topic Re: Credit One - Pre-approved offer : Should I take the bait? in Credit Card Applications

Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 14:39:13 GMT

Boys n Girls,

I am in the process of rebuilding my credit and I already have three credit cards with the lowest amount being a $1000. Now I got pre-approved for this credit one card and I don't want to lose a valuable inquiry to get a $300 card. I've heard people say that credit one reports to the bureaus consistently and that it is a good card to rebuild credit with. But it also comes with a whopping $75 fee and a fee for almost everything including a custom design. In your opinion should I take the bait and add another credit account to my file? I currently have 4 revolving accounts (3 CC + Macys store card) and I have 1 Auto loan and 1 installment loan from a loan shark (Lol..The interest is killing me!!) Since I have a good mix of accounts and I know many credit scholars would advise me to get somewhere between 3-5 CC's to re-build my damaged credit, should I take this offer or not? I'm really tempted to hit that submit button!

Re: Credit One - Pre-approved offer : Should I take the bait?

juggalo9er — Thu, 22 Jan 2015 14:40:25 GMT

applying for this card is like asking to be beaten with a whip.....take the money you would have paid in fees and open a secure card

Re: Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 14:45:18 GMT

@Anonymous wrote:
Boys n Girls,

I am in the process of rebuilding my credit and I already have three credit cards with the lowest amount being a $1000. Now I got pre-approved for this credit one card and I don't want to lose a valuable inquiry to get a $300 card. I've heard people say that credit one reports to the bureaus consistently and that it is a good card to rebuild credit with. But it also comes with a whopping $75 fee and a fee for almost everything including a custom design. In your opinion should I take the bait and add another credit account to my file? I currently have 4 revolving accounts (3 CC + Macys store card) and I have 1 Auto loan and 1 installment loan from a loan shark (Lol..The interest is killing me!!) Since I have a good mix of accounts and I know many credit scholars would advise me to get somewhere between 3-5 CC's to re-build my damaged credit, should I take this offer or not? I'm really tempted to hit that submit button!

Awful card.

Onerous fees, FOR EVERYTHING. They take days to process payment, Interest is charged from the moment you swipe.

You have more than enough revolving lines of credit to rebuild your profile.

Re: Credit One - Pre-approved offer : Should I take the bait?

Imperfectfuture — Thu, 22 Jan 2015 14:49:37 GMT

@Anonymous wrote:
Boys n Girls,

I am in the process of rebuilding my credit and I already have three credit cards with the lowest amount being a $1000. Now I got pre-approved for this credit one card and I don't want to lose a valuable inquiry to get a $300 card. I've heard people say that credit one reports to the bureaus consistently and that it is a good card to rebuild credit with. But it also comes with a whopping $75 fee and a fee for almost everything including a custom design. In your opinion should I take the bait and add another credit account to my file? I currently have 4 revolving accounts (3 CC + Macys store card) and I have 1 Auto loan and 1 installment loan from a loan shark (Lol..The interest is killing me!!) Since I have a good mix of accounts and I know many credit scholars would advise me to get somewhere between 3-5 CC's to re-build my damaged credit, should I take this offer or not? I'm really tempted to hit that submit button!

No. If you want another card, get a Legacy Visa for sub prime. Otherwise, I would get established with a credit union (which I did), and then per suze orrman's advice, get a secured card if they won't approve you for regular. There is no hard pull.

However, if you have loan with loan shark, it's more important to pay that off than worry about your fico scores. You can't do anything meaningful like set up investments/retirement, nor emergency savings if you have that loan in hand. You can't set up reasonable installment accounts with that loan over your head.

Pay the loan off, before worrying about acquiring more credit. You are fine with what you have. Unless you are healthy financially, then cc's and high fico scores are just a ruse, IMHO.

Re: Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 14:50:37 GMT

@Imperfectfuture wrote:
@Anonymous wrote:
Boys n Girls,

I am in the process of rebuilding my credit and I already have three credit cards with the lowest amount being a $1000. Now I got pre-approved for this credit one card and I don't want to lose a valuable inquiry to get a $300 card. I've heard people say that credit one reports to the bureaus consistently and that it is a good card to rebuild credit with. But it also comes with a whopping $75 fee and a fee for almost everything including a custom design. In your opinion should I take the bait and add another credit account to my file? I currently have 4 revolving accounts (3 CC + Macys store card) and I have 1 Auto loan and 1 installment loan from a loan shark (Lol..The interest is killing me!!) Since I have a good mix of accounts and I know many credit scholars would advise me to get somewhere between 3-5 CC's to re-build my damaged credit, should I take this offer or not? I'm really tempted to hit that submit button!
No. If you want another card, get a Legacy Visa for sub prime. Otherwise, I would get established with a credit union (which I did), and then per suze orrman's advice, get a secured card if they won't approve you for regular. There is no hard pull.

However, if you have loan with loan shark, it's more important to pay that off than worry about your fico scores. You can't do anything meaningful like set up investments/retirement, nor emergency savings if you have that loan in hand. You can't set up reasonable installment accounts with that loan over your head.

