Need some help. Credit one..

[Anonymous]

Do you think it is worth contacting the Consumer Financial Protection Bureau on the phone for advice before contacting creditOne if I end up wanting to close it down or just seeing what options I Have?

[tricie17]

I need to help out here.  I currently carry Credit One and it is very good for its intended purpose however, in your case you are a student and definitely do not need the aggregation of all those fees or even putting the card away and trying not to use it. Like that really works!  Tell Credit One thank you but NO!!!! and keep moving.  Hold on to Capital One and use it wisely for the better card later.  LET IT GO. LET IT GO. LET IT GO!!!!!!!!!!!!! !  

[austinguy907]

Paying a fee to open an account is a last resort move.  There's no reason to do business with anyone that wnats money up front to open an unsecured account.

https://www.discover.com/credit-cards/secured

If you can't get the regular IT then use the secured option.  They're the best in the industry for following through with the deal.  $200-$2500 deposit for your CL and you can add to it if you can't wait out the conversion.  They start reviewing for conversion around month 7 and many have been hitting that right on the dot.  Cap1 has a 99% rate of not converting.  Once Disco converts many get a significant CLI at that time and a week later can go hit the CLI button for any other money Disco left on the table.

Just listen to what everyone is saying and ditch Credit1 asap. It's not worth it for any reason to keep them around.  They're scumbags that prey on people w/o thick profiles.  They'll try to talk you out of closing it, waiving fees, and so on.... just say you want to rescind the application and close the account.  They can't charge you fees for something you didn't use.  Get it in writing that they're closing it w/ a $0 balance as well if you can.

[Anonymous]

I've read every response here thoughtfully, and I have considered all my options. I want to thank the community for their advice. I have also spoken to a few credit one card holders off the grid ( and they weren't that impressed either. )

However against popular advice, I will continue my line with them for 10 - 11 months and then cancel ( unless some strange event occurs or my perception somehow changes between then and now. )

I don't want those who spent their time here to think their advice has fallen on deaf ears, it has not.

Not only have you helped me understand their tactis so I can be better prepared when dealing with them, but you have made **bleep** sure I will not pursue any further cards with this company. I thought Capital one and Credit one were like tomayto, tomahto, and now I understand it is dangerous to make such assumptions in this interesting credit world.

Keep me in your prayers.

[Anonymous]

At the risk of beating a dead horse, I'd ask you to reconsider your decision. I know you don't want your hard pull to be for nothing, I know you don't want to risk Credit One still charging you the fees, and I know you're worried this is your only chance at building credit. I promise you that those things are not worth dealing with Credit One (and in many cases Credit One will not help).

One hard pull is honestly nothing. If you ask many people on this forum how many inquiries they've had in the last year, you might be shocked. One is essentially irrelevant in your case. Further, Credit One has had some incidences where they threaten to delete your account when you try to cancel with them. Do you want to risk losing any benefit of having the line of credit open for 10-11 months only to have it be wiped from your record when you attempt to cancel (after paying hundreds of dollars in fees and interest that you wouldn't deal with if you apply to a reputable lender). You're dealing with a predatory lender, not a real bank.

I'd argue those that have had positive experiences with Credit One are the exceptions, not the rule.

That's my last attempt to convince you, whatever you choose to do, best of luck! 

[Anonymous]

I know you are planning to keep the card, but please reconsider that decision. Credit One is a predatory company that feasts on the innocent. I would take Austin's advice and look in to a secured IT through Discover. I completely get wanting to gain credit, but paying a monthly fee, a fee to start the card, a fee to look at the card and hold the card...there's no reason for that. You can find better. I hope you geniunely rethink the decision, and if you decide to still keep it, than definitely get rid of it within the 10 months. 

[washington12]

I do not pay any fees, Nor do I pay interest because I have not used it going on close to a year I may need to buy a candy bar. They are not good at all in my book. I only have them because they are a older card of mine when I first got started.

[Chris679]

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@Anonymous wrote:

I've read every response here thoughtfully, and I have considered all my options. I want to thank the community for their advice. I have also spoken to a few credit one card holders off the grid ( and they weren't that impressed either. )

However against popular advice, I will continue my line with them for 10 - 11 months and then cancel ( unless some strange event occurs or my perception somehow changes between then and now. )

I don't want those who spent their time here to think their advice has fallen on deaf ears, it has not.

Not only have you helped me understand their tactis so I can be better prepared when dealing with them, but you have made **bleep** sure I will not pursue any further cards with this company. I thought Capital one and Credit one were like tomayto, tomahto, and now I understand it is dangerous to make such assumptions in this interesting credit world.

Keep me in your prayers.

---

Best of luck OP.  I do not know why you wish to throw away $100 but it is your money and you can certainly do how you please with it. My number one motto that I repeat over and over here is to never let your credit score cost you money.  The entire point of building good credit is to save you money.  To me this is a sunk cost fallacy where you feel like you have gone this far and feel like you will go backward if you close it now.  As long as you know what to watch out for you should be fine keeping this account and closing at a later date. 

[joltdude]

Op...

For the love of MyFico.....

Id cold app for the Discover SECURED card...(Heck id try calling their CS and see if you are eligible for the secured card without another HP, but if not)

Apply for the Secured card

Pay the 200$ or so....

Take the HP .. 

Discover doesn't seem to be doing the if your not approved for regular, heres a secured offer right now...

And please. get rid of the Credit One... your walking into a hornets nest... 

And When you do decide to cancel it (Now or Later)  be careful and make sure you keep the account number untill it reports closed.. they might add residual "interest"

Even if you decide to keep the Credit None... you will have 2 cards aging if you get the Disco vs One

-J