topic Re: Credit One Question in Credit Cards

Credit One Question

Anonymous514 — Tue, 03 Sep 2019 10:55:29 GMT

How can I avoid interest and overall crappy situations with this card? I need it till BCU can move me to an unsecured product. And I cant get capital one even though I didn't burn them. Too many inqs for now.

Re: Credit One Question

Anonymous — Tue, 03 Sep 2019 11:12:59 GMT

#1 don't carry a balance.

#2 they might waive the annual fee or give you a CLI if you ask. might have to play the i'm thinking of cancelling game.

if you need another card try for a petal card or see if you have a prequal at discover

Re: Credit One Question

Anonymous514 — Tue, 03 Sep 2019 12:06:40 GMT

I burned discover penfed Navy Fed Citi chase boa and Barclay's and synchrony in mu bk7 and I dont prequalify for petal or any other card

Re: Credit One Question

CreditInspired — Tue, 03 Sep 2019 12:11:08 GMT

@Anonymous514 wrote:
How can I avoid interest and overall crappy situations with this card? I need it till BCU can move me to an unsecured product. And I cant get capital one even though I didn't burn them. Too many inqs for now.

First, please get out of the mindset that you “need” any CC.

Second, treat CCs as if they were a debit card—that you’re only using it for rewards.

Third, if you can’t PIF, don’t use the CC. Break the habit of buying just to be buying. Use the card for organic spend—money you’re spending anyway (utilities, groceries, etc)

This should get you on the road to not paying interest and unnecessary fees.

Have you tried Discover secured card?

GL2U

Re: Credit One Question

HeavenOhio — Tue, 03 Sep 2019 12:36:04 GMT

With a predatory card like Credit One, I'd use the card as little as possible and make a payment whenever you see that you have a balance. Don't worry about showing activity on the card. It's likely that you have fees that will take care of that.

When you acquire starter cards from "good" banks, you can feel free to use them as much as you deem feasible. Make payments frequently enough to make your credit limit is available to you to charge again. And keep the reported balance below 28.9% of the card's limit. (8.9% is better, but 28.9% is good.)

Re: Credit One Question

Anonymous514 — Tue, 03 Sep 2019 13:11:06 GMT

I need it for an active account showing...and my fee is 39$ a year on it. And no discover said no for the secured due to my 2 discovers included in my chapter 7.

Re: Credit One Question

Anonymous514 — Tue, 03 Sep 2019 13:11:36 GMT

I didn't even want credit one but capital one denied me due to inqs before the chapter 7

Re: Credit One Question

MyFault — Tue, 03 Sep 2019 15:32:38 GMT

If i'm not mistaken, Credit One charges you interest daily vs monthly like every other card. So, there is no way to avoid paying interest on their cards. Unless you simply don't use it.
I assume your AF is broken into monthly payments? I would simply pay that balance monthly and not touch the card.

Re: Credit One Question

CreditInspired — Tue, 03 Sep 2019 15:34:07 GMT

@Anonymous514 wrote:
I didn't even want credit one but capital one denied me due to inqs before the chapter 7

When was your Chapter 7 discharged?

Re: Credit One Question

Anonymous514 — Tue, 03 Sep 2019 15:50:47 GMT

Discharged 8/14/19
I have SL my first payment is is 89 and due the 24th of this month
Express 250$
Bcu launch secured 150$
Fingerhut freshstart 93$ initial approval 230
And credit one at 500$ 39 yearly annual fee is my terms. I have enough cards until I qualify in 6-12months for an unsecured bcu card

Re: Credit One Question

MyFault — Tue, 03 Sep 2019 16:09:13 GMT

You just came out of BK7 two weeks ago, and you already have 4 cards.
I would say you need to slow down.
I would also cancel the Credit One since you have three other cards already, and garden for a LONG LONG time before going after anything else.

Re: Credit One Question

Remedios — Tue, 03 Sep 2019 16:44:27 GMT

@Anonymous514 wrote:
Discharged 8/14/19
I have SL my first payment is is 89 and due the 24th of this month
Express 250$
Bcu launch secured 150$
Fingerhut freshstart 93$ initial approval 230
And credit one at 500$ 39 yearly annual fee is my terms. I have enough cards until I qualify in 6-12months for an unsecured bcu card

Okay, so you really need to slow down

Discover will not even consider approving you for at least 2-3 years.

