topic Re: Credit One Bank Increase in Credit Cards

Credit One Bank Increase

Sk323i — Fri, 04 Dec 2015 04:47:35 GMT

I'm in the process of rebuilding -- my util is 29% --- i got a pre-approved offer from CreditOne Bank to increase my limit +$200 to $1000 for a fee of $20.

This card has 22% apr -- and i dont plan on ever using it again -- but it was the first card i was offered after stating my rebuild.

I've been told on this forum that Credit One should be closed once I get a few more worthy credit lines opened.

Should I accept the offer and pay the fee to increase my limit / get my util lower?

$4500	citi platinum credit limit - Balance: $1878
$800	credit one bank limit - Balance: $0
$1000	macys credit limit - Balance: $0
$6300	total limit - Balance: $1878

Re: Credit One Bank Increase

pizza1 — Fri, 04 Dec 2015 04:55:36 GMT

No. Don't accept the offer. Thats ridiculous. Have to pay them for a CLI?? Hell no.

Me personally, Id close credit one..you don't need them anymore, and I bet you'd qualify for unsecured Cap1!

Re: Credit One Bank Increase

Sk323i — Fri, 04 Dec 2015 04:59:13 GMT

It is the oldest currently active credit line -- wont closing it hurt my Average Age of Accounts -- even if it is a bad card?

Re: Credit One Bank Increase

Anonymous — Fri, 04 Dec 2015 05:05:39 GMT

It won't hurt your AAoA as bad as it seems like it would. Most cards stay on your credit report with your positive payment history for years, and even if it were to be deleted the impact would be relatively minimal unless the card is your oldest by years and years and all of the rest are brand new.

Re: Credit One Bank Increase

Sk323i — Fri, 04 Dec 2015 05:07:39 GMT

it is 2.5 years old and the other 2 cards are less than 1 year old... and any new cards I get from this point would obviously be brand new

Re: Credit One Bank Increase

Anonymous — Fri, 04 Dec 2015 05:12:15 GMT

I'd let it go, myself. In the grand scheme of things, a card 18 or so months older than your other cards isn't a big enough gap to be worried about it. If it were like a decade old and your other two cards were six months old that may be different but 18 months or so will pass in a blink and now that you have those other two cards aging roughly together that'll be the bigger help later on.

I would suggest if you were not wanting to lose the credit line to see if you have a preapproval at Capital One or something - yeah, it's another new account but you could then let those age together, get rid of the blood sucking leech and have a stronger (and much cheaper) foundation going forward.

Re: Credit One Bank Increase

DeeBee78 — Fri, 04 Dec 2015 05:13:02 GMT

@Sk323i wrote:
It is the oldest currently active credit line -- wont closing it hurt my Average Age of Accounts -- even if it is a bad card?

It will not affect your AAoA for 10 years from the date of closure. By the time this is a problem, you'll have much better cards.

Never be afraid to close your accounts if they no longer meet your needs.

Re: Credit One Bank Increase

Sk323i — Fri, 04 Dec 2015 05:30:47 GMT

i think i'm blackllisted from Cap One because of previous charge offs that I eventually settled. -- they have never sent me an offer in the last 2 years.

Remind me again why Credit One is a blood sucking leech. I won't be using it at all. They've waived the $100 annual fee for this year. Doesn't seem very harmful until next year when they would apply the annual fee again. right?

Re: Credit One Bank Increase

CYBERSAM — Fri, 04 Dec 2015 05:37:26 GMT

@Sk323i wrote:
I'm in the process of rebuilding -- my util is 29% --- i got a pre-approved offer from CreditOne Bank to increase my limit +$200 to $1000 for a fee of $20.

This card has 22% apr -- and i dont plan on ever using it again -- but it was the first card i was offered after stating my rebuild.

I've been told on this forum that Credit One should be closed once I get a few more worthy credit lines opened.

Should I accept the offer and pay the fee to increase my limit / get my util lower?

$4500 citi platinum credit limit - Balance: $1878
$800 credit one bank limit - Balance: $0
$1000 macys credit limit - Balance: $0
$6300 total limit - Balance: $1878

I'm sorry but when it comes to Credit One, there is only 2 word to describe it:

KILL IT!!!!

Re: Credit One Bank Increase

Anonymous — Fri, 04 Dec 2015 05:57:21 GMT

Cap One is really forgiving. I screwed up with them once upon a time and I'm back in - and I'm not the only one here with a similar story.

Credit One has no grace period, which is awful if you ever do have to use it, it charges a high annual fee for a low limit card with not great rewards, it charges for CLIs which is just not good, and if you can't get them to waive annual fees every year and they get into monthly fee territory, that's just an extra stick in your side.

You can keep it if you really want to but because all of your credit lines are so young, really, it won't hurt you to let it go and replace it with something from a different lender if you so choose.

