topic Re: Credit One Bank in Credit Card Applications

Credit One Bank

Anonymous — Fri, 26 Oct 2018 15:29:15 GMT

Follow up:

So, applied for Credit One Bank Platinum Visa (Credit rebuilding) on 10/14/18.
Received a letter on Monday, 10/22/18 saying they were unable to process app due to credit alert.
On Tuesday, 10/23/18 spoke with account specialist who said due to a “fraud alert” they needed to ask additional questions. She asked me several questions, I answered them all and she said done, my application has been accepted and is being processed, to check online status after 48 hours.
Today, Friday, 10/26/18, online status says “Your online application has been approved”. When your card is mailed out this page will show an update date. Please check back for update.
Cool.
Out of curiosity I call credit one bank to see if they could give me details and Lo and behold they tell me this app is still being processed and I was simply approved to apply? That they are sending me a letter with a list of documents to submit in order to complete their approval process? They refuse to acknowledge online application status says “You have been approved”.....now they are saying its pending additional documents.

I had a weird feeling about continuing the process with them after the first letter, but decided to see it through. Now I just really feel funny about the online status saying approved, but they are still adding another hurdle by submitting docs.

I know I’m the one asking for help Post Bk, but I’ve NEVER in my 15+ years of being a credit card holder have ever been asked to submit documentation for approval.

Sorry for the venting, but thoughts?
Your experiences with this bank?

Re: Credit One Bank

outofcredit — Fri, 26 Oct 2018 16:36:47 GMT

It could possibly be a case of one department not knowing what another has already done. Perhaps the representative you spoke with didn't realize you have already completed the documentation/verification process with another representative earlier. I would give it a few more days and recheck their status update page again. If you have indeed been approved, it will update with a card mailing date. Calling will most likely lead to more confusion. Their front line representatives aren't always aware of what has recently been completed in my experience. I avoid calling them as much as possible.

Re: Credit One Bank

cflowers0115 — Fri, 26 Oct 2018 16:54:37 GMT

Their systems take a few days to "catch up" at approval.

Re: Credit One Bank

Anonymous — Fri, 26 Oct 2018 20:16:32 GMT

I would strongly avoid doing business with a company that uses a deceivingly similar logo to Capital One to prey on vulnerable credit seeking people as part of their main business model. I have heard so many horror stories, and in the long run it's just not worth it.

https://www.creditkarma.com/reviews/credit-card/single/id/credit-one-bank/rating/1#rating-filter-note

Re: Credit One Bank

Anonymous — Fri, 26 Oct 2018 22:43:12 GMT

Ive made up my mind: if they send me a letter asking for paperwork to “complete” the application, I am throwing it away.
Thanks!

Re: Credit One Bank

Anonymous — Fri, 26 Oct 2018 22:44:09 GMT

Thanks for replying? I gather you are a card holder correct? May I ask what your experience has been with them/how long you’ve been with them?

Re: Credit One Bank

Anonymous — Fri, 26 Oct 2018 22:44:37 GMT

*thanks for replying (didn’t mean to type it as a question)

Re: Credit One Bank

dynamicvb — Fri, 26 Oct 2018 23:39:13 GMT

This is pretty much a sub prime card and they will eat you up with fees. I’ve never had one but my wife did and it hasn’t been all that great for her. Have you tried any of the prequel sites such as discover or capital one? You may be able to get one of those that will grow even if it starts out as secured. Either will be a better card in the long run.

Re: Credit One Bank

Anonymous — Sat, 27 Oct 2018 02:52:44 GMT

@Anonymous wrote:
I would strongly avoid doing business with a company that uses a deceivingly similar logo to Capital One to prey on vulnerable credit seeking people as part of their main business model.

I hate to defend Credit One. But Credit One had adopted their logo before Capital One.

Re: Credit One Bank

CreditInspired — Sat, 27 Oct 2018 12:29:51 GMT

@Llewelyn
Well, I Googled because I didn’t know this. You’re right. What they say? As I live and learn 😂🤣

Re: Credit One Bank

Anonymous — Sat, 27 Oct 2018 19:52:26 GMT

What is your score? You may be able to get a better card than Credit one. Capital One, Discover secured. Credit One will nickel and dime you. But if that is all you can get try and keep charges to a minimus and low UTI. Then in 6-9 months see if you can apply for a better card. If anything use it for a year and get rid of it before they charge you again for an annual fee.

