Credit One shenanigans!!!

[Anonymous]

So i closed my credit one credit card two wks ago because my limit was 550 and they would not raise it. I was looking at my fico earlier and received a new alertt: credit one reported my closed credit card as "paid loan". It was not a loan so i am so confused. Usually, it is " account closed by consumer" not "paid loan".

[NRB525]

Congratulations on getting the Credit One card closed. The notation of how it was closed does not matter at all. What matters is that it has some prior payment history that is positive toward your overall credit profile, and that you now do not pay the Credit One fees.

No shenanigans, just Credit One providing you the service you wanted: A credit product where you can add positive payment history to your credit profile. They provide this service to many people, and charge them a monthly fee, and other service fees, to cover their risks in lending to people who find it difficult to get credit elsewhere, and may not be able to pay Credit One back. All is well.

[Anonymous]

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@Anonymous wrote:
So i closed my credit one credit card two wks ago because my limit was 550 and they would not raise it. I was looking at my fico earlier and received a new alertt: credit one reported my closed credit card as "paid loan". It was not a loan so i am so confused. Usually, it is " account closed by consumer" not "paid loan".

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Hi! I would recommend checking your actual CR from whichever CRA shows it as a paid loan. I have found that my current 3B report shows all of my old accounts included in BK as having been 90 or more days past due on EX (none of my accounts were ever late at all), but when I pulled my actual EX CR, it doesn't really show them as past due. Having said that, I have read other horror stories about CreditOne showing closed accounts as delinquent and stuff like that. 

[greent]

I can not wait to close my credit one bank cc. I'll have to wait and see what mine states. As mentioned they provided a service but I'm done with them. They sure charged for their service.

[Anonymous]

Thanks for the advance. I am patiently waiting for my last statement from them. I last used the card in April and paid it in full. It was my lowest limit and i barely touched it. I never carried a balance

[RonM21]

Closing this card may be good in the long run. As long as it doesn't effect you negatively, it is probably a good thing.

[NRB525]

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@RM21 wrote:
Closing this card may be good in the long run. As long as it doesn't effect you negatively, it is probably a good thing.

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Closing Credit One and First Premier cards is always and everywhere a good thing, because it means the cardholder has gotten other cards that do not try to charge fees for every little thing.

[morgacj2004]

Credit One is a shenanigan!  Glad I will never have to deal with them again. 

[Anonymous]

I just saw a post where a member stated that they received an invitation via email. They applied and were approved for a 1500 starting limit. I guess, so many of us closing our acounts is making them do a double take. Their starting limits were 300-500

[Vegas4Play]

Can closing as a paid loan be viewed as an installment account( that is now closed) .... and negativly affect the score or no?