Credit one pre approval letter

[djc1puno]

If theres no annual fee for the first year i would grab it. How long has your dh had his secured card?

[Boonie]

It looks like you have a good start with the secured card.  I like Credit One personally.  I believe it is a reliable rebuilder card.  Also, you can get a CLI every 6 months simply by signing into your online account and accepting the offer ($14.95 fee).   Credit One is far from the worst and would at least grow with you for a few years until you out grow it.  Just use it responsibly.  If there is a worst bank card it is First Premier with terrible interest and fees.   GE gave me a Care Credit and Paypal Smart Connect account when my scores were in the low 600s, not sure if they still are doing that or not.  The credit limits on both cards have not increased the entire time I have had them,  but I haven't pushed it either like other accounts I have.

I find the shopping cart trick worked best on Comenity sites like Blair, Haband, Brylane Home, Woman Within, Jessica London, One Stop Plus, Ann Taylor, Express, Victorias Secret, King Size, JCrew, Buckle, HSN, Avenue, JJill and a few others.  There is another conversation regarding the Comenity list of accounts to see.  Comenity gives me CLI's every 6 months, not auto CLI's but I press the LUV button sometimes sooner with success.

You can also check all of the Pre-Approval links ie: Capital One, Credit One or others.  Google pre approval sites to find them all.  Capital One is okay and getting better, but I don't like seeing the hoops people go thru by contacting the EO just to get a CLI. 

When your scores improve slightly you could try for Firestone (CFNA), Jared or Kays.  When your scores go up about 20-30 points, you may see mail offers from Merrick or the First Savings Bank (Blaze, Showcard, Legacy) credit cards which are similar to a Credit One type of bank card.

I think the best advance is to only get cards you know you will use and try to avoid high fee cards.  Treat them well and they will help your score grow quickly. 

[Brusilov]

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@fot1 wrote:

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..

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You're not "paying" anything, you're just giving them a deposit which in many cases earns interest and you get back at a later date.  Some have no AF, some have a small AF.  Regardless, even with a $30 AF and no interest on deposit and subtracting any opportunity cost of depositing it in a CD instead, it's STILL a better deal then spending $75 on a card like this.

[money_talks]

I've had my Credit One for over a year now. Started at $400 CL and got an auto CLI to $650 after one year. I plan on firing Credit One soon. It has done it's job and it's time to stop paying 8.25 in monthly fees.

One thing that I should point out that irritates me from Credit One is their slow payment processing for non-express payments. Heck, even First Premier beats C1 on this one. Once you submit a payment it posts to your balance in about a day or 2, however it takes about a week or so for it to be reflected in your available credit. So if you ever find yourself needing to make a same day payment and funds to be available in your credit the next day for use, be ready to pay a $10 fee.

[fot1]

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@Brusilov wrote:

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@fot1 wrote:

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..

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You're not "paying" anything, you're just giving them a deposit which in many cases earns interest and you get back at a later date.  Some have no AF, some have a small AF.  Regardless, even with a $30 AF and no interest on deposit and subtracting any opportunity cost of depositing it in a CD instead, it's STILL a better deal then spending $75 on a card like this.

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IDK when I was rebuilding money was tight.. and was easier to pay a slightly higher AF then to fork over $300-$500 bucks for  a secured  Cap 1 card that is really is no better?  But hey YMMV

[Dustink]

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@fot1 wrote:

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@Brusilov wrote:

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@fot1 wrote:

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..

---

You're not "paying" anything, you're just giving them a deposit which in many cases earns interest and you get back at a later date.  Some have no AF, some have a small AF.  Regardless, even with a $30 AF and no interest on deposit and subtracting any opportunity cost of depositing it in a CD instead, it's STILL a better deal then spending $75 on a card like this.

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IDK when I was rebuilding money was tight.. and was easier to pay a slightly higher AF then to fork over $300-$500 bucks for  a secured  Cap 1 card that is really is no better?  But hey YMMV

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If money is too tight to get a secured card, likely money is too tight to be able to responsibly handle a credit card.

US Bank offers a few secured rewards cards with no AF the first year and low AF's after. That is many times better than burning $75 on an AF. 

[fot1]

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@Dustink wrote:

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@fot1 wrote:

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@Brusilov wrote:

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@fot1 wrote:

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..

---

You're not "paying" anything, you're just giving them a deposit which in many cases earns interest and you get back at a later date.  Some have no AF, some have a small AF.  Regardless, even with a $30 AF and no interest on deposit and subtracting any opportunity cost of depositing it in a CD instead, it's STILL a better deal then spending $75 on a card like this.

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IDK when I was rebuilding money was tight.. and was easier to pay a slightly higher AF then to fork over $300-$500 bucks for  a secured  Cap 1 card that is really is no better?  But hey YMMV

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If money is too tight to get a secured card, likely money is too tight to be able to responsibly handle a credit card.

US Bank offers a few secured rewards cards with no AF the first year and low AF's after. That is many times better than burning $75 on an AF. 

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Again YMMV.. Credit one had   AF first year and nothing after that.. and the $25 I have paid in Cl to go from $300 to $1000 was well worth it.. And money was tight for the Secured card.. but I had no issue managing a CC..

[twall06]

Depending how long the cap1 secured has been open he may be able to get another cap1 unsecured like quicksilver one or a platinum card . I'd wait till the secured one is six months old then ap . The AF fee is less and cap1 has been more generous lately. And credit one charges interest when u make a purchase no grace period.