Credit One?

[namvet]

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@llecs wrote:

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.

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  Thanks for the back up llecs!   It is what it is!  

[Creditdreamer]

I didn't get emails for these updated posts. Weird...

Thanks for the info everyone! I just wanted to make an extremely informed decision because as much as I can research and read Ts and Cs, this board seems to know much more. And by this board I mean the people on it.

I applied and got a 300 dollar limit. Yay rebuilding!

[germaine47]

I am glad that you posted about who I have my card with. Now I am afraid because I just received a 20 year old collection from lvnv and credit one now have my checking account information.  I probably wont apply for anymore credit in a while.  Have anyone had problems about them going into your checking account and taking money? Now I am paranoid.

[lithium78]

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@germaine47 wrote:

I am glad that you posted about who I have my card with. Now I am afraid because I just received a 20 year old collection from lvnv and credit one now have my checking account information.  I probably wont apply for anymore credit in a while.  Have anyone had problems about them going into your checking account and taking money? Now I am paranoid.

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I don't believe they are legally allowed to do that unless you give permission or they have a court order to garnish your wages.

[Creditdreamer]

I agree. I don't think they can just take money without your permission or the court's permission.

[lithium78]

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@germaine47 wrote:

I am glad that you posted about who I have my card with. Now I am afraid because I just received a 20 year old collection from lvnv and credit one now have my checking account information.  I probably wont apply for anymore credit in a while.  Have anyone had problems about them going into your checking account and taking money? Now I am paranoid.

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Also, are you sure the statute of limitations hasn't expired on that collection?  Sometimes CAs try to trick you into paying debts you are no longer legally bound to pay.

[MarineVietVet]

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@lithium78 wrote:

 

Also, are you sure the statute of limitations hasn't expired on that collection?  Sometimes CAs try to trick you into paying debts you are no longer legally bound to pay.

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Unpaid debt never goes away and collection attempts can legally go on forever. In other words there is no statute of limitations on unpaid debt. The SOL simply dictates how long a creditor has to bring a successful lawsuit for unpaid debt.

Edited for a typo.

[lithium78]

I thought collections fall off your report after seven years.

[beb86]

I have this card but the one thing to remember is pay the af and do not carry a balance. There is NO grace period so as soon as you make a purchase the interest starts to accrue. This card serves a purpose and once it has served its best to put it out of its misery

[MarineVietVet]

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@lithium78 wrote:

I thought collections fall off your report after seven years.

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It's true that the CRTP for collections is 7-7.5 years from the DoFD but that is just the reporting time period. That doesn't erase the debt itself. Even if the debt can't be reported it is still owed and collection efforts can continue.