topic Re: Credit One in Credit Cards

Credit One

Anonymous — Mon, 12 Jan 2015 18:58:13 GMT

I received a pre-approval in the mail for a Credit One Card. Is it worth it to activate it? I'm rebuilding my credit at the moment. I have 4 credit cards right now. Should I toss it?

Re: Credit One

Anonymous — Mon, 12 Jan 2015 18:59:23 GMT

Toss it. You have more then enough to rebuild with. All they do is charge fees no grace period.

Re: Credit One

Anonymous — Mon, 12 Jan 2015 19:02:23 GMT

Ok, thank you for the reply. Cutting it up, and tossing it.

Re: Credit One

CreditMagic7 — Mon, 12 Jan 2015 19:03:21 GMT

Good advice. There are other lenders who will take you up under their wings starting out and not FEE you silly.

Good Luck

Re: Credit One

uswala — Mon, 12 Jan 2015 19:08:27 GMT

@Anonymous wrote:
Toss it. You have more then enough to rebuild with. All they do is charge fees no grace period.

Re: Credit One

Anonymous — Mon, 12 Jan 2015 19:10:23 GMT

Your welcome I have a credit one n regret it. I can't wait till I can close it It definitely does its job in rebuilding but you already have 4 cards so no reason in getting credit one. I have to pay $75 a year plus they charge if u want to add a authorized user n pretty much everything else. they also charge interest the day you swipe your card so no grace period.

If you want another card have you looked into capital one? They charge a AF but not as much as credit one n I love my QS1 card. $39 a year but I can get that back by getting the 1.5% cash back

Re: Credit One

klrmac — Mon, 12 Jan 2015 19:13:17 GMT

Definitely toss that. Totally not worth it. I'm a credit junkie and if I got a preapproval from them I'd toss it as well lol

I'm rebuilding as well and Capital One seems like the best card to get for rebuilding as it's unsecured and if you get the QS1 it's 1.5% back.

It's not a bad card I'm enjoying it.

Re: Credit One

Anonymous — Tue, 13 Jan 2015 03:24:52 GMT

Re: Credit One

DeadlyPersona — Tue, 13 Jan 2015 03:32:30 GMT

Definitely toss it! You can type Credit One in the Search box here on the forum and find very convincing reasons NOT to "get in bed" (for lack of a better phrase) with Credit One.

Re: Credit One

Anonymous — Tue, 13 Jan 2015 03:43:59 GMT

@klr, Journey > QS1. Lower APR AND No AF + can still be PC to QS Visa.

Re: Credit One

Anonymous — Tue, 13 Jan 2015 05:37:40 GMT

Shoot, I'd apply for anything even for a $100 CL. But even I passed on a CreditOne and First Premier...that should tell you something.

Re: Credit One

Broke_Triathlete — Tue, 13 Jan 2015 13:06:59 GMT

I'm cancelling mine in 5 minutes.

Re: Credit One

Anonymous — Tue, 13 Jan 2015 13:57:55 GMT

I'm canceling my Credit One card once I get to the 1 year mark, as I don't need a card with an AF now....but for all the horror stories I've read, I have to say my experience with them was very positive. They sent me a pre-approved offer and I declined due to the $99 AF - I actually called and told them this. Then they sent me another offer with a $49 AF and a $300 CL. I accepted, as it was my very first card in my rebuild journey. I immediately paid the AF, then charged almost up to $300 that first month, paying it off completely, before the statement cut. My interest was so little, I got the $1 min. int. charge. They immediately raiesed my CL to $700. I've used the card this same way for 5 months now, always using almost all of my CL, then paying off the entire balance the last day of the month. To date, I've paid less than $15 in interest and I've never been charged an extra fee or had any other issues at all. I know this isn't everyones experience, obviously, but I feel like they get a bad rap a lot. For a company who gave me credit before anyone else would, took the chance on helping me rebuild - when it could have cost them.....I think they deserve at least one good plug.

Re: Credit One

Broke_Triathlete — Tue, 13 Jan 2015 14:09:08 GMT

H2 I too had a great experience with them. Other than the reps not speaking English real well I've had nothing but good things. I'm just tired of paying the monthly fee (which could result in a late payment if you aren't careful for people who use the line for padding like me) and I don't need the card for padding anymore. I'd do it again if I had to. It wasn't a terrible experience by any means.

Re: Credit One

Anonymous — Tue, 13 Jan 2015 14:23:08 GMT

@Broke_Triathlete wrote:
H2 I too had a great experience with them. Other than the reps not speaking English real well I've had nothing but good things. I'm just tired of paying the monthly fee (which could result in a late payment if you aren't careful for people who use the line for padding like me) and I don't need the card for padding anymore. I'd do it again if I had to. It wasn't a terrible experience by any means.

I've heard a lot of people talk about a monthly fee, I guess I was lucky in that I didn't get a card with a monthly fee - only the $49 AF which I paid immediately. Glad to hear someone else had a positive experience with them tho!! When researching them on the net *before I found this forum* I noticed a lot of people who were compaining about them, weren't using their credit responsibly, but still insisting they were the victim.

And I lol'd at the "reps not speaking English" because I got the same thing when I called the first time to say I didn't want the card with the $99 AF. The (presumably) Indian lady I spoke to was very confused. I actually activated the card with the $99 AF then called and closed/canceled it without making any charges on the card. I knew they would come back with a better offer at that point. I knew what I was doing, but she didn't! Sure enough, 2 weeks later, a better offer was in the mail!

Re: Credit One

Anonymous — Wed, 04 Mar 2015 00:03:04 GMT

Got approved back in July last year, horrible limit, paid on time, never missed payments and even paid my balance in full and they still will not increase my limit past $400.00. Based on my payment history would have expected at least 1000-1500 CL but no. My card is still open I will give them a few more months but if they don't increase my limit by May 2015 I'm dropping them, and sticking with Capital One.

Re: Credit One

Anonymous — Wed, 04 Mar 2015 00:31:42 GMT

You are trying to get blood from a turnip.

Are you confusing them with Capital One?

Re: Credit One

Anonymous — Wed, 04 Mar 2015 00:32:00 GMT

I had one. i hated it. I finally closed it.

Re: Credit One

Anonymous — Wed, 04 Mar 2015 00:52:54 GMT

I agree with H2 -- my experience with Credit One has good and while I would have preferred Cap One, they were the one baddie on my report from years ago and my experience with Cap One was on a par with the stories about Credit One. I started with a $500 limit 14 months ago with Credit One and they raised it at 6 mos to $750 and then to $950 at 12 mos. Yes, the 4 payments in a 30 day period is a pain especially for those of us rebuilding. But, I also have to say that it was their FAKO credit score on the monthly statement that finally got me to focus on getting my act together and helped me find my way here to MyFico. That being said, I can't wait to age my new Chase and BOA accounts a bit (I've only had the new cards in my hands for less than 24 hours) and then I will be closing my Credit One account!

Re: Credit One

Anonymous — Sat, 21 Mar 2015 18:19:30 GMT

I opened my Credit One account about a month ago after they sent me a pre-approval letter. Started at a puny $400 limit, charged some and paid it before the due date, and in this one month they've increased my credit limit by $200 without my asking for it. I haven't been charged any fees beyond the annaul (which is high, admittedly) and haven't had to call customer service so I can't say if they are helful or not. All in all it hasn't been a negative experience (no more so than the 2 Citi cards I've had for >20 yers). I figure I'll keep it open until I qualify for a Discover It card, or until I have a negative experience. All in all, though, I'm very glad I didn't toss that envelope!