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New Contributor
Posts: 66
Registered: ‎03-08-2011
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cancelling creditone bank credit card?

i recently (yesterday) applied for the CreditOne bank credit card before i read the bad reviews about them - can I call them right away and cancel ?  will it has any affect on my scores? thnks

 

 

 

 

Rebuild Process...After BK13
Aug' 16: 500 across the boards
Nov '16: EQ: 570 | TU: 600 | EX: 580
Oct '16: CreditOne $300 - CapitalOne Secured $200 - Credit Builder Loan $1000
Frequent Contributor
Posts: 266
Registered: ‎07-26-2014
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Re: cancelling creditone bank credit card?

It will still be reported. You can cancel though.
Started in mid 500 3/16
Current 4/10 EQ 618 TU 628 EX 612
Regular Contributor
Posts: 124
Registered: ‎10-02-2016
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Re: cancelling creditone bank credit card?

Read the terms. I believe if you never activate the card you won't be charged any fees. It's not going to help your credit scores, but it's not going to damage it like a late payment or charge off would either.


New Contributor
Posts: 80
Registered: ‎09-30-2016
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Re: cancelling creditone bank credit card?

[ Edited ]

Creditone reports immediately as soon you accept the offer online (yes before you receive the physical card or call in as a formality). However you can cancel at anytime. I have had them over a year now. They are really not as bad as everyone makes them out. Remember who their target customer is - those with bad credit. I have a $79/yr fee which is high but the interest is comparable to some of the most competitive cards at 19%. Not a bad starter or rebuilding card. I'm keeping for utiluzation. Had two no costs increases within the year. 

As of 10/08/16 - EX 658 | TU 625 | EQ 635
Valued Member
Posts: 34
Registered: ‎05-12-2016
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Re: cancelling creditone bank credit card?

I'm not sure on the whole cancelling of the card but I second what argarder said, they are not as bad as everyone makes them out to be. They are a means to an end and honestly, one of the better means to an end that I have chosen. In the beginning when I started on my credit journey, CreditOne and VS were the only ones that would touch me. Here I sit 9 months later with a unsecured CapitalOne card, a few store cards (none through SCT) and a new(er) truck loan which doesn't have a great interest rate but it isn't through a BHPH lot. I will most likely close my CreditOne just after my 1 year mark or when I get one more prime card like Citi or Cap1 QS. I honestly don't have a use for the card any more and the interest rate/fees are a little high but it has increased my score significantly while opening a lot of doors to me creditwise.

Starting Scores (May 2016): EQ 587/TU 610/EX 596
Current Scores (May 2017): EQ 559/TU 612/EX 581
CreditOne->$550/Capital One QS->$1300/Capital One QS1->$750
VS->$2250/Overstock->$750/David's Bridal->$1700/Express->$1280/Buckle->$500
Established Contributor
Posts: 753
Registered: ‎10-08-2014
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Re: cancelling creditone bank credit card?


hoang817 wrote:

i recently (yesterday) applied for the CreditOne bank credit card before i read the bad reviews about them - can I call them right away and cancel ?  will it has any affect on my scores? thnks


YES, you can cancel it. Regardless if they report it or not, this is a card that you would not want to have for the future.

This card has very high fees, it not going to grow much. They also use your personal information and sell them to their partners! be prepare to receive many BS sales calls and robo calls!

 

I use to it have one, when I didn't know better and regret getting it. You just got it and find out the truth about them, so you are ahead of the game.





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