topic Credit One Shenanigans in Credit Cards

Credit One Shenanigans

vertekal — Mon, 05 Apr 2021 15:36:28 GMT

My Credit One balance has been $0 for a few months now. On the 15th of each month, Credit One charges me a $8.25 annual fee, and a few pennies in interest. Then they report to the credit bureaus on the same day, so it looks like I'm carrying an $8 balance each month. I tried making a payment today before the annual fee hits, but it won't let me since my balance is currently $0. I pay the $8.25 each month, but there's no way to pay it before it gets reported.

I'm trying to get a mortgage, and really want this card to report $0. I don't want to close it, as I have no idea what it would do to my credit score.

Any ideas?

Re: Credit One Shenanigans

AllZero — Mon, 05 Apr 2021 15:40:29 GMT

Have you considered pushing a payment?

Re: Credit One Shenanigans

OmarGB9 — Mon, 05 Apr 2021 15:42:41 GMT

@AllZero wrote:
Have you considered pushing a payment?

This. Simply "push" a payment using your primary bank's billpay feature maybe a week in advance for the monthly fee amount + interest.

Re: Credit One Shenanigans

vertekal — Mon, 05 Apr 2021 15:48:42 GMT

Thanks @AllZero and @OmarGB9 .. i just pushed $9 and there's 10 days til the 15. Let's see what happens ...

Re: Credit One Shenanigans

M_Smart007 — Mon, 05 Apr 2021 16:01:48 GMT

When all else fails, get out and "push"

Re: Credit One Shenanigans

OmarGB9 — Mon, 05 Apr 2021 16:02:17 GMT

Oh by the way, unless this is your only credit card and/or makes up a significant portion of your total credit limits, meaning closing it would significantly increase your utilization, then closing it shouldn't really do much, if anything, to your scores.

Re: Credit One Shenanigans

Anonymous — Mon, 05 Apr 2021 20:13:17 GMT

I have a similar issue. I pay $20 each month (I put a small charge on it every month as well) and it covers the upcoming annual fee charge so that the card never reports a balance. They allow you to make a payment larger than the amount owed when you select Other Amount.

Re: Credit One Shenanigans

nwa479 — Tue, 06 Apr 2021 02:25:28 GMT

I have two cards with Credit One and also trying to report zeroes. One of my cards as the monthly fee like yours and I have another card with them with a 39 AF.

Last month I pushed a payment to them to cover the 8.25 but did not factor in the 1 dollar minimum interest charge. I called to tell them I'm ready to close both cards. They forwarded me to their specialist who canceled the next three months on the monthly fee and credited me 20 percent on the AF. They did not forgive the min interest though. They also lowered the interest rate for six months which didn't matter to me since the cards are paid off

i told them I wanted to PC into one of there better cards with cash back and no AF since my credit has improved. They would not agree to do a product change now but said they may be able to do more in a few months when I call bavk

I would close the card now but trying to avoid any new accounts or HPs until after get a new mortgage.

If you combine pushing the payments to them to cover any fees with pressuring them to remove the fees it'll work for now. I know they are mostly doing rebuild cards but have a couple cards with cash back and low or no AF.

Re: Credit One Shenanigans

vertekal — Wed, 07 Apr 2021 12:33:44 GMT

Thanks again, everyone! I checked this morning and now I have a $9 credit.

I'll make a note on my budget spreadsheet to do that each month. Once I get a mortgage and get the house keys in my hand, I'm cancelling this card!

Re: Credit One Shenanigans

SPChaser — Thu, 08 Apr 2021 01:36:49 GMT

Glad the push method worked out for you. All I can say is Credit One helped my rebuild immensely and would recommend them to anyone in rebuild mode, but once I didn't them anymore, I had to cut ties. I couldn't stand the annual fees and paying for CLIs.

Re: Credit One Shenanigans

Anonymous — Wed, 21 Apr 2021 05:10:53 GMT

If you don't mind me asking, what exactly is the push method? I am new to Credit One and trying to rebuild my credit.

Re: Credit One Shenanigans

AllZero — Wed, 21 Apr 2021 05:20:19 GMT

@Anonymous wrote:
If you don't mind me asking, what exactly is the push method? I am new to Credit One and trying to rebuild my credit.

@Anonymous Not to be confused with this push it method. Who do you bank with? See message 3. Do they offer this service?

Re: Credit One Shenanigans

FinStar — Wed, 21 Apr 2021 05:20:24 GMT

@Anonymous wrote:
If you don't mind me asking, what exactly is the push method? I am new to Credit One and trying to rebuild my credit.

Hi @Anonymous - welcome to the forums.

The push method involves pushing (or initiating) a payment directly from your financial institution's bill pay service to the lender, in this specific case, to Credit One.

Re: Credit One Shenanigans

nwa479 — Wed, 21 Apr 2021 16:43:40 GMT

Another option with Credit One is to select "Other Amount' and pay more than the amount due. I did this last month, creating a credit balance in my account which covers any fees/interest when the statement closes.

I'm not sure what the limitations are on this. I was able to pay an extra $10 or $20.

Some companies will not allow you to pay extra. I also tried this with Comenity Mastercard, and was not allowed to pay anything over the current balance. I've pushed payments from Bill Pay sometimes to cover items that are pending or I know will post just before the statement date.