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Credit One credit card

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crystal0920
Valued Member

Credit One credit card

Is it worth getting a credit One credit card? I was approved but have not accepted yet. I would not use it, just have it to show a higher amount of credit available and thought it may help with credit score.

Fico scores 6/1/14 Ex 680 Eq 668 TU 692

Cap 1 Unsecured $750 / Cap 1Secured $200 / Kay's $300 / BOA $500 partial secured / Badcock account $1,200

Denied: Kohls, Discover IT, Barclays, DCU
Message 1 of 13
12 REPLIES 12
Ghoshida
Valued Contributor

Re: Credit One credit card


@crystal0920 wrote:

Is it worth getting a credit One credit card? I was approved but have not accepted yet. I would not use it, just have it to show a higher amount of credit available and thought it may help with credit score.


My initial response to that is NO.

 

The high fees and charges do not justify getting credit one solely for having extra credit limit that you won't use.

 

If that is the only reason you want to have that card, I'm sure your scores and credit profile can justify another card without such fees.

 

Could you give some more details about yourself, current scores, other credit cards and limits?

Message 2 of 13
crystal0920
Valued Member

Re: Credit One credit card

Capitol One Secured $200  Capitol Unsecured $750   Kay Jewlers $300 A furniture store account $1,200 scores are TU 625 EQ 602 Ex 618 no baddies to many inquiries trying to build credit. 6 months credit history

Fico scores 6/1/14 Ex 680 Eq 668 TU 692

Cap 1 Unsecured $750 / Cap 1Secured $200 / Kay's $300 / BOA $500 partial secured / Badcock account $1,200

Denied: Kohls, Discover IT, Barclays, DCU
Message 3 of 13
Ghoshida
Valued Contributor

Re: Credit One credit card


@crystal0920 wrote:

Capitol One Secured $200  Capitol Unsecured $750   Kay Jewlers $300 A furniture store account $1,200 scores are TU 625 EQ 602 Ex 618 no baddies to many inquiries trying to build credit. 6 months credit history


Do not apply for Credit One; you are trying to build, not re-build.

 

Use however much you want your cards, but follow this: Let only one card have balance on it (say Cap One which has $750 limit). The balance ideally shouldn't be higher than 10% of the limit but I'd personally say don't go above $150.

 

Let the others report zero balance (i.e. pay them off before the statement is generated).

 

Do this for 6 months and you'll have good enough scores to get fantastic cards.

 

Other members of the forum please chime in with good beginners' cards and other ideas.

Message 4 of 13
Ghoshida
Valued Contributor

Re: Credit One credit card


@Ghoshida wrote:

@crystal0920 wrote:

Capitol One Secured $200  Capitol Unsecured $750   Kay Jewlers $300 A furniture store account $1,200 scores are TU 625 EQ 602 Ex 618 no baddies to many inquiries trying to build credit. 6 months credit history


Do not apply for Credit One; you are trying to build, not re-build.

 

Use however much you want your cards, but follow this: Let only one card have balance on it (say Cap One which has $750 limit). The balance ideally shouldn't be higher than 10% of the limit but I'd personally say don't go above $150.

 

Let the others report zero balance (i.e. pay them off before the statement is generated).

 

Do this for 6 months and you'll have good enough scores to get fantastic cards.

 

Other members of the forum please chime in with good beginners' cards and other ideas.


Also since you have "too many inquiries", wait for 6 months before applying for any other cards.

Message 5 of 13
CarnegieS
Regular Contributor

Re: Credit One credit card


@crystal0920 wrote:

Capitol One Secured $200  Capitol Unsecured $750   Kay Jewlers $300 A furniture store account $1,200 scores are TU 625 EQ 602 Ex 618 no baddies to many inquiries trying to build credit. 6 months credit history


Do you possibly qualify for a student card? I think there are probably some better options out there. 


Amex Delta Gold: $5400| BofA Better Balance: $1500 | Sallie Mae: $1300 | Discover It: $500
719 TU, 685 EQ, 728 Ex.
Entered the garden : 5/8/14
Message 6 of 13
crystal0920
Valued Member

Re: Credit One credit card

No I am not a student. All except 2 inquiries are back in November

Fico scores 6/1/14 Ex 680 Eq 668 TU 692

Cap 1 Unsecured $750 / Cap 1Secured $200 / Kay's $300 / BOA $500 partial secured / Badcock account $1,200

Denied: Kohls, Discover IT, Barclays, DCU
Message 7 of 13
SunriseEarth
Moderator Emeritus

Re: Credit One credit card


@crystal0920 wrote:

Is it worth getting a credit One credit card? I was approved but have not accepted yet. I would not use it, just have it to show a higher amount of credit available and thought it may help with credit score.


CreditOne is useful if no one else will give you credit.  But if you have other options available, I'd take other options.

 

As far as available credit and FICO, it's the UTIL percentage that counts.  UTIL at 10% on a $500 CL is scored the same as 10% would on a $10000 CL.  



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 8 of 13
Ghoshida
Valued Contributor

Re: Credit One credit card


@crystal0920 wrote:

No I am not a student. All except 2 inquiries are back in November


Another suggestion is to open an account with a local credit union. They will generally give a good credit limit with no fees.

 

I'd suggest talking to a local CU branch. My first credit card was from a CU.

Message 9 of 13
MidnightJester
Frequent Contributor

Re: Credit One credit card

I dont know how they prove if you are or are not a student. : ) I think if you apply you might qualify if you pick the right student card. Thats just my 2 1/2 cents thrown in

Message 10 of 13
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