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Credit one pre approval letter

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cwwatts1202
Established Contributor

Credit one pre approval letter

My husband got a pre approval letter from credit one today. He doesn't have very high scores, 613 EQ. No collections, repo 5 years ago is his only negative, He has a cap 1 secured $200 limit and fingerhut revolving $250 limit. Would it be beneficial to him to get this card? Since he has a pre approval letter would it just be a soft pull? If anyone has any info about this card id appreciate it!!!
Message 1 of 18
17 REPLIES 17
fot1
Established Contributor

Re: Credit one pre approval letter

Pretty sure it will be a hp if he applies.. But  Credit one would be the next step up in cards that he has..  And I will add that out of my rebuilder cards Credit one has grown with me the most $300 starting limit, up to $1000 in two years or so.. But only you guys know if adding another card is right for you or not

Too many to list..
Message 2 of 18
SunriseEarth
Moderator Emeritus

Re: Credit one pre approval letter

No!  Throw it in the trash!   I'm trying to get rid of my Credit One due to AF, fees for CLI, and inability to accept more than 4 payments in a 30 day period.  And yes, it was HP on EX when I opened (has since fallen off).  The only TLs I'm aware that open without HP are from the shopping cart trick.

 

If he needs more credit, I'd suggest he try store cards, such as some of the GE cards or some Comenity cards. 



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 3 of 18
fot1
Established Contributor

Re: Credit one pre approval letter

LOL this is why I love the internet.. Opinions vary greatly..

Too many to list..
Message 4 of 18
Peter1142
Established Contributor

Re: Credit one pre approval letter

Another credit card would help in the long run (after it ages a bit.) The more positive payments the better, and the FICO credit mix scoring isn't going to be fond of a single card.

 

The card has $75 AF the first year, and sometimes charges for CLI, and for payments to post to available credit immediately. If that doesn't sound like your cup of tea (honestly it's pretty reasonable, for a rebuilder card, the people here who think it sucks are comparing it to prime cards,) you could opt for a different store card instead. If you have medical/dental/veterinary bills, Care Credit is usually pretty lenient in their credit requirements, and gives big limits. Just be sure to pay it in the promotional no-interest period!

Message 5 of 18
Brusilov
Established Contributor

Re: Credit one pre approval letter


@SunriseEarth wrote:

No!  Throw it in the trash!   I'm trying to get rid of my Credit One due to AF, fees for CLI, and inability to accept more than 4 payments in a 30 day period.  And yes, it was HP on EX when I opened (has since fallen off).  The only TLs I'm aware that open without HP are from the shopping cart trick.

 

If he needs more credit, I'd suggest he try store cards, such as some of the GE cards or some Comenity cards. 


+1

 

I think the current secured card and Fingerhut have him well on his way to building history already.  Store cards should be attainable once you reach a FICO of 620-650 (GE as previous poster states, Comenity-based cards, department stores (Macy's, JCPenney, Kohl's)).

Message 6 of 18
myjourney
Super Contributor

Re: Credit one pre approval letter

Credit one can be a useful tool but don't apply for it 

If hubby needs a new TL go for a secured card for 6 month after that he should have better scores and be able for other cards 

I suggest a secured card that won't require a HP

It will lower scores when it reports as an TL to CR's but much better than taking a double score drop from an INQ and new TL

https://www.sdfcu.org/

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 18
SunriseEarth
Moderator Emeritus

Re: Credit one pre approval letter


@Peter1142 wrote:

 

The card has $75 AF the first year, and sometimes charges for CLI, and for payments to post to available credit immediately. If that doesn't sound like your cup of tea (honestly it's pretty reasonable, for a rebuilder card, the people here who think it sucks are comparing it to prime cards,) you could opt for a different store card instead. If you have medical/dental/veterinary bills, Care Credit is usually pretty lenient in their credit requirements, and gives big limits. Just be sure to pay it in the promotional no-interest period!



Every card has its purpose.  The rebuilder cards have a structure designed to punish you (or reward themselves) for bad credit behavior, such as having high UTIL and carrying large balances for long times.   Of my rebuilders, I think Credit One is the worst.  Merrick has a higher APR, but no AF and will have a guaranteed auto CLI.  The Cap One Platinum has an AF and lower APR, but they are known for being stingy with CLI.

 

I would highly recommend he try the shopping card trick.  VS is pretty easy to get (I've seen people open those in the 590s) and he could add you as the AU to make sure it gets used.   JCP sent me a pre-approved offer when I had a similar score to him. 

 

My opinion:  do Credit One if no other options work, but explore other options, preferably those that don't result in HPs.

 

(Edited: darn typos!)



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 18
Dustink
Valued Contributor

Re: Credit one pre approval letter

I would say nooooo

 

Not even at gun point being threatened with the application.

 

More secured cards, then low tier no AF cards. Never a need for bottom feeding scum.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 9 of 18
fot1
Established Contributor

Re: Credit one pre approval letter

I love it people are  suggesting it is better to pay $300 -$500 for a secured card rather then pay a $75 af fee?  Different Strokes I guess..

Too many to list..
Message 10 of 18
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