for those who loathe credit one

[BallBounces]

I understand that creditone is a sub prime issuer, with fees and policies that make it undesirable for many.

I, however, do not regret my choice to take them up on the pre qual offer I received about  amonth ago.  I just had my first statement cut, and  I have already seen a CLI not initiated by me.  My CL has been raised 40%.    No, I did not pay for it ....

My balance is 0.  I have submitted 3 payments online without trouble, consternation, or cost. 

The card is now firmly in the sock drawer, but has already performed what I needed it to perform. 

YMMV ... and I reserve the right to change my mind when they screw somethign up! 

[baller4life]

Glad it's working out for you. They are just a predatory company that charge ridiculous fees and interest to those with credit issues. Once you get better cards,consider ditching them. Good luck.

[Anonymous]

CreditOne is one of those companies I wouldn't pee on if they were on fire (along with Wells Fargo and Capital One).  I had a card with them for the first year or so.  Shortly after that I latched on with Chase and Synchrony and have had luck with both (moreso with Chase).  Since then I dropped the card, and they've been begging me to come back since. 

[Anonymous]

I dislike them bc they mostly prey on either people's ignorance or need. I'm glad you know what you were getting into and you don't have the need to use the card and much less carry a balance.

[Erusidhion]

    I got a Credit One card in April I believe? I started out with a $500 credit limit and they bumped it up to $700 with my first statement. I didn't ask and I didn't pay for one. I made a Sub-subprime unsecured credit card post with a list of all the cards like Credit One. I'm probably going to get all those cards on the list and then keep them for two years and do a review on each when I close them to share my experiences, CLIs, fees I've paid in total; etc. We'll see what happens.

    It's unfortunate that the cards prey on those with no financial education though and then rake in fees from all the interest that accrues because people don't know any bettter. But they are taking a chance on people in the end giving $300-$500 initial credit when they only require the person to usually pay processing fee + annual fee; some of these have no processing fee upfront even. They're a good stepping stone to go from rebuilding to prime cards. They're guaranteed approvals unlike secured credit cards through some big banks. Althrough there are a few secured cards that have 100% approval as well out there with the downside that your money is tied up until you close/company graduates your card whereas with these sub-subprime unsecured cards you pay fees. It's a decision you have to make. Pay $150 in overall fees maybe over having $500 tied up for 1-2 years and get it back in the end? Situational.

    It's an interesting business model no matter how you look at it. I actually almost wonder where all the money they make actually ends up in the end. Is it backed by venture capitalists? Is it backed by a big bank but kept in the dark so there can be no ties to the big bank? Is it backed by the mob? There's tons of money in the subprime market right now and it will be that way for a long, long time. It's a matter of ethics really if you want to dabble in that kind of market.

    However. If used right; subprime can help out a lot of people in the end regardless of whatever rediculous fees they may pay. Finance is an interesting industry; it's a career that I think I should have gotten into instead of what I do now.

[Anonymous]

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@Erusidhion wrote:

    I got a Credit One card in April I believe? I started out with a $500 credit limit and they bumped it up to $700 with my first statement. I didn't ask and I didn't pay for one. I made a Sub-subprime unsecured credit card post with a list of all the cards like Credit One. I'm probably going to get all those cards on the list and then keep them for two years and do a review on each when I close them to share my experiences, CLIs, fees I've paid in total; etc. We'll see what happens.

    It's unfortunate that the cards prey on those with no financial education though and then rake in fees from all the interest that accrues because people don't know any bettter. But they are taking a chance on people in the end giving $300-$500 initial credit when they only require the person to usually pay processing fee + annual fee; some of these have no processing fee upfront even. They're a good stepping stone to go from rebuilding to prime cards. They're guaranteed approvals unlike secured credit cards through some big banks. Althrough there are a few secured cards that have 100% approval as well out there with the downside that your money is tied up until you close/company graduates your card whereas with these sub-subprime unsecured cards you pay fees. It's a decision you have to make. Pay $150 in overall fees maybe over having $500 tied up for 1-2 years and get it back in the end? Situational.

    It's an interesting business model no matter how you look at it. I actually almost wonder where all the money they make actually ends up in the end. Is it backed by venture capitalists? Is it backed by a big bank but kept in the dark so there can be no ties to the big bank? Is it backed by the mob? There's tons of money in the subprime market right now and it will be that way for a long, long time. It's a matter of ethics really if you want to dabble in that kind of market.

    However. If used right; subprime can help out a lot of people in the end regardless of whatever rediculous fees they may pay. Finance is an interesting industry; it's a career that I think I should have gotten into instead of what I do now.

---

....Yeah um....

Honestly, If one can't get $500-1,000 that they can stash for a year or two then credit and credit cards should be the least of their worries.

[pipeguy]

I've said it before and I'll say it again, Credit One is owned by LVNV aka Sherman, aka Resurgent Capital, if you think making a deal with the devil is a good thing, don't expect any mercy from these vultures.