topic Best way to manage CreditOne card? in Credit Cards

Best way to manage CreditOne card?

vertekal — Mon, 09 Mar 2015 14:05:05 GMT

I was approved for a CreditOne Visa with a $300 limit. What's the best way to use it? Charge one small thing a month and pay it off immediately? Use it constantly and pay it off at the end of the month or multiple times a month? The interest rate sucks and I don't want to pay any more than I have to.

And yes I know this card sucks. Its the only non secured card I could get. I also have a secured Capital One card on the way, as soon as I make the deposit.

Re: Best way to manage CreditOne card?

Anonymous — Mon, 09 Mar 2015 14:20:59 GMT

Keep in mind that there is no grace period whatsoever on a Credit One card, so I would suggest paying off stuff as soon as it posts and then paying again when the interest hits at statement. The important thing here is getting your paid as agreed and low utilization going so you can grow beyond Credit One and get something that won't charge you out the wazoo.

I won't say the card sucks - it DOES have its place - but the sooner you outgrow it, the better for your wallet

Re: Best way to manage CreditOne card?

Anonymous — Mon, 09 Mar 2015 14:32:15 GMT

What i did was pay my AF and let it sit. I think i have swiped it one time and only because i did not have my Freedom on me at the moment. Got 3 100 Cli's for the first 3 months. I SD'd it. I would not use it unless it was my only card. Also, right whn you get the card, call and say you want to cancel. They will cut the AF in half so you don't.

Re: Best way to manage CreditOne card?

ScoreOrBeScored — Mon, 09 Mar 2015 14:51:29 GMT

Close it

Re: Best way to manage CreditOne card?

core — Mon, 09 Mar 2015 14:52:07 GMT

Push a small payment from your bank to give yourself a credit balance before making your small purchase and you won't have to pay any interest. This also saves you the trouble of having to pay that 2nd statement.

Re: Best way to manage CreditOne card?

Anonymous — Mon, 09 Mar 2015 15:30:44 GMT

The best way to manage it is to close it and forget about it lol

Re: Best way to manage CreditOne card?

vertekal — Mon, 09 Mar 2015 15:32:24 GMT

I'll close it once I can get a better card.

Thank you everyone else for the helpful info!

Re: Best way to manage CreditOne card?

Anonymous — Mon, 09 Mar 2015 18:26:01 GMT

I would just charge gas or groceries on it once and then pay it right away, rinse and repeat. Good luck!

Re: Best way to manage CreditOne card?

Imperfectfuture — Mon, 09 Mar 2015 21:18:30 GMT

@vertekal wrote:
I'll close it once I can get a better card.

Thank you everyone else for the helpful info!

Have you tried a secured card from a credit union? I skipped credit one type cards for this route. Since you already paid the annual fee, if you get a secured card, just sock drawer the credit one card. JMHO.

Re: Best way to manage CreditOne card?

Anonymous — Mon, 09 Mar 2015 21:21:08 GMT

I agree with those who say to close it but I would probably fart on it first.

Re: Best way to manage CreditOne card?

Anonymous — Mon, 09 Mar 2015 21:31:16 GMT

I was in the same boat a year ago. I used it a lot and paid every time it was over $200. Keep in mind they only allow 4 payments a month. Keep an eye on the statement date and make sure it has a very very small balance at statement cut date. They do take up to 4 days to post a standard payment. They allow express payments but charge $10 so avoid that at all costs. After a few months they bumped my limit to $500 then to $750 and it is now $950 and i am finally able to sock drawer it. I will cancel in a few months after my new accounts with Chase and BoA age. Sign up for their free Fako credit score. It really helped me rebuild. But you are way ahead of where i was at that stage. I didnt find myfico forum until several months after I had my credit one account. Good luck !!

Re: Best way to manage CreditOne card?