Re: Credit One Bank Increase

pizza1 — Fri, 04 Dec 2015 06:31:51 GMT

@Sk323i wrote:
i think i'm blackllisted from Cap One because of previous charge offs that I eventually settled. -- they have never sent me an offer in the last 2 years.

Remind me again why Credit One is a blood sucking leech. I won't be using it at all. They've waived the $100 annual fee for this year. Doesn't seem very harmful until next year when they would apply the annual fee again. right?

SK....

They were included in my BK7 2 yrs ago, and 3 months afters my DC, they gave me another card with a SL of $1k...They are the most forgivable lender out there. They never sent me anything either...to this day, but I was prequalified on their site for 2 other cards, and took both! You dont need to get offers to be approved! Check their main site under "see if youre prequalified"...if it says Congrats...its golden...if it says recommened...its still a 50/50 shot. A lot of folks here have applied after burning them. Seriously...2 yrs is long enough, trust me, theyre over it.

Re: Credit One Bank Increase

jeffery581 — Fri, 04 Dec 2015 08:17:44 GMT

SHRED IT AND CLOSE IT.

Be careful and keep checking to make sure its closed and they don't add extra interest and "fees". They did that to me. After 2 months of me sending them "interest" money and them sending me me "refund" checks back-and-forth. The account is zero balance and closed. They should be investigated by the FTC and CFPB to name a few. I was tempted to overpay by .01 just so they would have to waste money on mailing me a penny check I was so mad at the incompetent credit none.

You have citi and macys. Try some pre qualifier sites. Work on bad stuff and take good care of what you have. Capital One.

Re: Credit One Bank Increase

noobody — Fri, 04 Dec 2015 12:19:51 GMT

@Sk323i wrote:
I'm in the process of rebuilding -- my util is 29% --- i got a pre-approved offer from CreditOne Bank to increase my limit +$200 to $1000 for a fee of $20.

This card has 22% apr -- and i dont plan on ever using it again -- but it was the first card i was offered after stating my rebuild.

I've been told on this forum that Credit One should be closed once I get a few more worthy credit lines opened.

Should I accept the offer and pay the fee to increase my limit / get my util lower?

$4500 citi platinum credit limit - Balance: $1878
$800 credit one bank limit - Balance: $0
$1000 macys credit limit - Balance: $0
$6300 total limit - Balance: $1878

just like everybody said, you better close it. I am just curious, How can you get a Citi card with 525CS? I believe they are the tougher one to get in. get a Capital One and/or Barclay

Re: Credit One Bank Increase

Anonymous — Fri, 04 Dec 2015 15:22:35 GMT

You shouldn't have to pay for an increase! Nope!

Once January comes, I will be closing my Credit One card.

Re: Credit One Bank Increase

DeeBee78 — Fri, 04 Dec 2015 18:26:50 GMT

@noobody wrote:
@Sk323i wrote:
I'm in the process of rebuilding -- my util is 29% --- i got a pre-approved offer from CreditOne Bank to increase my limit +$200 to $1000 for a fee of $20.

This card has 22% apr -- and i dont plan on ever using it again -- but it was the first card i was offered after stating my rebuild.

I've been told on this forum that Credit One should be closed once I get a few more worthy credit lines opened.

Should I accept the offer and pay the fee to increase my limit / get my util lower?

$4500 citi platinum credit limit - Balance: $1878
$800 credit one bank limit - Balance: $0
$1000 macys credit limit - Balance: $0
$6300 total limit - Balance: $1878

just like everybody said, you better close it. I am just curious, How can you get a Citi card with 525CS? I believe they are the tougher one to get in. get a Capital One and/or Barclay

Probably an AU.

Re: Credit One Bank Increase

Sk323i — Fri, 04 Dec 2015 19:01:58 GMT

Not an authorized user -- my score was 585 I believe when I got the approval for Citi.

It went down to 525 i think due to high utilization and is now back up to 565 i believe

Re: Credit One Bank Increase

B335is — Fri, 04 Dec 2015 19:02:25 GMT

I also agree with the advice given not to pay for a CLI. Have you tried Cap1 prequalified online? Like pizza said they are very forgiving.

Re: Credit One Bank Increase

Anonymous — Fri, 04 Dec 2015 19:23:59 GMT

Aggressively work in removing some derogs.I don't see where a $200 cli will help you. Try 2 SCT accounts if you want to pad your utilization. Save your $20.

See if Capital One will give you a $300 limit Platinum card. Don't close Credit One, your scores are too low.

Re: Credit One Bank Increase

Sk323i — Fri, 04 Dec 2015 19:29:54 GMT

yes, i've sent good will letters recently but have not heard anything back.

What is a SCT?

Re: Credit One Bank Increase

Anonymous — Fri, 04 Dec 2015 19:30:18 GMT

Go for Capital One. They are the most forgiving of all Banks. My wife did not pre qualify for anything on their site either and decided to apply for Venture COLD. She has a very thin file. She was instantly approved for 5k. Visa Signature Version.