Credit One Bank

[Anonymous]

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@GatorsFan84 wrote:

When reading through the forums people HATE CreditOne but there are a few of us that have had good experiences with them.  A month out of discharge they were the only card to approve me and gave me a $1,500 CL (now $1,700) with no AF.  I've used it monthly and paid it off and have had no bad experiences with them.  I'm not sure why all the hate.  If they send you a bad offer, don't take it, but not all of their offers are terrible.

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They have some cheesy policies but have been good to me as well. I'm thankful for them starting my rebuild.

[Anonymous]

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@mystikal1 wrote:

Just to let everyone know...yes as most of us start out we sometimes get Credit One Bank, they will eliminate the Monthly/Annual fee. I called to close my account (it is one of my oldest at 10 yrs) and the rep removed all fees. I will keep it for awhile now. LOL. Legacy is another card that I have and they removed all fees. So for anyone rebuilding just know that after a few years you can probably get fees waived.

Another thing, when they "OFFER" you a CLI, deny it and they will lower or remove the "FEE", might take a month or so but they will.

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Good rebuilder card and great info regarding the removal of fees. My whole take on Credit One (which I used as a rebuilder also) is that the card will not grow with you. Once you reach a certain ceiling your'e stuck there. Credit One is not a prime lender and as your credit gets better and you have better opportunities, I feel that there is no need to keep them around.....just my 2 cents...thanks!

[JayRizzo]

OP, you said 10 years! Did you get this when it was First National Bank of Marin or after it was already Credit One Bank?
I believe they only had one product back then... The Gold Card

[Anonymous]

While I get that some people have had beneficial experiences with Credit One, I still think it is the last resort for rebuilding. I just don't see the benefit of the hassle of dealing with their predatory lending in order to build a credit history. Credit One nickles and dimes you for everything and often hits you with surprise fees and high APRs (without a grace period) without even letting you know (outside of the fine print). Sure, you can maybe get out of the ridiculous fees and charges by calling them and getting in touch with a manager or analyst, but is it really worth the time? I value my time too highly to deal with that. Also, do I really want to give a company like that my business? They make a profit off of screwing over people who aren't credit card savvy and think they're signing up for Capital One (note the nearly identical logo and name? They are intentionally trying to scam people). I refuse to do business with companies like Credit One, even if I could get a benefit from it.

This is even more so the case when you consider the great offerings for secured cards by reputable credit issuers. I cannot sing Discover's praises enough. They are a great company that looks after their card holders. I'd much rather fork over $500 to secure a card with Discover (and get it back in 7 months) than go through the nightmare of Credit One if I needed to rebuild credit.

But that's just my 2 cents, glad it worked out for you OP.

[Anonymous]

Having spoke to Credit One as recently as last week, I agree. When I try to think of the most rotten bank of them all, Credit One comes to mind. Their terms are outrageous. As far as being better than a secured card, is that really true. Look at the up-front fees for Credit One. Then their annual "account maintenance" fees. Then there is the annual-fee. In a single year, they ca take $300 away from you. You're better-off scrounging that $300 from soemwhere to get a secured card.

[jdxprs1]

I applied at credit one with a 590 credit score. They gave me a $500 limit at 18% with a $35 annual fee. They've since raised my limit without me even requesting it.

I guess I'll close the account someday when I have better cards but right now it's just as good as my Amex accounts.

[Anonymous]

There is another, ethical reason to avoid Credit One. Credit One is sleazy. Look at the following two logos:

Credit One Logo

Capital One Logo

Ask yourself, if you were about to start a bank, what is the likelihood that you would pick a logo that is very similar to that of another bank? There is nothing special about the swirl, after all. And then there is the One. What is the likelihood that you would use a name that contained both One and the similar logo? Not likely. In a nutshell, Credit One has no qualms about what appears to be trademark encroachment. But they are in Las Vegas, so no big deal. Easy to fix, right? Wrong. Try calling Credit One about the infringement (I did) and see where the call takes you. Las Vegas is a proxy for real company in India (Philipines)?. I also called Capital One, and Capital One assured me that they have no relatinship whatsoever with Credit One. What is shocking is that Capital One's legal team has let Credit One get away with this non-sense for so long.Were it my company, there'd be no way I would tolerate this.

[adifferentme]

I think I dodged a bullet😩😩😩😩

Application Cancelled
Card Name: Platinum Visa®
Application Code: XXXXXXXXXXXX
Date Received: 04/19/2017

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[Anonymous]

I would not call them the worst. First Premier "Bank" has higher and more predatory terms. There are quite a few other companies that have higher predatory practices. They would offer me, pay for credit increases, until I payed off the card. After I payed off the card, without me calling them, they have dropped to fee, and offered me an increase without a fee. They are currently offering me another card, which I obviously will not take

It seems different people have different experience with this company, which is the official credit card of NASCAR. NASCAR viewer seem to be food for a lot of predators.

[TiggerDat]

I understand ALL sides of this argument.  

What I did cost me less money and if I could do it over again it would cost me even less.  The path I chose was because at the time it was sensible and was not as costly as either Credit One of CapOne.  I chose Merrick Bank and got a secured card, which I know many people say they can't do because they need credit to buy things and can't afford to save.  I know I can make sacrifices now, so I made the sacrifice and got the secured card and worked that baby.  They gave me limit increases.  They even closed my account when I started getting other cards.  Their computer algorithm put me into a high risk category so they shut me down.  I reconned that closure and won, which no one believed I could do.  No one here or at the call center they operate thought it could be done.  I just took my case to a higher authority and got a good response.  The only thing I could never get them to do was unsecure my card and remove the fees.  So the only way I could it differently now in hindsight to save some money would be to close the account sooner.  

I loved them for the chance they gave me.  It was a chance that CapOne never gave me.

To those of you reading this and rebuilding and considering a Credit One card, consider a better path which will save you money.  Once you get over the struggle of saving money for a secured card, then saving itself becomes easier.  Once you get over the struggle of saving money for a secure card, then saving money on cards becomes easier too.  

With my recent additions to my portfolio I have nearly $300,000 of available credit.  I have learned from my struggles and gotten over bad habits due to those struggles.  So if I have to struggle again in the future it won't be as much of a struggle.