topic Re: Pre-approved for Credit One up to $2000? in Bankruptcy

Pre-approved for Credit One up to $2000?

twono — Sun, 03 Nov 2019 21:10:46 GMT

I know everybody says avoid credit one at all costs....but if i'm able to get a $2000 SL with them, 33 days post DC, maybe it's worth a look?

I was wondering if that 'up to $2000' has any significance at all? Or would i most likely be hit with a $300 SL?

Re: Pre-approved for Credit One up to $2000?

Anonymous — Sun, 03 Nov 2019 21:19:20 GMT

Do you have any other open revolving accounts at the moment?

Re: Pre-approved for Credit One up to $2000?

twono — Sun, 03 Nov 2019 22:26:51 GMT

@Anonymous wrote:
Do you have any other open revolving accounts at the moment?

My $3000 KOHLS survived BK....also have 2 student loans active and in good standing while 3 other student loans show 'closed/IIB' on my reports.

FICO 08 scores - EQ 615/EX 585/TU 580

Everything seems to be reporting correctly at this point.

I opened a checking /savings with a local bank and local CU prior to filing. They both offer secured cards but they do not graduate.

I would try Merrick, but no offer yet. Discover and CapOne were burned for over $16k and $32k respectively as far as going with their secured card(s).

Re: Pre-approved for Credit One up to $2000?

Anonymous — Sun, 03 Nov 2019 22:31:38 GMT

Got it.

You can apply for it. Just remember, it's purpose is to improve your profile. At the one year mark, I would close it. You should have a couple of better cards by then. As for the limit.....I have no idea. It literally could be anywhere from $300 to 2k.
Good luck!

Also, read this thread. It's older but a lot of the info remains true.
https://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p/1384075#M9218

Re: Pre-approved for Credit One up to $2000?

FireMedic1 — Sun, 03 Nov 2019 23:15:44 GMT

+1 @Anonymous Doesnt matter if its a $200 or $20,000 limit. Its the card and what util you will report is all that matters. Building blocks. FICO doesnt care what the name on the card is. Its how you remain responsible and pay on time. A year out then check Cap1 and Disco. Cap1 may jump first. Grab a Open Sky with no HP so you can have the 3 revolvers and your SL's count as the installments.

Re: Pre-approved for Credit One up to $2000?

twono — Mon, 04 Nov 2019 00:27:08 GMT

Who does credit one pull? Ive 2-3 inq’s total. 2eq, 1 tu

Re: Pre-approved for Credit One up to $2000?

FireMedic1 — Mon, 04 Nov 2019 08:59:00 GMT

Depends on where you live. 2 total HP's is not a lot.

Re: Pre-approved for Credit One up to $2000?

twono — Mon, 04 Nov 2019 10:04:48 GMT

Thanks for the replies all....So, which scenario would better serve me or what do you smart people recommend....?

A secured card from 1 of my current banks that does not graduate, or the unsecured Credit One with the $75 lst yr annual fee?

Re: Pre-approved for Credit One up to $2000?

Maker_Bayfield — Mon, 04 Nov 2019 14:15:37 GMT

I realize the horrible rap Credit One gets around here and I'm sure its deserved, but here is my personal experience.

I was discharged from Chapter 7 on July 1. Credit One gave me a card with a 2k limit on June 28. A few days before discharge. They sent the prequalifier and I took it. My score jumped 120pt as soon as it reported. I paid my annual fee. And make charges that i know i can PiF every month. I usually make 2 payments a month. one before the due date and one on the statement date, both standard payments. I don't pay the $10 rush fee because I don't live off the card, therefore don't need that credit to be available immediately.

I have called their CSR several times to make sure and ease my mind that I would be getting a payment in before the statement date, told them exactly what my intentions are, with the statement reporting and why. They have been extremely nice and helpful every time I have called.

Two weeks ago I logged into my account and saw a credit limit increase of $200, bringing me to $2200, I didn't have to pay a fee of any kind to get it. Will i keep them after the first year, doubtful. Do I like the fact they charge interest immediatley, of course not, but they have been a real asset in my early rebuild so far, and for that I can't say a bad thing about them.........at least not yet.

Re: Pre-approved for Credit One up to $2000?

Anonymous — Mon, 04 Nov 2019 14:43:42 GMT

@Maker_Bayfield wrote:
I realize the horrible rap Credit One gets around here and I'm sure its deserved, but here is my personal experience.

I was discharged from Chapter 7 on July 1. Credit One gave me a card with a 2k limit on June 28. A few days before discharge. They sent the prequalifier and I took it. My score jumped 120pt as soon as it reported. I paid my annual fee. And make charges that i know i can PiF every month. I usually make 2 payments a month. one before the due date and one on the statement date, both standard payments. I don't pay the $10 rush fee because I don't live off the card, therefore don't need that credit to be available immediately.

I have called their CSR several times to make sure and ease my mind that I would be getting a payment in before the statement date, told them exactly what my intentions are, with the statement reporting and why. They have been extremely nice and helpful every time I have called.