Pay the loan off, before worrying about acquiring more credit. You are fine with what you have. Unless you are healthy financially, then cc's and high fico scores are just a ruse, IMHO.

What makes the Legacy VISA better than other subprime?

Re: Credit One - Pre-approved offer : Should I take the bait?

Imperfectfuture — Thu, 22 Jan 2015 14:55:20 GMT

Also, part of gardening is to get the baddies off your report. I went through lots of hard work to get stuff paid off, PFD's, backdated health insurance claims, etc.

That is called weeding. IMHO, you need some gardening time. If you see my sig, you can see my score range from six months ago. And, you can see where I am now. I didn't get an Amex until I was well over 700 on ex. Cap one was sub prime approval, but I can now upgrade the card (BTW, cli's and cRd design are free for your cap one). I didn't get the amazon visa until eq and ex over 700.

Patience is key here. Rebuild is not just your portfolio, but cleaning up your credit. You don't want to apply (I learned the hard way), while you are in a sub prime bucket.

Re: Credit One - Pre-approved offer : Should I take the bait?

Imperfectfuture — Thu, 22 Jan 2015 15:05:48 GMT

@Anonymous wrote:
@Imperfectfuture wrote:
@Anonymous wrote:
Boys n Girls,

I am in the process of rebuilding my credit and I already have three credit cards with the lowest amount being a $1000. Now I got pre-approved for this credit one card and I don't want to lose a valuable inquiry to get a $300 card. I've heard people say that credit one reports to the bureaus consistently and that it is a good card to rebuild credit with. But it also comes with a whopping $75 fee and a fee for almost everything including a custom design. In your opinion should I take the bait and add another credit account to my file? I currently have 4 revolving accounts (3 CC + Macys store card) and I have 1 Auto loan and 1 installment loan from a loan shark (Lol..The interest is killing me!!) Since I have a good mix of accounts and I know many credit scholars would advise me to get somewhere between 3-5 CC's to re-build my damaged credit, should I take this offer or not? I'm really tempted to hit that submit button!
No. If you want another card, get a Legacy Visa for sub prime. Otherwise, I would get established with a credit union (which I did), and then per suze orrman's advice, get a secured card if they won't approve you for regular. There is no hard pull.

However, if you have loan with loan shark, it's more important to pay that off than worry about your fico scores. You can't do anything meaningful like set up investments/retirement, nor emergency savings if you have that loan in hand. You can't set up reasonable installment accounts with that loan over your head.

Pay the loan off, before worrying about acquiring more credit. You are fine with what you have. Unless you are healthy financially, then cc's and high fico scores are just a ruse, IMHO.
What makes the Legacy VISA better than other subprime?

Very easy online payments (no charge). Auto cli's every six months (no charge). The usual 29,9 or lesser interest rate, but if you are using it for rebuild (as I did with my previously secured CU visa), you will never pay interest. The same grace period for purchases as other cards. Only draw back, the 75 annual fee, but since I already had savings, that was no issue.

Oh, also all US (SD) call center, no overseas people (so they aren't open 24/7, but neither is my credit union). Can use payment over the phone for free (with rep), and it automatically signs your account up for online payment. No hidden fees. They tend to be invitation only, usually after 8 months on a quality secured card,

They are gone in March for me, one year post opening, shows up on CRA's as first national bank (FNCC), not a common lender, not automatically recognized as sub prime. They have served their purpose, they did it well, and it only cost 75. Less than a travel card, one needs to be disciplined, but they are much more generous in their starting limits (750 for me when only had 500 secured), and cli's (500 after six months), then FP or credit one. Again, JMHO.

Re: Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 15:07:30 GMT

I find it hard to think of a single time that the usurious fees that Credit One charge would still make it beneficial to anyone to apply for one of their cards.

You have three credit cards right now according to your sig. That is more than enough to rebuild a struggling credit profile. Garden for a year and don't miss any payments. As long as the rest of your credit profile looks good at that point, you will likely be in the range for some much better cards.

Re: Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 15:53:50 GMT

@Imperfectfuture wrote:
@Anonymous wrote:
@Imperfectfuture wrote:
@Anonymous wrote:
Boys n Girls,

I am in the process of rebuilding my credit and I already have three credit cards with the lowest amount being a $1000. Now I got pre-approved for this credit one card and I don't want to lose a valuable inquiry to get a $300 card. I've heard people say that credit one reports to the bureaus consistently and that it is a good card to rebuild credit with. But it also comes with a whopping $75 fee and a fee for almost everything including a custom design. In your opinion should I take the bait and add another credit account to my file? I currently have 4 revolving accounts (3 CC + Macys store card) and I have 1 Auto loan and 1 installment loan from a loan shark (Lol..The interest is killing me!!) Since I have a good mix of accounts and I know many credit scholars would advise me to get somewhere between 3-5 CC's to re-build my damaged credit, should I take this offer or not? I'm really tempted to hit that submit button!
No. If you want another card, get a Legacy Visa for sub prime. Otherwise, I would get established with a credit union (which I did), and then per suze orrman's advice, get a secured card if they won't approve you for regular. There is no hard pull.

