topic Re: Credit One Lesson Learned in Credit Cards

Credit One Lesson Learned

Anonymous — Wed, 25 May 2016 19:03:04 GMT

So credit one charges interest on their monthly fee even if its paid before the statement closes. My account has not been used in almost a year unless you account the fraud charges from December. I got two people that couldn't explain to me why I haven't had interest on prior statements with just the monthly fee, suddenly they start with the little sneak charges. So I said cancel it...they started in with the whole you're valued and this will hurt your credit as you're rebuilding...Lady stop the song and dance...You all are my lowest bankcard limit no one else is in the hundreds lol....HER: "Well did you know that you can have up to $1500 added on to your line" ME:"Yep with a fee of course I could, but if I don't use you all why pay the fee, would you waive it?" HER: We value you..so we'll lower your APR for 6 months...credit this $0.02 back and waive the annual fee for 3 months" ME: Ok thanks but I can cancel at the 3rd month cause the APR reduction isn't helping me if I don't plan on using the card" HER: Thanks for keeping us, we value you" ME: Umm ok, I wouldn't have had to ask for a $0.02 credit if you valued me...HER: Have a great week bye bye

That reads like a horror story in the making...I didn't close it...But when that fee kicks back in I am regardless of what they offer...

Re: Credit One Lesson Learned

creditguy — Wed, 25 May 2016 19:43:03 GMT

Should of just closed it and saved yourself a call again in three months, the less talking you have to do with them the better.

Re: Credit One Lesson Learned

Anonymous — Wed, 25 May 2016 20:15:09 GMT

Just so you know I never say things like this: Cancel, as fast as you can!

Re: Credit One Lesson Learned

Anonymous — Wed, 25 May 2016 20:19:11 GMT

Both of you I'm so seriously contemplating it. Like it was mentioned that call in the next 3 months has me worried and I don't like the fact that the annual fee is more than I've charged on the card total since I've had it.

Re: Credit One Lesson Learned

Anonymous — Wed, 25 May 2016 20:23:10 GMT

I'm cancelling mine on the 10th month, no way I'm paying a monthly fee after 1 year

Re: Credit One Lesson Learned

Loquat — Wed, 25 May 2016 22:55:31 GMT

@creditguy wrote:
Should of just closed it and saved yourself a call again in three months, the less talking you have to do with them the better.

+1 Alls they'll do is give you the same song and dance again, try to convince you to stay, and if you give in, you'll find yourself repeating the process all over again. Have you ever watched the movie Groundhog Day with Bill Murray? Don't waste your time repeating the same thing...

Re: Credit One Lesson Learned

CountryLivin — Thu, 26 May 2016 01:04:55 GMT

I agree with the others! Get rid of it now! Who needs the hassle of trying to remember to call in in 3 months. I keep getting offers from Credit One in my mailbox and they go straight into the trash....except for the one I got last week....I used it to start a fire in my old school barbecue when my good grill was outta gas!

Re: Credit One Lesson Learned

Anonymous — Thu, 26 May 2016 02:26:56 GMT

I just got rid of them pain in the you know what! One month they would report a zero balance which was accurate then clear out of the blue the next they'd charge a $1 causing my scores to change. I called and cancelled and of course they offered to Lower the APR for only six mths... Uh no thank you! Close my acct please and thank you! I refuse to pay another $75 annual fee and they won't give CLIs until you've had the acct for a year. I was ever so glad to get rid of them! I'm just waiting to see my reports reflecting that my acct is actually closed. They normally report on the 25th for me. I can't wait to update my CK reports tomorrow. If not they will hear from me and it won't be pretty!

Re: Credit One Lesson Learned

Anonymous — Thu, 26 May 2016 20:13:41 GMT

Ok so question this was my first card rebuilding almost 2 years ago the next one was a month later...Utilization wise it won't hurt since the CL is only $450 but what would it do to my AAOA to close it? The only thing older than that is my student loans at like 15 years

