topic Re: How bad is the Credit One Bank card? in Credit Cards

How bad is the Credit One Bank card?

Anonymous — Tue, 17 Apr 2018 09:37:21 GMT

Re: How bad is the Credit One Bank card?

Jnbmom — Tue, 17 Apr 2018 10:23:03 GMT

Very subprime, much better cards out there. Avoid at all cost IMHO

Re: How bad is the Credit One Bank card?

MrDisco99 — Tue, 17 Apr 2018 11:26:00 GMT

Pretty bad. They could be useful if your credit rating is in the sewer and they're the only one who will approve. However, once you get to the point where you can get better cards, get rid of them.

Their fee structure makes them almost impossible to use on actual purchases without spiralling into a terrible pit of debt. If you're rebuilding, you can use it to establish payment history. Put a stick of gum on it per month and pay your bill in full. That'll help get your score up to the point you can get cards that are actually useful.

Re: How bad is the Credit One Bank card?

Anonymous — Tue, 17 Apr 2018 12:48:40 GMT

ok to rebuild but not to keep for long.

What are your data points? maybe we can guide you to the right cards.

Re: How bad is the Credit One Bank card?

kiea — Tue, 17 Apr 2018 13:41:36 GMT

I have had this card for 10 months now and I haven't had any problems as far as payments or reporting information to the credit bureaus. Although, there is 3 main issues with cards: the interest rate is high..25.15%, the payments take 5 days to post unless you pay by credit card and if you do that there is a $9.95 fee, & they don't really give credit increases. This card is really only good if you want to increase your score so you can get something better in the future.

I have seen some people complain about the customer service department but thankfully I haven't had to contact them yet so I can't comment on that.

In my opinion if your credit score is good enough I will go with Capital One or Discover. There is more opportunity for growth and those cards offer more perks.

Re: How bad is the Credit One Bank card?

Anonymous — Tue, 17 Apr 2018 22:25:38 GMT

Me and you are basically in the same position. I am coming up on month 11 with Credit One and plan on closing it. Right now, I do have a secured with Discover but no other credit cards and I am wondering if I need to apply to some of the store cards. I haven't made the plunge yet.

Re: How bad is the Credit One Bank card?

kiea — Tue, 17 Apr 2018 22:59:11 GMT

Your scores are not bad. Did you try Capital One or Barclays?

Re: How bad is the Credit One Bank card?

Goal_Getter — Tue, 17 Apr 2018 23:26:43 GMT

I literally just cut mine up and will be closing it after i pay it off. It was helpful with my credit rebuild but i have gotten much better cards since then. Including, discover, AMEX, and capital one. It’s only good for rebuilding like the other posters stated.

Re: How bad is the Credit One Bank card?

toostoosh — Wed, 18 Apr 2018 01:48:34 GMT

Credit One Bank is pretty much good for re-building. They have monthly fees and the interest rates are pretty high. I've been with them for 8 years, and I have a Visa ($1900) and MC ($900) with them. I recently just paid off all of my CCs. I called them to cancel, but since they didn't want to lose me as a cardholder, the Rep waived my monthly fees on both cards, and even credited back the fees that I had paid this year. So now, I have two cards with negative balances due to the credits. I only kept them open because it's not hurting me, and it helps with util, if needed. So, atleast they have good customer service.

Re: How bad is the Credit One Bank card?

Anonymous — Wed, 18 Apr 2018 12:41:38 GMT

They have a pretty high AF. The VISA is higher than the MC, and at least for me the API was lower for the MC than the VISA. But, instead of charging it all at one time, they break it up over the year. So, you will always have a balance on your card(s). I had the VISA and the MC. I rarely used them and they rarely gave CLI's, when they did give a CLI they charge a fee to process the CLI and it goes on to your credit card.

Use the card(s) to rebuild your credit and always look for a better card. Most of the major card companies have sites where you can go to get pre-qualified with no HP on your credit. Check them regularly.

Use this link, https://www.doctorofcredit.com/view-personalized-credit-card-offers/

Good luck!

Re: How bad is the Credit One Bank card?

HeavenOhio — Wed, 18 Apr 2018 12:47:23 GMT

@Anonymous wrote:
Me and you are basically in the same position. I am coming up on month 11 with Credit One and plan on closing it. Right now, I do have a secured with Discover but no other credit cards and I am wondering if I need to apply to some of the store cards. I haven't made the plunge yet.

Don't ever feel you "need" to apply for store cards. You should be able to replace Credit One with a major card, either before or after closing it.

Re: How bad is the Credit One Bank card?

Sixburgh79 — Wed, 18 Apr 2018 12:53:49 GMT

Yea I have a credit one card I want to get rid of as well... Here's my question, if I closed this account would it still count towards my age of credit? It's like a 5 to 6 year old card and that's only reason I haven't axed it yet as I thought it might not count any more towards age of credit.

