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New Member
TMannion87
Posts: 5
Registered: ‎11-18-2013

CreditOne - Activate or Close?

Hi all,

 

Long story short, I'm 26 and in the process of rebuilding my poor credit score. I started out with a secured Capital One Platinum card. After a couple months of making payments, I received an offer in the mail from CreditOne. I was foolishly enticed by the $400 CL and accepted the offer. After the fact I read about all the hidden charges and lack of bill payment options...

The card arrived in the mail last week and I haven't activated it. It shows up on my CreditKarma report as an active line of credit and it raised my score from 600 to 655! So my question is, would I be better off activating this card and never using it or let it automatically close? (The card says it will be automatically closed if not actived in 14 days) I like the fact that it increased my score, but I'm worried about the hassle keeping it open. Any input would be greatly appreciated. Thanks!

Regular Contributor
KoolDev
Posts: 215
Registered: ‎09-26-2013

Re: CreditOne - Activate or Close?

Do you have other cards ?   Credit oNe is expensive.  I used one for sometime to get my score up (9 months) and recently closed it since I now have a drawer full of good cards.   If you are just starting, it might be ok, but like i said, they are expensive., annual fees, etc.   If you are just getting started, it should be ok, just make sure you are making payments on time and use it sparingly.  dont go over 10% utility or pay it off. 

 

I started with Credit Karma as well, dont get your hopes up too much with them.  As you get deeper into this, you will see that CK is good to glance at once in awhile but I wouldnt rely on it at all.

 

Good Luck !

My Sock Drawer: Care Credit $4200-371, Cap 1 $1000-0. Cap1 $750-0, Ge Retail $1000-0, JCP 600-0, Amazon 3000-0, First Flight 1500-0
In Use: NFCU Visa Sig $17.5k-4024.00, Chase Freedom $4500.00-1900.00, WF $1000.00-0.00

Starting Score 538
Current Score 687 Nov 1- 693 Nov 21 Fico TU 733 Nov 21
Goal 700 by November---Reporting dates will put goal off until Nov 30 UGHH
New Member
TMannion87
Posts: 5
Registered: ‎11-18-2013

Re: CreditOne - Activate or Close?

All I currently have is the Capital One and now the CreditOne. I'm definitely just starting out as I got my first card less than 6 months ago.

Regular Contributor
KoolDev
Posts: 215
Registered: ‎09-26-2013

Re: CreditOne - Activate or Close?

[ Edited ]

Well the rule I give my 19 yr old is this.  If a card has a limit of 400 bucks, dont spend more than 40 and if you do make dang sure you pay it off.   I got into cc trouble out of college and it can hurt ya for sometime.  Becareful and use it to build your credit :smileyhappy:

 

 

and welcome to the forum !

My Sock Drawer: Care Credit $4200-371, Cap 1 $1000-0. Cap1 $750-0, Ge Retail $1000-0, JCP 600-0, Amazon 3000-0, First Flight 1500-0
In Use: NFCU Visa Sig $17.5k-4024.00, Chase Freedom $4500.00-1900.00, WF $1000.00-0.00

Starting Score 538
Current Score 687 Nov 1- 693 Nov 21 Fico TU 733 Nov 21
Goal 700 by November---Reporting dates will put goal off until Nov 30 UGHH
Valued Contributor
injustifiiable
Posts: 1,846
Registered: ‎03-30-2012

Re: CreditOne - Activate or Close?

They probably sent a bill for the annual fee already.

 

If you paid it, might as well keep it open for one year. Toss it in a drawer and don't use it much.

Scores 6/17/2014: TU FICO: 643 | EQ FICO: 675 | EX AMEX FICO: 666

In my new wallet: American Express Premier Rewards Gold EMV: NPSL | BankAmericard Cash Rewards Visa EMV: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $1500 | Amazon Rewards Visa: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1250 | Target: $400 | J.Crew $2750
New Member
TMannion87
Posts: 5
Registered: ‎11-18-2013

Re: CreditOne - Activate or Close?

They have charged me the annual fee according to Credit Karma, but I haven't paid it yet. Having multiple cards will help my score if I use them responsibily, not hurt it, correct? Thanks for the input so far!

Frequent Contributor
ac921ol
Posts: 353
Registered: ‎11-16-2012

Re: CreditOne - Activate or Close?

credit one charges an AF each month and interest on purchase from the day you swipe it.

 

 



12/28/13 (Garden Start Date)



Valued Contributor
SunriseEarth
Posts: 3,053
Registered: ‎08-12-2013

Re: CreditOne - Activate or Close?


TMannion87 wrote:

Hi all,

 

Long story short, I'm 26 and in the process of rebuilding my poor credit score. I started out with a secured Capital One Platinum card. After a couple months of making payments, I received an offer in the mail from CreditOne. I was foolishly enticed by the $400 CL and accepted the offer. After the fact I read about all the hidden charges and lack of bill payment options...

The card arrived in the mail last week and I haven't activated it. It shows up on my CreditKarma report as an active line of credit and it raised my score from 600 to 655! So my question is, would I be better off activating this card and never using it or let it automatically close? (The card says it will be automatically closed if not actived in 14 days) I like the fact that it increased my score, but I'm worried about the hassle keeping it open. Any input would be greatly appreciated. Thanks!


I think it's best to have at least two cards to "garden" with.  Maybe you should try for a store card to use and close the CreditOne.

I currently have an AF waiver on my CreditOne.  I'm paying it off and closing before that waiver runs out.

 




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 668 (Wally, 7/7/14), 686 (Merrick 7/15/14) | Goal Score: 700+
Care Credit $10200 | AMEX BCE $4500 | Macy's: Special Events $2900 Store $600 | JCP $1900 | Sony Card $1500 | Walmart Store $1400 | Merrick $1200 | Amazon Store $1200 | Target $1000 | Cap 1 QS1 $1000 | VS $550 | Gold Violin $550 ~~Gardening Since 6/20/14
New Member
TMannion87
Posts: 5
Registered: ‎11-18-2013

Re: CreditOne - Activate or Close?

Will my score take a hit if I close the CreditOne card? With a FICO score of 641, are store cards an option for me?

Established Contributor
TiggerDat
Posts: 1,013
Registered: ‎10-15-2011

Re: CreditOne - Activate or Close?

It's not worth the fees!  You could try for a different Capone card, you can have multiple. 


Grow little seedling grow.

Rethink every purchase you make, before you make it. Use the card with the best rewards. Pay in full each month. Redeem rewards often. Use the cards online shopping for more discounts. Smile, knowing that being thrifty allows you to actually get more out of the same amount of money!

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