Re: Credit One Lesson Learned

Anonymous — Thu, 26 May 2016 20:49:41 GMT

@tamaralig wrote:
So credit one charges interest on their monthly fee even if its paid before the statement closes. My account has not been used in almost a year unless you account the fraud charges from December. I got two people that couldn't explain to me why I haven't had interest on prior statements with just the monthly fee, suddenly they start with the little sneak charges. So I said cancel it...they started in with the whole you're valued and this will hurt your credit as you're rebuilding...Lady stop the song and dance...You all are my lowest bankcard limit no one else is in the hundreds lol....HER: "Well did you know that you can have up to $1500 added on to your line" ME:"Yep with a fee of course I could, but if I don't use you all why pay the fee, would you waive it?" HER: We value you..so we'll lower your APR for 6 months...credit this $0.02 back and waive the annual fee for 3 months" ME: Ok thanks but I can cancel at the 3rd month cause the APR reduction isn't helping me if I don't plan on using the card" HER: Thanks for keeping us, we value you" ME: Umm ok, I wouldn't have had to ask for a $0.02 credit if you valued me...HER: Have a great week bye bye

That reads like a horror story in the making...I didn't close it...But when that fee kicks back in I am regardless of what they offer...

It sounds like you have other cards available to you, cards that don't charge a monthly fee and that do have a grace period. Cancelling this card won't adversely affect your credit score. First, the limit is so low as to have a negligible effect on your utilization. Assuming that you have $5k in other credit and $500 here, along with $1100 (20%) utilization, canceling the card will bring your utilization to 22%. These are speculative numbers, and may be wildly off of what you have, but you can see that the effect of closing this card is likely to be minimal. Additionally, closing this card won't affect your AAoA right away, as it will stay on your reports for up to 10 years. Just close the card and be done with it.

Re: Credit One Lesson Learned

Anonymous — Thu, 26 May 2016 20:57:18 GMT

Please for the love of all that is good and pure, close this card.

Closing this card will not impact your AAoA. Positive accounts stay on your credit report for 10 years.

Is it closed yet?!?

Re: Credit One Lesson Learned

Anonymous — Thu, 26 May 2016 20:59:13 GMT

Don't even think for a second to cancel....do it now

Even after you close, they keep luring you with re-opening offers. I got at least 5 offers in 9 months after I closed the card...keep ignoring

Re: Credit One Lesson Learned

Anonymous — Fri, 27 May 2016 17:51:51 GMT

@Anonymous wrote:
Please for the love of all that is good and pure, close this card.

Closing this card will not impact your AAoA. Positive accounts stay on your credit report for 10 years.

Is it closed yet?!?

Not yet been too busy ripping and running..Heck I jump on here while working lol

Re: Credit One Lesson Learned

Method2Madness — Fri, 27 May 2016 18:37:51 GMT

For every minute you spend NOT closing this card, I spend kicking adorable school children.

Re: Credit One Lesson Learned

Anonymous — Fri, 27 May 2016 18:52:39 GMT

@Tamaralig - for the sake of innocent ! please close the card

Consider this equal to penalty APR if you miss a payment !!

Re: Credit One Lesson Learned

RonM21 — Sun, 29 May 2016 19:30:13 GMT

After all of that I'd be shocked if you don't close it.

Re: Credit One Lesson Learned

Anonymous — Sun, 29 May 2016 19:58:03 GMT

It's getting axed this week for certain...Plan to sit down on my off day so I can have time to argue.

Re: Credit One Lesson Learned

drmceo — Sun, 29 May 2016 22:55:09 GMT

I have several rebuilders and recently crossed the line and was approved for 5 great cards with great limits. I was thinking about what closing the rebuilders would do to my credit score and aaoa and figured i'd wait a while to close them. But this great post confirms that closing them is worth it as they all have either monthly or annual fees for their measly 500 dollar credit limits. TY all

Re: Credit One Lesson Learned

Anonymous — Sun, 29 May 2016 23:33:55 GMT

@drmceo wrote:
I have several rebuilders and recently crossed the line and was approved for 5 great cards with great limits. I was thinking about what closing the rebuilders would do to my credit score and aaoa and figured i'd wait a while to close them. But this great post confirms that closing them is worth it as they all have either monthly or annual fees for their measly 500 dollar credit limits. TY all

Close them all YESTERDAY! Think of the CHILDREN!!

Re: Credit One Lesson Learned

MyLoFICO — Mon, 30 May 2016 01:57:22 GMT

You should close it asap. Credit One is like a giant vacuum leak, all it does is suck money out of your pocket.