Credit one bank platinum visa for rebuilding credit?

[Anonymous]

So, my credit scores are pretty bad. I just pulled them via this website and, using the FICO8 system, they are TU 589, EQ 600, EX 633. I'm currently rebuilding my credit. Here's a list of my tradelines that are actively reporting:

• Capital One Bank Unsecured $300 Limit - I buy some stuff on this to get the cash back rewards but I pay it to zero at least once a week. This has always reported positively. 
• Fingerhut Store Card - I applied for this when no one else would give me any credit line. I wanted some kind of positive credit line. Honestly, I don't even really use this. Every once in a while I'll buy something with it that I don't need just so they don't close it (I've heard that fingerhut will close it due to inactivity but I'm not sure if that's true). I always pay this off as soon as it lets me - It's normally at a $0 balance before I even recieve the items in the mail. This has always reported positively. 
• Auto Loan - About $15000 - It's always reported positively. 
• 2 Student Loans - These are under $10,000 total. They have previously exceeded 120 days late. 
• Revolving account - This is about $3000. It has a previous 90-day late. 
• Medical bill - About $1200, Unpaid. I'm currently negotiating a pay for delete with them. 
• Store card - Reporting as charged off unpaid. 
• Revolving Account - Reporting as charged off unpaid. 
• Credit Card - Closed, always reported positively. 
• Closed auto loan - Paid in full, maximum of one 30 day late. 

Anyways, I'm currently paying all bills on time and working on removing the negative items. I've fixed the financial and maturity issues that caused me to spend money I couldn't afford to pay back. My question today is if I should activate this credit one bank card... I was surprised to see that NerdWallet had high approval odds for a credit one bank unsecured card so I applied for it. I was approved for a $300 credit line with their Platinum Visa a week or so ago and today I got it in the mail. Before activating the card, I read through the discolsures and realized that it says that interests is charged from the posting date. Honestly, I didn't even know that there were cards that didn't have some form of grace period before interest charges. I thought they were all 21-25 days... Ignorance is bliss. Obviously this card has a high APR. Also, I noticed that they share all personal information with non-affiliates/joint marketing/affiliates. It also says that even if I close the account they'll continue to share that information even if I ask them not to. 

Anyways, I probably shouldn't have applied for this card at all. I'm wondering if I should just pay the $75 annual charge, lock it in a drawer and have this card report positively every month (essentially paying an annual charge for a positive report)? I'm also not sure if this account was opened the day I applied or if it's opened when I activate the card. I'll probably have to contact their customer service unless someone here knows the answer to the previous question. 

TL;DR: I have crappy credit. No one wants to give me an unsecured card. Should I activate this credit one bank card or not? 

Thanks in advance. 

[Anonymous]

I kept this card open for a year(because of the yearly fee), made like two small payments on it for things i bought and just used it as a open credit line showing positive history and it helped me gain points as previously having terible credit around 555. Just make sure to close the account before the yearly fee comes on if you dont plan to keep it open. Other than using it as a steping stone i would advise to not have this credit card, i closed mine after the first year not a single thing i liked about the card other than it was an option at the time to get me closer to where i want to be!

[Anonymous]

Yeah, that's kind of what I was thinking about doing. I shouldn't even need to use it. I don't see how they could close an account for lack of activity if I paid them a yearly maintenance fee.

[Anonymous]

I was in a similar situation.

I recently got a CreditOne card and a few things annoy me. It's my grocery, gas and cell card (for points).

A lot of people complain about the yearly fee but in theory it's not all bad to build your credit. I think you have another option though. A discover IT secured card. $200 for $200 limit. You're paying more up front for secured vs the $75 dollar fee but it has the ability to graduate and get your foot in the door with another major lender vs a sub-prime.

The only thing that bothers me about CreditOne is once you make a payment, you can't make another for 24 hours. Also, it can hold your ACH payment for up to 7 days. You can pay $10 bucks for a debit payment but it kinda defeats the purpose.

It does the trick though. 

[Anonymous]

You've already taken the hit for inquiry and new account so you may as well keep it until next annual fee is due and close before then.

[Snipper117]

I agree you did take the inquiry hit already so I would keep it open for now. Also make sure the yearly fee is charged once per year and not monthly that way you don’t have to worry about paying the 5.95 or whatever is it per month although I would still check and monitor the account.

I myself have 2 credit one bank cards still open one since 2013 and one since 2015 when they were the only ones who would approve me. Personally I have not had any bad experiences with them.

Best of luck !

[Anonymous]

Thanks for the input! I activated it earlier today and I'm just going to hold onto it so I have 3 credit/store cards.

[Acc-Risk]

Just so you know, it has the annual fee balance on it right this second. When I got this card, I activated it and threw it in a drawer not giving it a second thought. 2 months later received a nasty phone call and had the annual fee plus 2 months late fees to deal with and am still trying GW's to get the lates removed.  

[Anonymous]

Yes from the posting date (I rolled an $11 bill onto it each month) BUT their fees are obnoxious (look at yr 2 annual fee) I closed it at 11mo2wk. They enen tried reducing my APR to get me to keep it open. IMO, you are better off getting a secured card.