All I read on here is RUN as fast as you can from this lender, they are like First Premier. High fees and will not grow
@Whatscanada wrote:In December 2012 I received a preapproval for Credit One Bank. I am rebuilding and opened the card and have used a few times and then paid off. I saw on CK that they (Card) increased my limit as of today,1/14/13 and I was wondering if anyone had experience with this card and limit increases. At what point would I be able to see a jump, if any, in my scores? Thanks.
Depends what else you have in your credit report; is this your only credit card?
I don't know much about the lender other than they keep spamming me with pre-approval letters that get tossed into the recycling bin after looking at their fee structure. That said, if you need the tradeline and happen to have a ~600 or lower FICO without money for a secured card deposit, it's likely not a bad option all things considered but it's not a long-term card unless the AF is utterly irrelevant to you.
@Whatscanada wrote:Revelate, thanks for your reply. I have a cap one card (secured) as well and mistakenly opened the Credit One card thinking it was cap one( i know), which I read has been done by others due to their deceptively similar logos. At any rate, I have paid the fee and would like to use it to boost my scores short-term. I also plan to open a card at my local credit union, of which I am already a member.
Your second card is likely a small bump immediately just from the mix of credit function in FICO's algorithm. AFAIK the Credit One card reports to all three bureaus, and if you've paid the fee, just use it and go on with life.
Your third card may be a small negative short-term (like 2-3 months) but from the six month onward in my estimation is nothing but goodness when your file is on the thin side. I think you have a good plan opening it up with your local CU, and is nearly identical to what I did actually other than changing some lender names around. Only other option I might suggest would be a BOFA secured card, which is a very, very good everyday card with the 1-2-3 rewards package which can be added and does graduate.
There's no need for more than 3 cards though, and at this stage of the game really any three that report to the bureaus will do from a pure FICO standpoint.
