topic Re: Credit One Bank Approval, a Rant... in Credit Card Approvals

Credit One Bank Approval, a Rant...

itslovefield — Tue, 16 May 2023 03:54:47 GMT

Hi All.. just need to vent this one out a little.

A week or so ago, I was approved for a Credit One Credit Rebuilder Card... I was on the fence, but took the card anyway to.. you know, build.

My scores are hovering around 640, but I still cannot get approved for upper tier cards, so I figured if I am relegated to contine sub-prime, I'll slum it. Haha. Anyway, I got my card, activated it... used it for a $25 purchase, and went to use it again tonight to purchase $187 in medications (I'm on a GLP, and it's still expensive after insurance... and the savings card. Go figure.) AND... I was declined.

Embarrassed and angry, I called their customer service line, and was told that I have to submit identity verification. What? Why?! Why approve the card and allow me to use it, and then require this?? In my frustration, I closed the account.

I'm still angry at the situation, but I can't help but feel as though I dodged a bullet. Yeah?

Re: Credit One Bank Approval, a Rant...

GZG — Tue, 16 May 2023 03:58:53 GMT

cap1 did the same to me on a $15 charge after letting in multiple charges >$200

I think it just comes with the territory of being labeled as being more likely to burn money on fire than to pay people back

regardless, I'm all for not going with credit one, unless you're a high income BK'er who can use that $95 af card to max out its 5x category, otherwise, there's typically better options

if you want, you can tell us your current cards and we can see what we'd recommend

congrats, on the approval and closure. make sure to keep an eye on it for a few months to pay your bill off in full and any account opening fees/annual fees that need to be paid.

Re: Credit One Bank Approval, a Rant...

itslovefield — Tue, 16 May 2023 04:14:15 GMT

Thanks...

Currently, my problems are current high utilization, and amount of new cards... Which I am working on. I have an aggressive payment schedule that I am maintaining. I'll have my two highest balance cards paid off at the end of August, and the rest paid off by the end of the year. BUT... (and please don't judge me. My goal for the rest of the year is to pay off/down to sort this into a better card mix in 2024.

Here are the suspects, and limits.

Capital One Platinum $400, NO CLI... ever.

Capital One Walmart $300, too new for CLI

U.S. Bank Altitude Go Secured, $400

Mission Lane, $1100

Merrick Bank, $1400

Destiny, $700

Milestone, $300

Indigo,$300

First Premier 1, $800

First Premier 2, $700

Fortiva 1, $350

Fortiva 2, $350

Total, $300

Show, $350

Legacy, $600

Sephora, $250

VS, $250

J.Crew, $150

Torrid, $300

Ulta, $400

Kohl's, $300

Re: Credit One Bank Approval, a Rant...

SUPERSQUID — Tue, 16 May 2023 06:02:04 GMT

Well congrats !! sort of.

Sometimes the lower tier cards can be flaky, it happens.

Last saturday i was in a diner with an old friend and i offered to pay the bill because he is only working part time right now. I decided to use my comenity mc and i had 2300 available credit on the card, the bill was 52 bucks, DECLINED

When i got home i called them and was asked 3 security questions and a slew of other questions, they claimed my card had a fraud hold. mind you i hadnt even used the card since last year, smh.

Re: Credit One Bank Approval, a Rant...

FireMedic1 — Tue, 16 May 2023 10:46:41 GMT

May I ask what was the timeframe you got 21 cards? New to credit or a rebuilder?

Re: Credit One Bank Approval, a Rant...

Legally_Speaking2512 — Tue, 16 May 2023 15:26:58 GMT

@itslovefield wrote:
Thanks...

Currently, my problems are current high utilization, and amount of new cards... Which I am working on. I have an aggressive payment schedule that I am maintaining. I'll have my two highest balance cards paid off at the end of August, and the rest paid off by the end of the year. BUT... (and please don't judge me. My goal for the rest of the year is to pay off/down to sort this into a better card mix in 2024.

Here are the suspects, and limits.

Capital One Platinum $400, NO CLI... ever.
Capital One Walmart $300, too new for CLI
U.S. Bank Altitude Go Secured, $400
Mission Lane, $1100
Merrick Bank, $1400
Destiny, $700
Milestone, $300
Indigo,$300
First Premier 1, $800
First Premier 2, $700
Fortiva 1, $350
Fortiva 2, $350
Total, $300
Show, $350
Legacy, $600

Sephora, $250
VS, $250
J.Crew, $150
Torrid, $300
Ulta, $400
Kohl's, $300

You don't have to worry about the judging thing. I would say 99% of the people on this forum know that we all come from different walks of life, different incomes, and different credit profiles, as well as knowledge of the credit industry. And even if somebody was to silently judge - let them. We all have to start somewhere and I'm sure they started around the same area as most of us.

You're doing good my friend and have nothing but the utmost respect for your discipline in trying to pay your debts down. Keep your hopes up high and your head down low. All the best in your endeavors and keep us updated

Re: Credit One Bank Approval, a Rant...

itslovefield — Wed, 17 May 2023 03:27:07 GMT

I am a rebuilder. I filed a chapter 13 in the early days of the pandemic, or just before. The case was dismissed due to non-payment. I refiled, & same thing. So, my attorney refiled again for a chapter 7. Unbeknownst to me at the time all 3 BKs are on my credit reports. I naively thought they'd cancel each other out. Had I but known...

I am a hospitality professional, & was out of work for the better part of 2020 as we all were. BK was discharged in July 2021. So, that is when the cards started coming in. My first was the Cap 1, then Merrick & Mission Lane. I've only recently gotten the Cap 1: Walmart card, but I've had the secured for over a year.

I am going to assume that I'm just kind of screwed, even if I can get my numbers up & utilization down, until the BKs fall off.

Outside of my paying the debt, I don't know what else to do.

Re: Credit One Bank Approval, a Rant...

SouthernCredit — Thu, 18 May 2023 02:12:10 GMT

Honestly, time is your friend here.

One, you have a lot of subprime cards. A lot. They will help over time, but when the time comes to get a proper card, start closing these down.

Two, you opened a lot in a short time. That will be another flag for the prime lenders. Let these age. Once they've aged for a bit, you should be able to get closer to a better lender.

Re: Credit One Bank Approval, a Rant...

itslovefield — Wed, 17 May 2023 06:49:34 GMT

So what kind of timeline are we thinking? A year? Three?

clearly, I'm impatient... I wanted too much too fast, & did my best impression of Icarus. However, if I can make a good, detailed, & thorough plan, it helps to abate that impatience.

@SouthernCredit wrote:
Honestly, time is your firend here.

One, you have a lot of subprime cards. A lot. They will help over time, but when the time comes to get a proper card, start closing these down.

Two, you opened a lot in a short time. That will be another flag for the prime lenders. Let these age. Once they've aged for a bit, you should be able to get closer to a better lender.

Re: Credit One Bank Approval, a Rant...

NoMoreDebt — Wed, 17 May 2023 09:49:54 GMT

congrats on the approval

Re: Credit One Bank Approval, a Rant...

FireMedic1 — Wed, 17 May 2023 10:20:01 GMT

Sorry this happened. I asked because folks who grab that many cards got a little trigger happy. Name of the cards was a dead giveaway. If they have a annual fee. Close them. Especially if they have the monthly fee. That will help pay down the util. More is not better in credit. Once you get out of debt with the cards. The herd will be thinned out. And then higher limit cards cab be obtained. Good Luck!