Re: Credit One Bank

biglista88 — Sun, 28 Oct 2018 01:08:34 GMT

I have personally delt with this bank before( unfortunately). It’s a standard verification letter as part of there approval process from now on apparently. Even when applicant is instantly approved online they must sign and mail back this form to finalize the application process. It was a while ago so I can’t quite remember what the letter entails specifically besides it listed my personal info and required a signature. Hope this helps. Credit one is predatory and has many fees. If there’s any other options available to you, I wouldn’t proceed with them. They can serve a purpose and be dumped before the AF hits though if you must.

Re: Credit One Bank

Anonymous — Sun, 28 Oct 2018 01:17:42 GMT

So, I know I took the credit by already with the inquiry. Do you think I’d be better off if I just IGNORE the letter and drop the process?
I’m almost 10 months post BK. I had a family member add me as an authorized user a month or so ago and saw my score jump up on Credit Karma over 60 points. I know CK isn’t the best score model but hey, I’ll take it. Ideally I wanted to get an unsecured card first, but maybe I’ll just wait for the 1 year post BK mark and just bite the bullet for a secured card.

Assuming they are sending me a signature page before the card, if I IGNORE it and don’t follow up, I would likely be dodging a bullet, correct? I’ve gotten too much negative feedback to want to pursue it.

Re: Credit One Bank

biglista88 — Sun, 28 Oct 2018 01:29:13 GMT

I mean the card will build credit history like any other. It just has an annual fee and a fee due immediately after the card is opened. Also a fee to increase the credit limit if I’m not mistaken? However if used responsibly, you’ll build credit and move on from them after the card has served its purpose. It’ll all up to you, if you deem the credit card terms and conditions worthy of your business. It’s not a scam or anything.

Re: Credit One Bank

Schmoopy — Sun, 28 Oct 2018 03:01:54 GMT

I've had them for almost a year and I'm going to drop them soon before they charge me annual fees again.

I had no idea they have no grace period, which means interest occures the day you charge the card, until the billing statement (??).

I didn't know they have "$1 minimal interest monthly fee" they charge on top (what even is that)?

It's a penalty card, not a credit card.

My statement is on the 21st of each month, I charge Farmers on the 19 every month, pay it off on the 21st and don't use that card besides that.

As soon as I realized I made a mistake, I inserted a remindar to myself to cancel the card before they year is over.

Would recommend everyone to stay away. I also thought at first it's Capital One, and yes apparently their logo was before Capital One, but I'm still sure they benefit a lot from the confusion around that.

Re: Credit One Bank

Rf32222 — Wed, 31 Oct 2018 16:54:06 GMT

I did have one of these cards and it wasn't the best by any means. It is a fee harvester You can't make more than 4 payments in a month and so many other issues . If you have other options I'd advise to pursue them. They are barely a step above First Premier and even that is debatable.

Re: Credit One Bank

Anonymous — Sat, 29 Jun 2019 00:14:21 GMT

From what I've read, Credit One started with their swoosh logo from the get-go in 1984 and *Capital* One is the one who appropriated it when they started 4 years later, in 1988.

Edit: sorry, just realized this had already been addressed.

Re: Credit One Bank

Anonymous — Sat, 29 Jun 2019 04:25:33 GMT

STAY AWAY FROM THEM!!!!!!!!!! They are good when you don't know any better and trying to rebuild your credit. If I had known better I would have just applied for a secured card thru another bank. Credit One is the worst. If you don't use the card they will charge you $9 a month. When you do use the card interest starts as soon as you make the purchase. Other REAL credit card companines interest doesn't begin until like 30 days later. They also charge you for a CLI most of the times and it is alot.

Re: Credit One Bank

Brian_Earl_Spilner — Sat, 29 Jun 2019 04:44:50 GMT

Credit One actually offers a "normal" card, so don't be put off too much by other people's experiences. Just know what you're getting into by reading the terms and conditions. You already took the hit to your score and they will allow a full cancelation as long as you don't use the card. They'll even refund the annual fee if you pay it , but don't use the card. You may have to jump through hoops to cancel, but they'll do it. They offered me a 1% rewards card with no annual fee, a 25 day grace period, and lower interest rate that almost all of my cards. It was sub-25%.

Re: Credit One Bank

Anonymous — Sat, 29 Jun 2019 13:50:28 GMT

I was approved for a Credit One Visa Platinum with a 1000 CL, but don't know the terms yet(they mailed my card a few days ago, so I will know when I receive my welcome packet.) I don't know what the chances will be, but do you think I can request new terms before I activate the card?(for example, if I don't have a grace period, I want to ask them to change that before I activate the card; same for waiving or lowering the annual fee, if there is one).
Was wondering if you had a pre-approval mail offer with the terms you mention, or if you found out these were the terms you got after you'd applied. Thanks!