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New Member
Posts: 18
Registered: ‎02-19-2012
0

Should I accept preapproval?

I've just received a pre-approval from creditone for a platinum visa $1500 CL. It obviously has a high interest rate and an insane monthly "membership" fee. I'm still rebuilding i guess but I'm pretty sure I shouldn't accept it. This is what I have.

Cap1 secure $250 CL
Cap1 unsecured $750 CL
DCU Visa $1000 CL

Anyone think I should take the offer?
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Should I accept preapproval?


j17brown wrote:
I've just received a pre-approval from creditone for a platinum visa $1500 CL. It obviously has a high interest rate and an insane monthly "membership" fee. I'm still rebuilding i guess but I'm pretty sure I shouldn't accept it. This is what I have.

Cap1 secure $250 CL
Cap1 unsecured $750 CL
DCU Visa $1000 CL

Anyone think I should take the offer?

Please dont on my own experience......I receive the same offer and get into their trap and can't wait to cancel my card but for some secure purpose i need to keep them for another few months then closd out before AF kick in.

  • pre approval for 1500 but give me only $400
  • $75 annual Fees after that $99.
  • Charge interest on day 1 for both purchase and cash advance so there is no different. You end up paid interest every months.
  • Poor customer service.
  • take 4 weeks to process the card . $75 balance up front when u receive your card.

So please stay away this crappy company unless you really need some credit. Google credit 1 review. You should see them all.

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

New Member
Posts: 18
Registered: ‎02-19-2012
0

Re: Should I accept preapproval?

All I needed to hear. Thank You!!
Blogger
Posts: 3,360
Registered: ‎10-19-2012
0

Re: Should I accept preapproval?


nicholasyud wrote:

j17brown wrote:
I've just received a pre-approval from creditone for a platinum visa $1500 CL. It obviously has a high interest rate and an insane monthly "membership" fee. I'm still rebuilding i guess but I'm pretty sure I shouldn't accept it. This is what I have.

Cap1 secure $250 CL
Cap1 unsecured $750 CL
DCU Visa $1000 CL

Anyone think I should take the offer?

Please dont on my own experience......I receive the same offer and get into their trap and can't wait to cancel my card but for some secure purpose i need to keep them for another few months then closd out before AF kick in.

  • pre approval for 1500 but give me only $400
  • $75 annual Fees after that $99.
  • Charge interest on day 1 for both purchase and cash advance so there is no different. You end up paid interest every months.
  • Poor customer service.
  • take 4 weeks to process the card . $75 balance up front when u receive your card.

So please stay away this crappy company unless you really need some credit. Google credit 1 review. You should see them all.

 


I'm curious about these crappy subprime cards. When you say they charge interest on day one, does that imply that interest starts accruing right after the payment posts and they don't allow you time to pay the balance? Or do you mean they start charging interest as soon as the statement closes?

 

Valued Contributor
Posts: 2,512
Registered: ‎11-11-2010
0

Re: Should I accept preapproval?


HiLine wrote:

I'm curious about these crappy subprime cards. When you say they charge interest on day one, does that imply that interest starts accruing right after the payment posts and they don't allow you time to pay the balance? Or do you mean they start charging interest as soon as the statement closes?


Credit One charges you interest on purchase the moment you swipe/use your card. 

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Should I accept preapproval?


trumpet-205 wrote:


Credit One charges you interest on purchase the moment you swipe/use your card. 


Give 20 second think before you swipe your pretty Credit One cards......They come with fees and interest.....that's their benefit come with rewards package.......lol

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Blogger
Posts: 3,360
Registered: ‎10-19-2012
0

Re: Should I accept preapproval?


trumpet-205 wrote:

HiLine wrote:

I'm curious about these crappy subprime cards. When you say they charge interest on day one, does that imply that interest starts accruing right after the payment posts and they don't allow you time to pay the balance? Or do you mean they start charging interest as soon as the statement closes?


Credit One charges you interest on purchase the moment you swipe/use your card. 


That sounds terrible. I can understand why people avoid it like the plague. What other cards do you know have this inhumane practice?

 

Valued Contributor
Posts: 2,512
Registered: ‎11-11-2010
0

Re: Should I accept preapproval?


HiLine wrote:

That sounds terrible. I can understand why people avoid it like the plague. What other cards do you know have this inhumane practice?


 Open Sky Secured Credit Card also charges you interest from day 1, no grace period on purchase.

 

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Regular Contributor
Posts: 176
Registered: ‎08-21-2010
0

Re: Should I accept preapproval?

Avoid avoid avoid!  I'm cancelling mine tomorrow.  Good riddance!


Starting Score: TU: 663 EQ: 632 EX: ?
Current Score: TU: 721 (12/02/12) EQ: 704 (12/2012 via SW) EX: 712 (11/19/12 via Amex)
Goal Score: 700 (ALL)


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Regular Contributor
Posts: 127
Registered: ‎08-13-2012
0

Re: Should I accept preapproval?

[ Edited ]

Hell no. If you need a card for limited history apply for Capital one CC without annual fee, either cash rewards for newcomers or Cash rewards card(green one) but they will give you low limits even if approved.

BOA Cash Rewards Visa Sig. 12K; BOA Travel Rewards Visa Sig 5K, US Bank Cash+ 11.5K, AMEX BCE 6200, AMEX BLUE Sky 7K, Chase Freedom Visa Sig. 5400, Fort Knox FCU Visa Platinum 2500; CAP ONE Cash Rewards WORLD MC 5K

Starting Score: 580
Current Score: 747
Goal Score: 800+


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