Should I Cancel Credit One?

[Anonymous]

Yeah, that's about what I was thinking. I'd imagine the automated systems don't know (or care I guess), but if a person can see it during a manual review, it's probably better to get rid of it. That's what I'll do! Thank you all. Always a great help, I appreciate your support.

[Anonymous]

You are welcome and keep working at it!

[CH-7-Mission-Accomplished]

I would dump the Credit 1 because it's a piece of crap and it's ripping you off.

I used to be a credit underwriter in a different life and I can assure you that underwriters do not care if you have a Nordstrom, Nieman Marcus, Wal-Mart, Credit 1 or First Premier.  Underwriters look at objective data -- credit lines, fico scores, income, payments, etc.  An individual underwriter is not permitted to exercise his or her subjective opinion about whether a borrower does business with one lender or another.  It simply doesn't enter into the equation.

Approval and denial decisions are based on factual information and the policies are set many levels above the underwriter who is reviewing your file.  Companies like Chase or Amex or Barclay's do not have policies that say, "If John has a $500 CC with Credit 1, deny him, but if he has a $500 secured with Wells approve him.  It doesn't work that way.

People on these boards give underwriters too much credit.  Most of them have no idea who Credit 1 is.  They spend their evenings playing with their children and not hanging out on credit chatlines.  

[stagefoursurvivor]

i had my creditone account about 4 months before closing it, $650 CL plus a Goodyear account $550 CL and closed it earlier this week, total revolving CL=$1200.

Early November '14 I decided to actively recover my credit standing, starting with Cap1, Comenity...AmEx...USAA...Discover...Barclays, etc

Today, 3 months later, my total CLs are $35K. Half of which is Cap1. You might want to consider their offers using the card prequal.

[Anonymous]

If you're ever asking if you should close a credit one card, I don't need any other information to say YES!

[sccredit]

I didn't need to read anything but your one line title question

YES, YES, YES, YES

[Anonymous]

Yeah, I'm definitely dropping them. When I call they'll probably beg me to stay, so maybe I'll see if they can waive the AF and do a CLI. At that point I probably will keep it open since I won't be using the card and won't have to worry about interest or fees. I haven't had a bad experience with them, but I just don't like having it. They're the oddball in my otherwise decent wallet at the moment.

[Anonymous]

Ok, just closed the account. The rep (offshore of course) didn't introduce himself until asking for my account info (not friendly customer service if you ask me). Then I said "I'm thinking about canceling my card", and without hesitation said he'll process the cancellation. No offer to waive the AF, upgrade the card, or anything. All he asked is why I'm canceling, so I told him I have other better cards and that was it. No reply on that, he just went ahead and processed the cancellation. I figured that reason would get him to make an offer, but I guess Credit One doesn't try to keep customers. At least the call only took like a minute, though I found it hard to get to a person via the menus. Oh well, I'm better off for it now! Thanks for your advice, everyone.

[Anonymous]

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@Anonymous wrote:

Ok, just closed the account. The rep (offshore of course) didn't introduce himself until asking for my account info (not friendly customer service if you ask me). Then I said "I'm thinking about canceling my card", and without hesitation said he'll process the cancellation. No offer to waive the AF, upgrade the card, or anything. All he asked is why I'm canceling, so I told him I have other better cards and that was it. No reply on that, he just went ahead and processed the cancellation. I figured that reason would get him to make an offer, but I guess Credit One doesn't try to keep customers. At least the call only took like a minute, though I found it hard to get to a person via the menus. Oh well, I'm better off for it now! Thanks for your advice, everyone.

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 For Credit One, that is good customer service.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Ok, just closed the account. The rep (offshore of course) didn't introduce himself until asking for my account info (not friendly customer service if you ask me). Then I said "I'm thinking about canceling my card", and without hesitation said he'll process the cancellation. No offer to waive the AF, upgrade the card, or anything. All he asked is why I'm canceling, so I told him I have other better cards and that was it. No reply on that, he just went ahead and processed the cancellation. I figured that reason would get him to make an offer, but I guess Credit One doesn't try to keep customers. At least the call only took like a minute, though I found it hard to get to a person via the menus. Oh well, I'm better off for it now! Thanks for your advice, everyone.

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 For Credit One, that is good customer service.

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Haha, yeah I guess you're right. It was a painless call, just pretty different... even compared to Capital One, who I have to admit isn't that bad on the phone. I don't like that they're offshore, but at least they're friendly and try to help beyond the script sometimes.