Anonymous — Mon, 09 Mar 2015 21:58:41 GMT

You mentioned that you already have a secured card from CapOne on the way. I would use the CapOne card over the CreditOne card. I think that the fees associated with Credit One, along with the lack of grace period, make the card prohibitively expensive. Since you have another card, I'd let that card do the work and cancel the CreditOne card. If you're going to insist on keeping it, one small purchase per month, paid off immediately (letting the CapOne card post a balance on the statement date).

Re: Best way to manage CreditOne card?

Anonymous — Mon, 09 Mar 2015 22:06:03 GMT

Id try to bunch all my purchases up in one day and pay it off the second it posts because of the lack of a grace period. You can do this up to 4x/mo before they start giving you guff about "excessive" payments.

Id close it the second you get a different card though too.

Re: Best way to manage CreditOne card?

Anonymous — Tue, 10 Mar 2015 02:24:08 GMT

Sapingo you must have a problem with being able to read? He/she clearly stated this is their only line of credit that they could get approved for that was unsecure. Your post was not only unhelpful but it made you seem like some righteous **bleep**.

Anyways OP, I would just pay the annual fee up front, not charge anything to it EVER and cancel it after the 1st year. After that first year you should be able to get a Cap 1 unsecured.

Re: Best way to manage CreditOne card?

Anonymous — Tue, 10 Mar 2015 02:26:19 GMT

@Anonymous wrote:
Sapingo you must have a problem with being able to read? He/she clearly stated this is their only line of credit that they could get approved for that was unsecure. Your post was not only unhelpful but it made you seem like some righteous **bleep**.

Anyways OP, I would just pay the annual fee up front, not charge anything to it EVER and cancel it after the 1st year. After that first year you should be able to get a Cap 1 unsecured.

This is not friendly, supportive nor respectful. Refrain from such statements in the future please.'

#benice

Re: Best way to manage CreditOne card?

gdale6 — Tue, 10 Mar 2015 02:33:38 GMT

As a general reminder

http://ficoforums.myfico.com/t5/Credit-Cards/Friendly-Supportive-and-Respectful/td-p/2797115

Re: Best way to manage CreditOne card?

Anonymous — Tue, 10 Mar 2015 02:44:53 GMT

Sorry, just felt like there was no need to rag on this persons card that they just got with replies like "fart on it" and "close it and forget about it lol". I do not think those replies were neither HELPFUL OR RESPECTFUL to the OP who CLEARLY stated that this was the only line of unsecured credit that they could obtain. For helpful way to manage as the title states, pay AF and sit on it for a year. Close it and open up better line of credit.

Re: Best way to manage CreditOne card?

Anonymous — Tue, 10 Mar 2015 04:39:50 GMT

clearly someone woke up on the wrong side of the bed. anyway, I rather go without unsecured card than have a credit one card, but now that you have it, don't use the card and just pay the whatever fee they charge, but keep it open. think of it as fee that you're paying for to establish credit.

Re: Best way to manage CreditOne card?

Anonymous — Tue, 10 Mar 2015 06:31:34 GMT

Goodness folks. Is there a full moon out or something?

It's amazing how the anonymity of the internet can make for brave cowards.

Re: Best way to manage CreditOne card?

Kirmie2010 — Tue, 10 Mar 2015 07:13:59 GMT

Just use it for payments you can take advantage of the cash back on, like gas I used mine for gas mostly.

Dont forget, its easiest to pay with a checking account setup online. If you want to pay by debit or credit its going to cost you 9.95. It also takes about 4 days for your payment to post (unless its the 9.95 option, than its 1-2 days). So you wont be able to pay 250 on monday and spend 250 on wednesday, itd be more close to friday that your credit limit would be available again.

Its not a bad card for the first year. Its just after that year with the AF coming up again and the monthly installment payments its crap. But by then youll be able to get better cards! (I closed my creditone last week, only needed it 10 months but it was a fine card to have, didnt even charge me when I accidentally went 3 dollars over my max limit.)