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Credit One really screwed me over

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Anonymous
Not applicable

Credit One really screwed me over

I've had my card for a few months now. They gave me an unsolicited CLI and I never paid any interest. I was a fan. Until now.

I always pay my charges within a few days. Last month, I let a balance sit for about two weeks and paid it off a week or so before the due date. My balance has been reporting zero every month.

They charged me $2.15 interest on my statement date so it reported a balance to every CRA. Equifax just dropped 7 points!! So frustrated. There's no way to have it report zero if they charge interest the day of the statement!

So, lesson learned. I won't rely on it reporting zero. Capital One doesn't play these games so I'll use that one as my card reporting zero. Grrrrr.
Message 1 of 3
2 REPLIES 2
elim
Senior Contributor

Re: Credit One really screwed me over

To the sock drawer with it.  It's making green marks on your reports with no use.  GL with the build and home purchase.   :]

Message 2 of 3
Anonymous
Not applicable

Re: Credit One really screwed me over

Credit One has no grace period. If you've been using the card over the past few months and only been charged $2.15 interest to date, you're doing better than most.

 

A possible way to get Credit One report zero is using it at supermarkets and for gas for 1% back. Minimum interest charge is $1, so spend at least $100 on qualifying purchases and pay off the card within a week and it the reward credit will likely cover the interest cost. Another way is pushing payment of the amount due plus $1 (or a bit more, if you've been carrying a balance for awhile).

 

Be aware, paying off very quickly, especially if multiple times during a statement period, and/or often pushing excess payment could cause Credit One to suspend the account. No big loss, and may not happen. But something to be prepared for. On a related note, always check every statement (if none is mailed / emailed, login monthly) for trailing interest. Many used to having regular cards with grace periods get caught off-guard with Credit One, which charges interest from the date of purchase.

 

With all that said, while it's a big deal for some here, having most every account report $0 isn't a biggie. Just keep the proportion of accounts with balances under 50% or so. For one with only a few cards that can be challenging, but adding more accounts make it much easier (don't do that right now, since your sig says you've applied for a mortgage; wait until after closing).

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