However, if you have loan with loan shark, it's more important to pay that off than worry about your fico scores. You can't do anything meaningful like set up investments/retirement, nor emergency savings if you have that loan in hand. You can't set up reasonable installment accounts with that loan over your head.

Pay the loan off, before worrying about acquiring more credit. You are fine with what you have. Unless you are healthy financially, then cc's and high fico scores are just a ruse, IMHO.
What makes the Legacy VISA better than other subprime?
Very easy online payments (no charge). Auto cli's every six months (no charge). The usual 29,9 or lesser interest rate, but if you are using it for rebuild (as I did with my previously secured CU visa), you will never pay interest. The same grace period for purchases as other cards. Only draw back, the 75 annual fee, but since I already had savings, that was no issue.

Oh, also all US (SD) call center, no overseas people (so they aren't open 24/7, but neither is my credit union). Can use payment over the phone for free (with rep), and it automatically signs your account up for online payment. No hidden fees. They tend to be invitation only, usually after 8 months on a quality secured card,

They are gone in March for me, one year post opening, shows up on CRA's as first national bank (FNCC), not a common lender, not automatically recognized as sub prime. They have served their purpose, they did it well, and it only cost 75. Less than a travel card, one needs to be disciplined, but they are much more generous in their starting limits (750 for me when only had 500 secured), and cli's (500 after six months), then FP or credit one. Again, JMHO.

Gotcha, They sent me an offer recently along with FNBO.

Obviously i'm past the point of needing them, but they sound decent.

Re: Credit One - Pre-approved offer : Should I take the bait?

Anomalous — Thu, 22 Jan 2015 16:59:13 GMT

@juggalo9er wrote:
applying for this card is like asking to be beaten with a whip.....take the money you would have paid in fees and open a secure card

^^ If one is a masochist they might take the bait. Lol!!

Seriously OP, don't apply for the card. Not worth the headache.

Re: Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 19:17:07 GMT

They report all the time and also they are helping me raise my own credit scores right now. They report to all 3 and they sometimes give a good credit line limit.

Re: Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 19:17:10 GMT

Thanks, y'all!!

You know after almost being in the dumps for about two years now, getting pre-approved seems like finding kryptonite! I was excited

But like all you veterans say, I'm going to stay in the garden maybe for a year and let the baddies (inquires and lates) fall off my report for atleast a 24-month period, see some surging scores and once I'm in the mid 700's hopefully by the end of this year, santa might bring me some AmEX cards..

Talk about wishful thinking.....

Re: Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 20:11:54 GMT

@Anonymous wrote:
Thanks, y'all!!

You know after almost being in the dumps for about two years now, getting pre-approved seems like finding kryptonite! I was excited
But like all you veterans say, I'm going to stay in the garden maybe for a year and let the baddies (inquires and lates) fall off my report for atleast a 24-month period, see some surging scores and once I'm in the mid 700's hopefully by the end of this year, santa might bring me some AmEX cards..
Talk about wishful thinking.....

I understand how you feel. For several years I got nothing but garbage pre-appovals in the mail. Then In April of last year I got one from Merrick Bank. Got the card. Then in August of last year got one from Discover. Got the card. And I recently scored an Amex. Yours will also come.

Re: Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 20:41:13 GMT

@Anonymous wrote:
@Anonymous wrote:
Thanks, y'all!!

You know after almost being in the dumps for about two years now, getting pre-approved seems like finding kryptonite! I was excited
But like all you veterans say, I'm going to stay in the garden maybe for a year and let the baddies (inquires and lates) fall off my report for atleast a 24-month period, see some surging scores and once I'm in the mid 700's hopefully by the end of this year, santa might bring me some AmEX cards..
Talk about wishful thinking.....
I understand how you feel. For several years I got nothing but garbage pre-appovals in the mail. Then In April of last year I got one from Merrick Bank. Got the card. Then in August of last year got one from Discover. Got the card. And I recently scored an Amex. Yours will also come.

Thank you, I really am looking forward to that day!!

Re: Credit One - Pre-approved offer : Should I take the bait?

Imperfectfuture — Thu, 22 Jan 2015 21:44:43 GMT

@Anonymous wrote:
They report all the time and also they are helping me raise my own credit scores right now. They report to all 3 and they sometimes give a good credit line limit.

You need to remove that link in your signature.

Re: Credit One - Pre-approved offer : Should I take the bait?

Anonymous — Thu, 22 Jan 2015 23:14:56 GMT

I'm not sure how many people know this but Credit One is run by the same people who also run a collections agency.

I have the card, but I'm paying it off, and cancelling this month. In a weird way I guess it has helped a little since I also got Chase Freedom about 9 months after I had C1. If you feel you have to have it, once your able to get prime cards (like the Freedom), I would burn the Credit One card and then burn the ashes and never look back.