i got a pre-approval for a Credit One Visa in the mail today. I have not applied yet. Still doing some research. I wanted to see what people are saying about the bank. My scores have been going up pretty consistantly the last few months. I have a month to think about it. I have gotten First Premier offer recently too.
I had the card. Started with FICOs in the low to mid 500s and that was the card that broke the barrier back into credit. The fees were high (monthly, annually, and even fees to pay online). But they gave me a shot when no one else would. They did start me at $200 and slowly increased me every 4-6 months by $100 here or $150 there. Ended up with $650 cL before I cancelled. Your scores are good. Personally, if I was in that spot, and assuming I had no CCs reporting, I would app for a CC based on EQ like a CU, citi, or others.
I have some friends (couple) that just applied and were approved for Credit One (plus Orchard and First Premiere). They have good credit, except that they have some very large tax liens due to a business failure.
They got the instant status of "approved pending verification of information). She got an invitation (preapproval-ish) and he just app'ed in addition online.
The one thing I noticed is they have a "one time activation fee" then "monthly annual fee" and "internet access one time fee" and "additional card fee" and they charge fees for any payments you process through them online or telephone (so be sure to send by your Bank BillPay).
Basically once approved, you will most likely have between $50 and $70 in available credit (at the $250 minimum initial CL) so you will have to pay that down before you can really use it.
But, it is a place to start and so that is why they have a niche in the market.
split off to form a new thread.
I had a Credit One card while I was rebuilding and, to be honest, it wasn't really worth it. The monthly fees, plus no grace period, plus having to pay for CLIs just make the card much more expensive than it really should be. You are better off sticking with a Capital One card or Orchard Bank. I was really happy on the day I closed Credit One and cut that card up.
I know what you mean, but I have pretty crappy credit right now. I have Capital One and had Orchard Bank—both of them were stingy with CLIs and Credit One Bank is not, it's expensive, but at least I know what to expect. I received my card in the mail yesterday so they seem to be improving with card delivery ETAs. :-)
Just logged into my online account, and what do you know?
CLI of $100; from $400 to $500 credit limit—and I've only been a cardmember for one month!!
I know, I know it's not much, but it's the little things ... especially w/ regard to Credit One Bank.