Pre-approved CREDIT ONE Card Invite---Accept It or Trash It??

[SunriseEarth]

My #1 credit goal now is to pay off and get rid of my Credit One card.  The AF is ridiculous, paying for CLIs is even more absurd, and their method of calculating interest really burns.  

Throw it in the trash and hold out for something better.  

[djc1puno]

IMHO it's still better than FP

[SunriseEarth]

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@bobbay wrote:

Why is everyone so down on Creditone?  There is a time and place for all of these cards and this is a rebuilder.  I got one for the sock drawer/back-up card.  

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You must not have an AF.   Actually, if there were no AF, I'd pay it off and SD it, but since there is, I'm closing mine.

Rebuilder cards serve their purposes, but at some point, people outgrow them.  Credit One is certainly a much better option than FP, but I think Merrick is better than Credit One.  Once my Merrick is paid off, I'm gonna SD that one.  

[Shock_]

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@bobbay wrote:

Why is everyone so down on Creditone?  There is a time and place for all of these cards and this is a rebuilder.  I got one for the sock drawer/back-up card.  I was approved for $1,500 instantly and now it helps provide a utilization buffer for my cap one card that is my daily card. 

If you already have a bunch of cards and can pick and choose your relationships shread it.  If you are starting the fees are high, the bar is low.  It is not the best card but IMO it has it's place.

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Creditone has tier place as a rebuilder no doubt. but OP had a Discover iT....no point in going backwards..and what good is that annual fee if you are just going to sock drawer the card.

[djc1puno]

agree...it's a rebuilder card that once you start getting better cards then it's time to close it or not even bother apping for...

[Credit-hoarder]

Yeah-I hear ya. I spent another "bullet" (HP) on AMEX Gold last night after saying I was going to cool the apps for a while, but I just HAD to know where I stood with them-especially with some of the "mediocre credit" apps with approval stories about AMEX i've seen on here! At least I know now-so to me it was def. worth it.

[wHiTeSoL]

you didn't mention if you got the gold or not!

[Credit-hoarder]

@whitesol: Nope, didn't get it. Gonna try again around Christmas.  BTW: you have 2 of my goal card in your signature: the Chase and the AMEX revolver.

[creditscoreEE]

My dad had credit one the fees were so high he had too close it.