Two weeks ago I logged into my account and saw a credit limit increase of $200, bringing me to $2200, I didn't have to pay a fee of any kind to get it. Will i keep them after the first year, doubtful. Do I like the fact they charge interest immediatley, of course not, but they have been a real asset in my early rebuild so far, and for that I can't say a bad thing about them.........at least not yet.

^^ I had a very similar experience with them starting at $1500 a few weeks after my discharge.

I wasn't interested in secured cards and it worked well for me. Their fees and policies are eyeroll worthy . .make sure you understand them and stay on top of this account like nobody's business, making sure any trailing interest etc. gets paid off when you are done with it.

Re: Pre-approved for Credit One up to $2000?

twono — Mon, 04 Nov 2019 23:19:20 GMT

Thanks again guys....I just applied for Credit One using the mailer that they sent...Sure enough, $2000 SL. They hit Experian (OHIO) which is my strongest FICO 08 score at 615. I thought i read that they have their own internal scoring? Regardless, it is done.

So i have my $3000 KOHLS, $2000 CREDIT ONE, and 2 Sallie Mae SL's in good standing and deferred for 1 more month.

I'll lay extremely low for a while...Maybe wait for Merrick or Ollo to send me a prequal.....

Or, should i look at getting a 3rd card asap and then garden for the next year?

Re: Pre-approved for Credit One up to $2000?

coreyb80 — Tue, 05 Nov 2019 16:56:28 GMT

@twono wrote:
Thanks again guys....I just applied for Credit One using the mailer that they sent...Sure enough, $2000 SL. They hit Experian (OHIO) which is my strongest FICO 08 score at 615. I thought i read that they have their own internal scoring? Regardless, it is done.

So i have my $3000 KOHLS, $2000 CREDIT ONE, and 2 Sallie Mae SL's in good standing and deferred for 1 more month.
I'll lay extremely low for a while...Maybe wait for Merrick or Ollo to send me a prequal.....

Or, should i look at getting a 3rd card asap and then garden for the next year?

Grow what you have for about 6 months then look to move to a bigger institution so that you can avoid paying the AF for Credit One for another year. Congrats on the approval as well!

Re: Pre-approved for Credit One up to $2000?

Anonymous — Tue, 05 Nov 2019 18:48:17 GMT

@twono wrote:
Thanks again guys....I just applied for Credit One using the mailer that they sent...Sure enough, $2000 SL. They hit Experian (OHIO) which is my strongest FICO 08 score at 615. I thought i read that they have their own internal scoring? Regardless, it is done.

So i have my $3000 KOHLS, $2000 CREDIT ONE, and 2 Sallie Mae SL's in good standing and deferred for 1 more month.
I'll lay extremely low for a while...Maybe wait for Merrick or Ollo to send me a prequal.....

Or, should i look at getting a 3rd card asap and then garden for the next year?

I would sit tight for about 6 months. You are going to want to target a BK friendly credit union in the future, and it's my opinion they like to see a slow and steady rebuild. You also don't want to get stuck with a bunch of toy limit cards.

At just over 2 years post discharge I had $20k limit cards with NFCU and PenFed and I think taking it slow had a lot to do with it.

Re: Pre-approved for Credit One up to $2000?

twono — Tue, 05 Nov 2019 20:38:43 GMT

@Anonymous wrote:
@twono wrote:
Thanks again guys....I just applied for Credit One using the mailer that they sent...Sure enough, $2000 SL. They hit Experian (OHIO) which is my strongest FICO 08 score at 615. I thought i read that they have their own internal scoring? Regardless, it is done.

So i have my $3000 KOHLS, $2000 CREDIT ONE, and 2 Sallie Mae SL's in good standing and deferred for 1 more month.
I'll lay extremely low for a while...Maybe wait for Merrick or Ollo to send me a prequal.....

Or, should i look at getting a 3rd card asap and then garden for the next year?
I would sit tight for about 6 months. You are going to want to target a BK friendly credit union in the future, and it's my opinion they like to see a slow and steady rebuild. You also don't want to get stuck with a bunch of toy limit cards.

At just over 2 years post discharge I had $20k limit cards with NFCU and PenFed and I think taking it slow had a lot to do with it.

Understood....Before filing, i had nearly $500,000 in available credit....1 card with over a $50k CL, several over $20k and 30k and all of them over $10k except for the Kohls.

Unfortunately big bank cards are gonna be hard to come by since I unfortunately burned everybody and their brother....DISCO, AMEX x2, CHASE x3, NFCU x 3, PENFED x3, CapOne x2, SYNCH x3, DCU, WINGS CU, USAA, COMENITY, US Bank, and 15 more....Over 35 cc's in total. I only had 2 store cards though, Kohls that survived BK thus far and Lowes that was closed by grantor with a $0 balance and a $35k CL.

Also to note, i only had 1 new acct (co-signed for SL) in 2 yrs prior to filing 4 months ago. Currently 2 inq's on EX (1 from the Credit One app and 1 erroneous- WINGS HP'd me after DC for an unknown reason), 1 on TU from joining local CU prior to filing, and 1 on EQ from the SL.