies helped. My FICO was in the low 600s. Once I submitted the app online, I was not given a decision instantly. I called Credit Solutions that same day and after a few verification questions, they approved me for a $200 CL store card. I've read people have been approved with as low as $150. A few months ago I hit the luv button for a CLI and it was increased from $200 to $900. A few weeks later after that I was upgraded to the Discover version and my CL went from $900 to $2k.

 

YMMV, but since you said you are primarily wanting the card for the TU FICO, I would recommend applying even if you get a low limit if approved. You can always try to recon if they don't approve you. You can get a SP CLI every 4 consecutive months. Just make sure you let a balance report every month when trying to get the auto CLI so a statement can be generated every month. A statement is not generated if you PIF.

 

Edit: I know this is down the road since you don't even have the card yet, but if you do get the Wal Mart store card and you are later upgraded to the Discover (Mastercard in the future), it will result in a new TL in your CR. The payment history does not transfer over to the new TL. They do give you the option to decline the upgrade though. For me the new TL was worth it. 

Message 6 of 14
gh17
Frequent Contributor

Re: Cancelled Credit One Bank Card and Not Looking Back!!!

I believe Walmart gives the same score as Barclays (some correct me if I'm wrong).  Although if your bills came at different times of the month, I guess that could be helpful.

BofA Cash Rewards 25,000 (2009) | Citi Double Cash 25,000 (2011) | Cap1 Quicksilver 10,000 (2013) | Discover It 31,000 (2014) | Chase Freedom 9000 (2014) | Barclaycard Rewards 25,000 (2014)

FICO: 840 Discover/Barclays/BofA TU, 869 Citi Equifax
Message 7 of 14
MadTechnologist
Frequent Contributor

Re: Cancelled Credit One Bank Card and Not Looking Back!!!

Thanks everyone for all the tips and congrats, I really appreciate it. So, from what I'm hearing both Barclays and Walmart report the Fico from TU. Does anyone know of any other CCs or methods that give free Ficos from EX?

Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
Current Score: 665 (05/13/16 EQ) 655 (05/13/16 TU) 672 (05/13/16 EX) Gardening since 04/30/2016
Goal Score: 740+ All Around

Take the myFICO Fitness Challenge

Message 8 of 14
CenturyChild
Frequent Contributor

Re: Cancelled Credit One Bank Card and Not Looking Back!!!

Discover gives a FICO as well, but just like Barclay and Walmart its TU.

 

In regards to Walmart, back when I first tried for them I was declined for the same reason. Not enough accounts etc.

At the time I went with a Amazon Store card, and after 6 months got the Wally store card.  A few months later (5 if I recall correctly) they gave me a upgrade to the Discover and a nice CLI.   

 

GE can be wierd but once you establish a good history with them, they can be very generous and give you pretty much anything you ask for (So long as its a reasonable request).

 

Amazon and Lowes are some good store cards that seem to be a bit easier to get to get you in the door with them. 

And while easier to get than a major CC, WM does seem a bit harder to get in comparision to thier other store cards they offer. At least it was for me.

 

But, before I would apply for anything Id make sure you're at about 9% util overall, and only 1 account with a balance to have the best possible score. It will increase your chances.  Even more important if you have lower scores to begin with.

Message 9 of 14
Anonymous
Not applicable

Re: Cancelled Credit One Bank Card and Not Looking Back!!!

Many of the starter or credit builder/rebuilder cards have high AFs/Fees/and aprs. They claim it is to cover their losses. Hmm... anyway once you get a credit file going generally you can start acquiring prime cards and close out the "bottom feeders." As to Walmart a bump is in order.
Message 10 of 14
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