You're not even two weeks out of BK and already getting "too many Inq"

Also, Fingerhut Fresh Start reports as a loan until first purchase is paid off, so you have two loans atm

Once purchase is paid off, they "graduate" it from loan to revolving credit.

As far as credit one, you can close it or keep it along with the fees. You already took a HP for it, so might as well ride it out for a year.

Dont start your rebuild with bunch of useless cards that you'll be closing anyway. There is no way to rush time, and by applying for cards like these, you're pretty much kicking yourself out of the game

I am being reminded of my inq from almost two years ago to this day and had to recon last two cards with a clean, decent profile.

So, if you want to help yourself, do nothing for a year. Pay off your debt, instead of putting money in security deposits.

Re: Credit One Question

CreditInspired — Tue, 03 Sep 2019 16:54:04 GMT

@Anonymous514 wrote:
Discharged 8/14/19
I have SL my first payment is is 89 and due the 24th of this month
Express 250$
Bcu launch secured 150$
Fingerhut freshstart 93$ initial approval 230
And credit one at 500$ 39 yearly annual fee is my terms. I have enough cards until I qualify in 6-12months for an unsecured bcu card

😳

IMHO, please do not apply for anything else until 9/2020. And when you do, no more retail cards. You have to give yourself some time to learn from your mistakes so you won’t repeat them again. That BK is going to be on your CRs for a minimum of 7 years so you have to take it slow and let lenders trust you again.

Re: Credit One Question

CreditInspired — Tue, 03 Sep 2019 16:48:25 GMT

@MyFault wrote:
You just came out of BK7 two weeks ago, and you already have 4 cards.
I would say you need to slow down.
I would also cancel the Credit One since you have three other cards already, and garden for a LONG LONG time before going after anything else.

Second this!

Re: Credit One Question

CreditInspired — Tue, 03 Sep 2019 16:50:42 GMT

@Remedios wrote:
@Anonymous514 wrote:
Discharged 8/14/19
I have SL my first payment is is 89 and due the 24th of this month
Express 250$
Bcu launch secured 150$
Fingerhut freshstart 93$ initial approval 230
And credit one at 500$ 39 yearly annual fee is my terms. I have enough cards until I qualify in 6-12months for an unsecured bcu card
Okay, so you really need to slow down

Discover will not even consider approving you for at least 2-3 years.
You're not even two weeks out of BK and already getting "too many Inq"

Also, Fingerhut Fresh Start reports as a loan until first purchase is paid off, so you have two loans atm
Once purchase is paid off, they "graduate" it from loan to revolving credit.

As far as credit one, you can close it or keep it along with the fees. You already took a HP for it, so might as well ride it out for a year.

Dont start your rebuild with bunch of useless cards that you'll be closing anyway. There is no way to rush time, and by applying for cards like these, you're pretty much kicking yourself out of the game
I am being reminded of my inq from almost two years ago to this day and had to recon last two cards with a clean, decent profile.

So, if you want to help yourself, do nothing for a year. Pay off your debt, instead of putting money in security deposits.

+100

Re: Credit One Question

Anonymous514 — Tue, 03 Sep 2019 17:09:51 GMT

😂😂😂 the only debt I have is 93$ for fingerhut freshstart which I'm making the payment for on Friday. The many inqs are pre bk that are still haunting me as I've been approved for everything I've applied for post bk7. Minus the 7 car inqs before I decided to just use the new family impala until I leave for basic in December.

Re: Credit One Question

Anonymous514 — Tue, 03 Sep 2019 17:12:35 GMT

And besides the capital one**

Re: Credit One Question

Remedios — Tue, 03 Sep 2019 17:15:00 GMT

Alright, you got this.

Re: Credit One Question

Anonymous514 — Tue, 03 Sep 2019 17:17:24 GMT

I think I have my answers. Please close thread thanks everyone for your input. I guess I already made some mistakes but I'm learning all over again.