Credit One?

[rckstrscott]

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@Creditdreamer wrote:
@ rckstrscott: How long have you had it? And did you get any other secured or unsecured rebuilder cards? I'm planning on dropping like 3k each into CapOne and Open Sky in the next two months to increase limits but I like the idea of having an unsecured card. They say they do income verification. Is this the case in your experience or no?

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No income verification but a hard in EQ. Some people have had a hard on their TU, but I didn't. I got this card in December of 2010. No issues at all, and you can make payments from a debit card (you have to pay extra) if you want an immediate payment to process. If not, they do online billing through your bank account.

I don't use this card much, I did when I first got it just to sort of establish the card and get the CL increase.

They are a beast to deal with though if you go delinquent. This card is designed for people to rebuild, and natually, it doesn't take much credit to qualify. Therefor, they have a lot of cards go into collections ect..

They also have offshore customer service, I don't know if that matters to you or not.

Overall, its not ideal, but it def. serves the purpose you are looking from it.

-scott

[Creditdreamer]

Because of the nature of the interest on this card, would this be the best card to have reporting a 0 balance every month? This going along with the theory that only one card should report a balance each month of under 10% (which people seem to have debate over whether or not that's the best thing to do).

[Creditdreamer]

@ rckstrscott: Yeah. I see all the posts on the forums about CO accounts with them. I'm going full steam ahead with rebuilding and now have the income to back it up so barring no unforeseen circumstances, I won't be in that boat. How were you using it in the beginning to gain the CLI?

[namvet]

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@Creditdreamer wrote:
Because of thAs e nature of the interest on this card, would this be the best card to have reporting a 0 balance every month? This going along with the theory that only one card should report a balance each month of under 10% (which people seem to have debate over whether or not that's the best thing to do).

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  That theory is designed for more experienced credit users.  Just report 30% or less and you will be fine. 

[rckstrscott]

I put it up to 2/3 of my limit right away.. kept the balance for one reporting cycle, paid it off... did that again and after I paid it down that second time, I got an increase from 300 to 500...

I mean, I don't really care about the interest. I had a 570 credit score when I got it. If you have a checkered past, you need to re-establish yourself before you can really qualify for low interest anyway.

Once I got up to 500, I paid it down to 0 and thats where it stayed until they hit the annual fee in December, I paid that off and intend on keeping it at 0 until I close it later in the year.

Once again, I have had no single issues with this card.

-Scott

[Creditdreamer]

@ namvet: Assuming that I can handle the complexity of timing the payments correctly to achieve the 10% on only one card thing, would there be any benefits to doing that rather than having under 30%?

[Creditdreamer]

@ rckstrscott: When they gave you the increase, did they charge you an increase fee?

[namvet]

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@Creditdreamer wrote:
@ namvet: Assuming that I can handle the complexity of timing the payments correctly to achieve the 10% on only one card thing, would there be any benefits to doing that rather than having under 30%?

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  Nope!  All your need is time and management of your credit.  Forget about all that other stuff.  Your credit score will grow but it's not gonna happen over night. 

[pipeguy]

Credit One is owned by Credit One Financial is a wholly owned subsidiary of Sherman Financial Group, LLC.

Sherman Financial Group, LLC.also dba : LVNV Funding - Resurgent Capital Services LP - Alegis Group LP - Ventus Capital Services

Do a Google search on LVNV Funding  and Resurgent Capital Services.

As long as you are aware of who you are doing business with (Credit One), do what you think is best. IMO it's a deal with the devil. 

[llecs]

Both DW and I have/had Credit One. Despite a zillion baddies and no postive accounts except for a car note, Credit One extended a pre-approved offer for a CC just when I started my quest here. They came at the right time. They weren't bad. The fees were bad (though better post-CC Act), but I never had any issues other than that. They gave both DW and I regular, unsolicited CLIs at $100-$250 and they weren't that shabby. I closed mine (see the celebration of life montage) and DW still has hers, though it's on the chopping block very soon. Her automatic CLIs also stopped coming, but she keeps getting offers for $100 CLIs at a $20 fee. No way.