Credit One Scare

[Anonymous]

Same here.  Have had Credit One for over a year now and it played a critical part in raising all three reports by about 70 points.  Building up a "thin" credit profile with a Bankruptcy and two disputed state tax liens all of which are nearly 7 years old.  3 months after making on time payments with Credit One on a $300 CL,  got a Cap One Platinum card with a $500 CL.  Used and paid off both for another 12 months and just applied for a Barclay's reward card and was instantly approved for $500.  Funny thing is, when I checked my Cap One card this AM so I could pay off the $199 balance, I discovered that Cap One had raised my limit to $2500 on that card.  FICO's started out under 600 and now are in the 660's and 670's.  Wtih the CLI, the new card, no lates and baddies about to fall off late summer, I expect to be above 700 on all reports by late summer.  I have one auto loan that is 18 months old.  Any suggestions on what to do next?  Would like to buya house later this year if possible.  

[washington12]

I called and to close, aND said I had other cards with better limits, rewards, and no fees now. He said well I see you've never missed a payment or goneed over your limit. What if I waive the fee for a year and give you a cl. So I said eh sure Ill just close it when the fee comes again then

[Anonymous]

---

@Anonymous wrote:
I got a preapproval from credit one. I went on there and my application was approved. After some indepth reviews and reading, Im absolutely terrified of CreditOne.
I called them and asked the customer service when I receive my card in the mail, if I dont activate it, does that mean I wont have an account with them? She said if I didnt activate it I wouldnt and wouldnt owe them any annual fee or anything.
When I receive my card, I dont want to activate it.
Online I have read where people have been charged crazy fees even before they get their card.

What do you guys think?
Would I be safe if I didnt activate it?
Im just goung to go with capital one secured. I know they arent crap because Ive had them before.

Thanks

---

Do not activate the card. Under any circumstances. I think it might be better to just not have credit than to go through Credit One.

[Anonymous]

---

@UncleB wrote:

---

@Skye12329 wrote:
Credit one is just a vulture of a company. It won't matter if you activate or not. The account is created. Activating a card only means that you received it.

---

+1

I would definitely call them and have them "officially" close the account if you truly don't want it, otherwise if any annual/monthly fees show up you could have a difficult time getting out of them.  It might not be necessary, but will save you a huge headache if it is.

---

Excellent advice.

[Anonymous]

My first post was a little tongue-in-cheek, but I disagree about CreditOne having a place. While I have [a] 20k line now, I started out with a tax lien and a $500 card. When your scores are low, it is hard to get credit. Nevertheless, there are often better options than CreditOne, such as secured cards or potentially going through a credit union and building a relationship with them that will allow you to bypass the super vultures such as CreditOne. In my case, the credit union bascially accepted my savings account as the security on the $500 card and linked the two together. 

[Chris679]

Plenty of people here rebuilt without have to pay ridiculous $79 AF for no grace period having cards with $300 limit that charge you $23 for a CLI.  I cannot even try to hide my distain for Credit One.  Go to Cap One, go to Walmart, go to local CU, go secured, go anywhere but Credit One. 

I actually emailed NASCAR to chew them out for debuting Credit One as the "Official credit card of NASCAR."  They did not respond. 

[My_Fako]

Chris,

Rack them %1 gas rewards up!!!