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Member
icyplaya
Posts: 18
Registered: ‎01-02-2009

Credit one worth it?

Okay, First off no I don't know my credit scores. Credit One was the first company to not turn me down years ago. It's my oldest card, I've had it for about summer '06.  Limit is $700 APR is 23.90%  Yeah high I know. I only have a balance of $55. BUT I'm getting tired of their annual fee crap, it's the only card I have that has a fee. And on top of the fee they went up, it's now 8.25 used to be 6 something. I don't think I should keep the card seeing as I don't use it but once every 4 or 5 months just to keep it "active". I haven't canceled it yet b/c i want to know if it will have a big negative effect on my credit score since it's the oldest card. And from what I read they don't offer cards with no annual fee. What's the best route to take?
New Visitor
tripletmom05
Posts: 1
Registered: ‎02-23-2010

Re: Credit one worth it?

Credit One is HORRIBLE!  We went to close it, and they didn't apply our payment correctly.  Convinently, it was so hard to get ahold of them.  Then they applied our payment, but didn't close the account.  I would just say if you do, get documentation every step of the way. 
Regular Contributor
blacklotus
Posts: 235
Registered: ‎02-14-2010

Re: Credit one worth it?

I would definitely recommend you pull your credit scores from here first.  That one small step is how I started my credit rebuilding  (I used to have subprime scores).

TU Fico 736 EQ Fico 730 (December 2012)
Frequent Contributor
elaine829
Posts: 273
Registered: ‎10-09-2007

Re: Credit one worth it?

[ Edited ]
HI, I have the same dilemma. My credit one card is 3 years 3mths old. The card is my oldest card. I hate the fees, At least they can't charge a fee for online payments anymore. I have to hold on to them for another year until all my old negative tradelines drop . Also so my opened tradelines can age some more. Do you have anymore credit cards? I can't qualify for any prime cards yet even though my scores are eq680 transunion 660. I tried for a credit increase with Jcpenney they said that my tradelines were short and credit history. Which everything that's on report was on report when they gave me the last two increases. My credit limit is1025. What is your average age of accounts? Also do you have any balances on your credit cards?.Closing a account can sometimes affect your utilization which can in turn affect your credit scores.
Message Edited by elaine829 on 02-23-2010 04:10 PM
Message Edited by elaine829 on 02-23-2010 04:17 PM
Member
icyplaya
Posts: 18
Registered: ‎01-02-2009

Re: Credit one worth it?

okay, i didn't think it was worth having myself, but i'll get some scores tonight hopefully and update the thread. My girlfriend is in the same boat as me, lol except i pay her card so it's kinda a double annual fee for me :smileysad:
Regular Contributor
blacklotus
Posts: 235
Registered: ‎02-14-2010

Re: Credit one worth it?

[ Edited ]

I never had this card.  But if I were trying to get a better credit card I would definitely pull my credit reports first before I did anything.

 

Oh back a few years ago when I started getting serious about my fico scores I never knew that you can pull your own credit reports as much as you want and it doesn't affect your fico or credit at all.  If you already knew this then disregard but I remember that I wasn't sure about this.

 

But it is correct you can pull your scores as much as you want and it will not affect your fico or credit report. 

 

 

Message Edited by blacklotus on 02-23-2010 04:16 PM

TU Fico 736 EQ Fico 730 (December 2012)
Member
icyplaya
Posts: 18
Registered: ‎01-02-2009

Re: Credit one worth it?

[ Edited ]

Well I DO have other cards.....Capital One...which just rate jacked me to22.90 used to be 14.90  :smileysad:    Orchard which is 14.90    Walmart which is 17   Chase which is lol i have no clue as I have no balance. And some other store brand cards such as Firestone, target. Those have NO balance.

 

 

What's the best package to check scores on this site?

 

I was planning on doing the free credit report you can do once a year, although you don't get scores with it :smileysad:   

 

I can say for sure, i'm never late and even though it isn't much more on ALL my cards i pay at LEAST $10 more than the min. No collections or Bk either.

Message Edited by icyplaya on 02-23-2010 04:22 PM
Regular Contributor
blacklotus
Posts: 235
Registered: ‎02-14-2010

Re: Credit one worth it?

[ Edited ]
I always get both the Transunion and Equifax reports with no other "add-ons" I think it's about $30 for both.  I also have scorewatch- I'm not sure if I had to subscribe to that when I first started pulling my scores from here but I still have it- it basically let's me know if my scores go up or down and why without having to actually buy another report.
Message Edited by blacklotus on 02-23-2010 04:44 PM

TU Fico 736 EQ Fico 730 (December 2012)
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Credit one worth it?

OK, everyone needs to take a brief break and read fused's Closing Credit Cards. :smileyvery-happy:

Two things to be aware of when thinking of closing a card:

-- Do you carry balances, or allow balances to display on other cards? If so, it's possible that losing the CL on the card that you close could make your util rise. If it rises enough, you could see a score drop.

-- Closed accounts continue to report for 10 years, God (and Equifax) willing and the creek don't rise. They will continue to be factored into your longest history and AAoA figures until they fall off. Presumably, in a decade, this will not have much of an impact. BUT if you had just one card, and nothing else for a significant span of years, creating a "doughnut hole" in your history, you might have a good-sized ding on your history figures when it does fall off.

And for any other newer members trying to absorb all this info, if you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums. :smileyhappy:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
elaine829
Posts: 273
Registered: ‎10-09-2007

Re: Credit one worth it?

If you type in fico discounts sometimes you can find 10 to 25 percent discount codes because i think standard score is around 15,95.

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