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Established Member
mkkbell
Posts: 21
Registered: ‎04-29-2013
0

Should I activate the CreditOne Card

Hello all!

Quick question, my BK7 was discharged on 6/20/13. I have pulled reports and verified all is reporting correctly.

I applied and received a CAPONE Secured card with $49 deposit and $200 CL and bumped it to 300 with a deposit.

Also approved for a CreditONE 300 CL and Cap One Quicksilver 500 CL.

 

Should I activate this CreditOne card or cancel it (can i even cancel it)?

 

Thanks

_M

Pre BK EQ Starting Score 1/15/13: 495
10/7/13 Current FICO Scores: EX=651, EQ=629, TU=645 6 months post discharge
Goal Score: 700 BK7 Discharged 6/20/13
In my wallet CapOne Sec $300, CapOne QuickSilverOne $500, CreditOne $500 and JCrew $450, Eastern Bank Visa $500, CFNA $2000, Barclay $2000

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Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: Should I activate the CreditOne Card


mkkbell wrote:

Hello all!

Quick question, my BK7 was discharged on 6/20/13. I have pulled reports and verified all is reporting correctly.

I applied and received a CAPONE Secured card with $49 deposit and $200 CL and bumped it to 300 with a deposit.

Also approved for a CreditONE 300 CL and Cap One Quicksilver 500 CL.

 

Should I activate this CreditOne card or cancel it (can i even cancel it)?

 

Thanks

_M


Credit One is a rebuilder / no credit kind of card.. I had one. Had no issues with at all -- steep annual fee, like 79 bucks.

 

I closed it when I didn't need it. Got some limit increases as I went (had to pay 20 bucks lol)

 

They are a nickel and dimer, but they reports faithfully every month and they have a visa/MC logo

 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Established Member
mkkbell
Posts: 21
Registered: ‎04-29-2013
0

Re: Should I activate the CreditOne Card

So I guess if i can put up with the fees its not a bad thing to have?

 

-Mark

Pre BK EQ Starting Score 1/15/13: 495
10/7/13 Current FICO Scores: EX=651, EQ=629, TU=645 6 months post discharge
Goal Score: 700 BK7 Discharged 6/20/13
In my wallet CapOne Sec $300, CapOne QuickSilverOne $500, CreditOne $500 and JCrew $450, Eastern Bank Visa $500, CFNA $2000, Barclay $2000

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New Contributor
KRAMathKY
Posts: 57
Registered: ‎06-17-2013
0

Re: Should I activate the CreditOne Card

I received a pre-approval letter from CreditOne in the mail today.  I read the annual fee and interest information and immediately shredded the notice.  The fees are outrageous. How long have you had the CapOne cards?  

 

My advice would be to let the CapOne cards age a little.  There are many more folks on here that have greater knowledge about rebuilding credit than I do so they may also chime in.  Rebuilding your credit takes time and if your CreditOne fees were as steep as mine, then you are better off avoiding that one.  

Established Member
mkkbell
Posts: 21
Registered: ‎04-29-2013
0

Re: Should I activate the CreditOne Card

I had a capital one card for many years with no lates and closed it prior to my divorce a few years ago.

I got the secured cap one in may before discharge and was just approved today for the cap one quicksilver rewards card

 

So if I dont activate the creditone what happens?

Pre BK EQ Starting Score 1/15/13: 495
10/7/13 Current FICO Scores: EX=651, EQ=629, TU=645 6 months post discharge
Goal Score: 700 BK7 Discharged 6/20/13
In my wallet CapOne Sec $300, CapOne QuickSilverOne $500, CreditOne $500 and JCrew $450, Eastern Bank Visa $500, CFNA $2000, Barclay $2000

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New Contributor
KRAMathKY
Posts: 57
Registered: ‎06-17-2013
0

Re: Should I activate the CreditOne Card

I would call CreditOne and find out what they have to say about not activating the card.  

Established Member
mkkbell
Posts: 21
Registered: ‎04-29-2013
0

Re: Should I activate the CreditOne Card

[ Edited ]

Creditone says i have 14 days to activate or the card is automaticly closed...

 

Just not sure if i should keep this card.

 

Will my two cap one cards be enough to get me started on rebuilding?

Pre BK EQ Starting Score 1/15/13: 495
10/7/13 Current FICO Scores: EX=651, EQ=629, TU=645 6 months post discharge
Goal Score: 700 BK7 Discharged 6/20/13
In my wallet CapOne Sec $300, CapOne QuickSilverOne $500, CreditOne $500 and JCrew $450, Eastern Bank Visa $500, CFNA $2000, Barclay $2000

Take the myFICO Fitness Challenge
Frequent Contributor
Countingpennies
Posts: 465
Registered: ‎02-14-2013
0

Re: Should I activate the CreditOne Card

The CreditOne card charges fees every month whether you use the card or not. Since you have CapOne cards, I would cancel the CreditOne. If you do cancel the card before activating, make sure there are no charges on it already. It has happened to others.
Mega Contributor
RobertEG
Posts: 18,131
Registered: ‎03-19-2007
0

Re: Should I activate the CreditOne Card

The account is legally open, and thus reportable, as of the date they approved the credit.

Activation is a business measure related to ensuring the consumer received the card.  Failure to activate does not equate with no open, reportable account.

 

They may choose not to report if the card is not activated and they close it, but are not precluded from doing so.

 

Established Member
mkkbell
Posts: 21
Registered: ‎04-29-2013
0

Re: Should I activate the CreditOne Card

[ Edited ]

Oh the confusion!

 

I spoke to a creditone rep they there would be no charges if i didnt activate! hey it could get lost in the mail right?!

 

Anyway i wont activate and ensure there are no charges. I never thought that cap one would approve a non secured card it wasnt an option when i applied for it.

 

But after the first month of using it my scores sky rocketed just wish i would have tried the cap on again instead of credit one

 

Wish me luck

EDIT

Robert so do you think it would be bad to not activate and have this shown as opened and then closed if thats what happens?

 

-Mark

Pre BK EQ Starting Score 1/15/13: 495
10/7/13 Current FICO Scores: EX=651, EQ=629, TU=645 6 months post discharge
Goal Score: 700 BK7 Discharged 6/20/13
In my wallet CapOne Sec $300, CapOne QuickSilverOne $500, CreditOne $500 and JCrew $450, Eastern Bank Visa $500, CFNA $2000, Barclay $2000

Take the myFICO Fitness Challenge

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