Re: How bad is the Credit One Bank card?

Anonymous — Wed, 18 Apr 2018 13:20:19 GMT

I've been checking for pre-approvals, Capital One is a no-go, they were in my bankruptcy and when I tried to pre-qualify for an auto loan, I got the message "too many past or present delinquent Capital One credit accounts" and haven't been able to get a clear answer from then. Tried PenFed and they said two years post discharge, NFCU said one year post discharge (which is coming up in July). Not really sure where else to try looking at this point.

Re: How bad is the Credit One Bank card?

kiea — Wed, 18 Apr 2018 20:04:10 GMT

Everyone on the forums say you should have 3 cards to maximize your score. I actually like some store cards because you are able to get discounts & deals.

I don't think its anything wrong with having 1 store card if its a store you like to shop at.

Re: How bad is the Credit One Bank card?

Anonymous — Wed, 18 Apr 2018 21:47:19 GMT

When I did try Barclay's they said I had too many inquiries which I do have a lot of them so that's why I have been gardening, my score has went up some points since I did that and I haven' t accumulated as many inquiries either. I was thinking of trying for Target but they said the same thing the last time I tried there as well, too many inquiries, so right now I am just waiting. My Experian is at 658 FICO right now. I've tried to do the SCT with no luck as of yet, so I don't know.

I've also read the whole thing about having three cards as well so that's where my concern lies that and my score just dropped 11 points due to a lease to own agreement I paid off within the 90 days closing out paid in full.

Re: How bad is the Credit One Bank card?

creditguy — Wed, 18 Apr 2018 22:11:08 GMT

How bad are they is relative to your situation. If they are all you can get than they are a blessing, but if you can qualify for better than they are more a curse than blessing. Credit One is not great long term, but if they get your credit ball rolling than their fees are a small price to pay to lay a solid foundation on which to have a great rebuild. This is forum is a great place to search for lots of information upon which to make an informed descision. Best of Luck in deciding and here's to a bright credit future.

Re: How bad is the Credit One Bank card?

HeavenOhio — Wed, 18 Apr 2018 22:41:40 GMT

@Sixburgh79, the card should stay on your report and contribute to your age stats for up to ten years. By then, other accounts would have aged to pick up the slack. But even if the card were to drop tomorrow, it's Credit One, which is a big pain and worth a ding to get rid of.

@Anonymous, my concern was that you said "some" store cards. For a store card to be worthwhile, it has to offer rewards or perks that you can't get from a major card. And they have to be kept active. You never want to be forced to make a purchase simply because the card has been laying around for a while.

Keeping a major card active isn't an issue because it can be used practically anywhere. Also, keep in mind that store cards ding the non-FICO credit score used in the determination of insurance rates (unless you live in Massachusetts, California, or Hawaii where using credit scores for rate determination is prohibited).

But in your case, you're being denied both store cards and major cards. In time, approvals will start to come. The good news is that you have the Discover card and that you'll be able to build off of that once it ages a little more.

Re: How bad is the Credit One Bank card?

Anonymous — Wed, 18 Apr 2018 22:49:42 GMT

@HeavenOhio yeah it was some months ago when I was denied for those cards, this was back in December for Barclays and I think August for Target. So it's been a while. Since then I haven't bothered with them. I did just do the pre-qualify for Discover and was approved for a small limit Discover unsecured card, so now I'll have that one and my Secured for the moment. I wasn't thinking of getting a lot of store cards though, honestly only one, the question always was which was lol. If I could get Credit One to get rid of that annual fee, then I might just hold onto them for a little bit longer.

Re: How bad is the Credit One Bank card?

My_Fako — Wed, 18 Apr 2018 23:33:52 GMT

You guys think I should close my Credit One?

Think I have moved on...

Haven't closed it, because they removed the monthly maintenance fee...

CL is $2250 or $2500

Re: How bad is the Credit One Bank card?

joltdude — Thu, 19 Apr 2018 00:11:09 GMT

Credit One is like tissues, you use it and then throw it away..... (meaning you use it as a stepping stone to get into something better)....

In your situation. id wait for the 1 year mark for Navy......

You might be able to get a discover or something else, depending on if you burned them.....

Credit one is the kinda card you buy one thing and pay it back immediately... oftentimes there is NO GRACE period in addition to the fees and the ridiculous APRs so your paying interest the moment you purchase....

As I like to say on here.. every time someone closes a Credit One card (or other such subprime predatory lender) a credit angel gets their wings....

Also its still very possible to get a Cap One card after 1 year.... They are very forgiving, and if you actually can afford to pay them back, it will take mere months for an approval.. But its usually 1 year at least for Cap One....

Though you want to be in the Navy.... NFCU that is. Still consider them very generous for rebuilders .. but even they have a minimum time out period

-J