@JewSoCrazy wrote:
Opened a Credit One account 1 month ago with a $300 CL and 17.99% APR. I spent $200 and paid off but left a small $5 balance. After first month they have automatically done a CLI to $500. Honestly, when i applied for this card they were the few that offered me credit. My EQ FICO is 649 but surpisingly not many cards would give me a line of credit. Credit One did and i have a great APR. If you manage this card properly it is a great card.
It maybe useful for you to do a few searches here on credit card reconsiderations (recons). Add the backdoor sticky to your bookmarks. While not failproof most of us have had great successes by getting an actual person looking over our application.
Revelate is 100% correct. One of the issues that many of us have with subprime cards (besides the predatory practices - CreditOne is far better than First Premier in this regard) is that they are less likely to grow with you as your credit profile gets stronger. Sure, they'll give you a small unsecured limit now, but what happens when you're above 700 and can demand more generous lines of credit and reward structure? There is also some talk (uncomfirmed) that having subprime cards in your profile hamper your chances of getting cards from prime lenders, particularly under manual review. This is why I recommend getting in with a prime lender early in the rebuilding process - even if through a secured card. BofA at times offer the $99 deposit for $500 CL if you are denied for their cash rewards card. They are very good about upgrading (as opposed to WF which can be relationship - heavy).
What does your profile look like (baddies, util, AAOA)? 649 FICO should get you in the ballpark for some lower limit prime cards barring you don't have recent baddies and high util.
Nonetheless, welcome to the boards!
.
