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I have an unsecured CreditOne cc and use it every couple of months for small purchases then pay in full then throw it in my drawer. I don't see what horror stories can happen.
@jbrown773 wrote:Credit One charges a ridiculous amount of fees. also monthly fees and I have heard that creditors will look negatively at you if they see companys like credit one or First Premier. I personally would go with a secured card from USBank. 12 months it graduates to a unsecured card.
I've had my CO for 4 months...only fee was the AF. There are no monthly fees unless you're a year into your membership, then the AF will be broke up into monthly payments. The problem with CO is they charge you interest the moment a transaction is posted to your account.
Obviously a prime card, especially with a high limit, is gonna look better than a subprime card with a low limit...but that doesn't mean a lender will look negatively on you because you have a sub prime card on your file.....they're gonna look at your profile as a whole and it's history.
I'd go with the secured card. With the annual fees, monthly fees, fees for credit limit increases etc, Credit One would be worse than tieing up a bit of money for a little while in my opinion. You could try Bank of America. There's a chance they'd counter offer your app with the partially secured card, and even if they don't, they DO graduate so you'd eventually get your money back from them while keeping your account open.
I was going to say boa but now I just saw your post. I would capital one secured or usbank secured
I went with Credit One - got a 500 CL.
I just couldn't justify putting 1K on "hold" for a secured card - I instead opened mutual fund account with it.
@ezdriver wrote:
@jbrown773 wrote:Credit One charges a ridiculous amount of fees. also monthly fees and I have heard that creditors will look negatively at you if they see companys like credit one or First Premier. I personally would go with a secured card from USBank. 12 months it graduates to a unsecured card.
Do you mind sharing your source on that?
I second this. As someone who just got two First Premier secured credit cards - I'd like to know as well. Thanks!
@0REDSOX7 wrote:
Which would you go with and why?
This is for rebuilding post bankruptcy.
I never filed for BK, but I have both cards. Capital One Secured for $1000 and CreditOne bank with $400 limit. I use my CreditOne to pay my cell phone bill (family plan for $173/mo) and pay it in full every month just before the due date (automatically so I don't forget).My AF is $35 and I pay no other fees.
Capital One, I paid the $29 AF initially and I also pay in full. Initially, I was carrying a balance but then I learned the UTIL trick (9% or less on one card and the rest reporting $0).
I know people think badly of CreditOne. I have not had any issues with either.
With that said, I'd chose Capital One secured because it is easier to make payments, they have a mobile app (whereas creditone does not), and MyCreditInform (available through capital one) is much better than CreditOne Bank credit score - Explanation wise.
So with that said, I wish you the best
Some of the bad reviews "horror stories". I understand that not everyone has a bad experience with them and some even had no problems at all and felt that it helped them a lot. I'm not saying the card is all bad, and if you really need it then you should get it. Just have the research so there are no surprises down the road.
http://www.consumeraffairs.com/credit_cards/credit_one.html
I've read about how sub-prime cards could affect you from getting "prime" cards in certain cases. this is one of the article topics of it. "2 way street" Some say it does, some say it doesnt... If you assume the worse then theres less of a surprise later on.
I'm not trying to bash anything just spreading what I've read from other treads to different treads.
@jbrown773 wrote:Some of the bad reviews "horror stories". I understand that not everyone has a bad experience with them and some even had no problems at all and felt that it helped them a lot. I'm not saying the card is all bad, and if you really need it then you should get it. Just have the research so there are no surprises down the road.
http://www.consumeraffairs.com/credit_cards/credit_one.html
I've read about how sub-prime cards could affect you from getting "prime" cards in certain cases. this is one of the article topics of it. "2 way street" Some say it does, some say it doesnt... If you assume the worse then theres less of a surprise later on.
I'm not trying to bash anything just spreading what I've read from other treads to different treads.
In my experience, i've learned that you have to take some of the things people say on this forum with a grain of salt.