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Established Contributor
Posts: 1,034
Registered: ‎03-09-2010

Re: Need some help. Credit one..

FYI there were reports on here the other day of Credit One deleting the account after it was cancelled. So after a year or two of paying the outrageous fees there would be nothing to show for it. Again I'm not saying that was widespread or a common thing that they do but that's what you are dealing with.

Almost all cards allow AU as far as I know. They love it because it's more use on the card.
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Registered: ‎02-28-2017
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Re: Need some help. Credit one..

[ Edited ]

So you're saying I'm Dealing with the Devil so to speak Chris.

 

I am not as familiar with this entire credit process as many here, but what about reapplying for a much better card before cancelling my credit one ( in the event I kept the account for 10 - 11 months. ) Wouldn't this at least help me gain access to a much more powerful card, given that it's my first unsecured?

 

Also I wonder if there would be any legal avenues for one to take in the event of them deleting the account completely? Such as disputing? Or how often this occurs and if it is malicious or some isolated errors. Trust me I'm not giving Credit One the benefit of the doubt, I'm just thinking out loud.

 

Thanks again.

Regular Contributor
Posts: 173
Registered: ‎02-16-2017

Re: Need some help. Credit one..

[ Edited ]

I could not recommend against Credit One enough. I've never personally had a card from them, but friends have and it has been nothing but horror stories. I'd get out as quickly as possible. They are known to make it hard to cancel your card down the road, hitting you with pointless fees, and just being overall terrible.

 

You mentioned you are a student. I would recommend applying for the Discover IT for Students card. Discover's student card (the Discover More when I went to school) was my first line of credit ever. Literally the first thing. I applied before my student loans posted, before I had a car, before anything. I had to verify my enrollment in college with them via a copy of my transcript or acceptance letter, but was approved with a $1,000 starting limit. The card has ZERO fees and generally just acts like a regular Discover IT card. You even get the same rewards! You're thinking about paying hundreds of dollars a year for a crappy credit one card, when you could potentially have a Discover IT Student card that offers 5% back on quarterly categories and 1% back on everything else (with no annual fee, no fee SP CLIs, etc.). You also get a free TU FICO score with every statement. Assuming you maintain a good relationship with them, they upgrade your card to a full fledged Discover IT card once you are done with school.

 

Also, Discover generally likes people with thin credit history. If you are a student, this is a no-brainer. It helped me start my credit journey when I was 18 and I still have the card to this day (7 years later), although now it's a full fledged IT card.

 

Best of luck!

 

EDIT: Oh, and I forgot to mention they give you $20 statement credit each semester you have an average GPA of 3.0 or higher. 

EQ: 750 TU: 757 EX: 734 Goal: 800+
Total Credit: $34,800 | Utilization: $900 / 2.6%
Established Contributor
Posts: 1,034
Registered: ‎03-09-2010

Re: Need some help. Credit one..

It is possible it could help you but millions of people have credit cards without ever paying outrageous fees from Credit One. Tons of people on this forum have gone the secured route and it worked out great. You seem dead set on keeping the card and that is fine too, lots of people have used Credit One to rebuild. Just know that you can do it for free just as easily.

As far as the reporting of the account no creditor is required to report to cra they are only required to report accurately if they do. My personal suspicion is that this is a new low road tactic to convince people not to close accounts and to keep paying crazy high fees.
Established Contributor
Posts: 1,034
Registered: ‎03-09-2010

Re: Need some help. Credit one..

Discover It for students, absolutely +1.
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Re: Need some help. Credit one..

[ Edited ]

Thank you Lavathing for the discover IT for students info, i actually got a preapproved offer in the mail for the non student discover IT before I disputed all my derogatory marks, and discover declined me, so it left me with a bad perception of them and I had no clue they had one for students, which I agree is a no brainer especially in comparison to what I've been through with this credit one card, ( haven't even owned the card for more than 24 hours and they've been collecting interest on the auth user fee for over a week ) I guess since I hit the submit button.

 

Right now they have me for a posted 6.95 fee, 19 dollar auth fee posted, and 75 annual membership fee ( which is still pending for some reason. ) 

 

The only reason I am so reluctant to just throw the card away is because I have set every single component of the account up, even connecting my bank account.

 

If I call them to cancel I don't know if they would just take the money anyway, or report my account as it stands now, send to collections etc. As they make no distinction to what " using " the card is, and I'm really not in the mood to wrestle with the customer service right now or lose almost 100 dollars and then delete my account.

 

I'll quote the fine print on the front of the card disclosure pamphlet for those who missed my earlier comments.  " You may still reject this plan, provided you have not yet used the account, or paid a fee. If you do reject this plan, you are not responsible for any fees or charges. "

 

They make no distinction on what their definition of used means, and I know their customer service agents aren't going to be freely giving me good advice to cancel my account. Does connecting my bank account, setting up an online banking app, plus requesting a pin fit under their definition of " Used? " If so, then I'm kind of up the creek without a paddle and it may just be easier to play the game now that I'm neck deep.

 

I just wanted to add

If I had been smart enough to come here before applying or just as I was applying I would be running away fast, but I have the card in hand, online banking setup, everything connected verified and done with. I just dislike going backwards

 

 

Regular Contributor
Posts: 107
Registered: ‎03-10-2014
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Re: Need some help. Credit one..

Call and say you don't like the fee. I've had the card for 3 years or so. Have not paid any fees. I don't even use the card. They even give me cli from time to time with no usage
New Member
Posts: 11
Registered: ‎02-28-2017
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Re: Need some help. Credit one..

[ Edited ]

So just to clarify, you got to avoid paying the membership fee or you're speaking in regards to the interest charges? @ Washington12

 

Again thanks to everyone for your understanding and help. 

Regular Contributor
Posts: 173
Registered: ‎02-16-2017
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Re: Need some help. Credit one..


NewToUnsecuredCards wrote:

So just to clarify, you got to avoid paying the membership fee or you're speaking in regards to the interest charges? @ Washington12

 

Again thanks to everyone for your understanding and help. 


I'm almost certain he means the annual fee. Credit One makes all their money from their daily interest fee scam.

 

I understand you feel like you've already gone through the process of setting up the card, so why not just keep it for a little bit. This is obviously your own personal decision, but I would call them and tell them you made a mistake in applying for the card and that you no longer want it. Remember to tell them that you have not used or activated the card yet. Also, make sure you ask them if you are responsible for the fees already posted to the account or if those will be waived upon cancellation. Due to Credit One's history of screwing over customers, I would record this conversation (put it on speaker and record it with something) as proof of what they tell you. 

 

They are not a company that I would ever want to do business with. I understand some people are in really bad credit situations where sub-prime creditors seem like their only option to rebuild. However, there are certainly more reputable banks that offer credit to low credit score individuals. Also, from what I've gathered, your issue is less of having a bad credit history and more of having a lack of credit history. I view Credit One as a place only people with bad credit history go when they have no choice. Someone who is simply new to credit has many more options for reliable credit (secured cards, student cards, etc).

EQ: 750 TU: 757 EX: 734 Goal: 800+
Total Credit: $34,800 | Utilization: $900 / 2.6%
New Member
Posts: 11
Registered: ‎02-28-2017
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Re: Need some help. Credit one..

[ Edited ]

I have activated the card, I just haven't used it on any purchases or paid any of the fees yet. @'Lavathing, thanks for your time.

 

Edit, You are correct too, I have fairly decent credit for my age (to my understanding at least) Just a very thin file, and my parents both did not have great credit, and my wife ( being a permanent resident ) I'm assuming has no credit history whatsoever.

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