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Barclays Denied - Credit One Approved

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pipeguy
Senior Contributor

Re: Barclays Denied - Credit One Approved


@Anonymous wrote:

Im ok with 3 cards. It was just rather discouraging to be declined by Barclays for "low limits on existing cards" ??

 

Of course I have plenty of store cards, which I am regretting by the way in regards to Fingerhut.

 

How big of a hit am I looking at if I cancel Fingerhut? (just got it a month ago) I went for it because I wasnt getting a hit for the Amazon card. I finally got approved for Amazon Prime for $800 and I know I will actually use Amazon.

 

But Fingerhut? Not so much. Between Fingerhut and Credit One, they both seem to be highway robbery. 

 

Do the store cards carry just as much weight as regular credit cards?


Barclays can be "strange" but if you try them again go for the Apple Card - no rewards version if they still offer that one - it seems to be the easiest Barclays card to get. I've got an Apple Visa non-rewards that I use very little, Barclays refused to convert it to the rewards version and refused to drop the interest rate, but it now stands at a $9500 Credit Line. Barclays has denied me several cards (RING, William Sanoma, etc) more than once even though I have a perfect history with them. Recently, couple of months ago they approved me for their Cash-Foreward card ($5k SL) on the first try but I still can't get the RING or William Sanoma.  I'll probably end up closing the Apple Card later this year in my next round of herd thinning, but it was "approved" back when many other lenders said "no".

 

Scores 767-784-737 no lates, no collections, no derogs, low 6 figure income. 

Message 11 of 17
Anonymous
Not applicable

Re: Barclays Denied - Credit One Approved

What are all of these fees that people keep complaining about with CreditOne?

 

Other than the initial annual fee, I’ve never been charged anything. I nearly max out the credit limit on this card each month ($960-$970 of an available $1000 limit) and pay the entire balance off each month before the closing date. I’ve never once been charged a fee. Do they charge a fee if your statement cuts with a balance on it, or what?

 

CreditOne, while not an ideal card, is perfectly fine to re-build your credit file with. No different than the Cap1 cards, IMO.

Message 12 of 17
lindsaydruart
Established Contributor

Re: Barclays Denied - Credit One Approved

Some Credit One accounts charge a monthly fee after the first year in addition to the annual fee. It's like they know you are only going to have the account for a year but if you need it longer, you are almost penalized for it.

Gardening since 12/15/2019. Goal 12/15/2021
FICO 8 as of 12/16/2019 - EQ 602 EX 656 TU 628
Message 13 of 17
Anonymous
Not applicable

Re: Barclays Denied - Credit One Approved


@Anonymous wrote:

@Anonymous wrote:

Forget credit one, you simply don't need it for rebuilding. You've got two Cap Ones and a third secured card. Now is the time to stop and garden for a while, building the credit lines, and learning good credit habits, and how to best manage your UTI.

Use your cap one cards in place of your debit card, and pay them down each month, allowing one to report a small balance. After the second statement closes on each account, start requesting CLI's on them - request every few days until you get them. At six months you'll get you credit steps increase, and six months later they will be eligible again.

 

Avoid the predator sub-prime lenders like Credit One, First Premier, etc, you're already beyond them.

 

You are probably right Norman. 

 

Smiley Sad Im still not having luck with line increases.

 

QS 4th statement about to cut in couple of days (zero balance)

QS1  2nd statement just cut $260 balance. 

 

QS - denials "financial obligations too high"  (assuming they are referring to student loans??)

QS1 - denials "account to new"


I'm assuming your DTI is really high right now. Unfortunately thats probably going to limit you until it improves. The only way to improve it, is to get the balances lowered, or get your income higher. Just be patient at this point and work on getting your debt paid down - thats got to be pririoty number one. Sit back, use your cards to your advantage (as I described above), and put some good payment history in your pocket, and eventually things will start to grow.

You apparently have an elephant to eat, and the only way to do it is one bite at a time.

Message 14 of 17
Anonymous
Not applicable

Re: Barclays Denied - Credit One Approved


@Anonymous wrote:

What are all of these fees that people keep complaining about with CreditOne?

 

Other than the initial annual fee, I’ve never been charged anything. I nearly max out the credit limit on this card each month ($960-$970 of an available $1000 limit) and pay the entire balance off each month before the closing date. I’ve never once been charged a fee. Do they charge a fee if your statement cuts with a balance on it, or what?

 

CreditOne, while not an ideal card, is perfectly fine to re-build your credit file with. No different than the Cap1 cards, IMO.


Look up who owns them. That alone is enough for me to stay away from them. I refuse to knowingly "sleep with the enemy"....

Message 15 of 17
Anonymous
Not applicable

Re: Barclays Denied - Credit One Approved


@Anonymous wrote:

What are all of these fees that people keep complaining about with CreditOne?

 

Other than the initial annual fee, I’ve never been charged anything. I nearly max out the credit limit on this card each month ($960-$970 of an available $1000 limit) and pay the entire balance off each month before the closing date. I’ve never once been charged a fee. Do they charge a fee if your statement cuts with a balance on it, or what?

 

CreditOne, while not an ideal card, is perfectly fine to re-build your credit file with. No different than the Cap1 cards, IMO.

 

The offer I got, to sum it up:

 

- $300 (pre-qual site, I threw away the mail letter)

- 24.15% APR

- Annual Fee $75 for the first year, $99 after first year. With the $99 fee being billed MONTHLY at $8.25 

- Interest starts accruing as soon as transactions post

- and Im totally laughing at the $6.95 fee if you choose certain card designs

 

And it makes me wonder if they charge interest on the monthly "annual fee" the second year. 

 

The only other cards I've been approved for have been secured. USAA (doesnt graduate'), Discover, 

 

I dont mind doing another secured card, but only if it helps my specific situation? 

Message 16 of 17
Anonymous
Not applicable

Re: Barclays Denied - Credit One Approved

I got a 10 point drop from TransUnion today! 

 

Total Bank Card balances: $292

 

Equifax alert: Balance on one of your accounts has increased by 1266%  

 

Apparently I dont have this UTI game down yet. 

Message 17 of 17
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