topic Credit One Bank Questions? in Credit Cards

Credit One Bank Questions?

Anonymous — Sun, 04 Oct 2009 05:04:37 GMT

Ok this is mainly for those who have or have had a credit one bank credit card. I just got and activated mine. It hit my credit report and I saw a nice increase as I did not have any cards so it helped my mix. Now I just want to take care of it and grow it. I only got $200 limit which was fine I was just glad to get one. I do have some questions though. I definately want to work toward increases. I am just wandering best approach for getting increases. I have thought about using it for two or three transactions and mailing a payment. Two or three more and send another payment. Maybe to the point of sending a payment every Friday for that weeks transactions. I just want to make sure I dont get interest charges. Is it best to use it alot like this I figure by paying a few times a month I can use it for $300-$400 worth of transactions a month instead of $150 or so as I dont want to get to close to the CL. I am not apping for anything soon so I really am not worried if it ends up reporting a balance I am just credit gardening for a while I will pay it down and make sure it reports low before I get ready to app anything else. I am just wandering what are your experiences on what you did or what you noticed "makes Credit One love you" to get nice CLI's. Also how high has everyone managed to get the card is there a credit limit max on this card? I appreciate any and all answers and welcome additional advice if you have any for this card.

Re: Credit One Bank Questions?

Anonymous — Sun, 04 Oct 2009 06:40:52 GMT

I got my credit one cc in 2007 with a 250 dollar cl. I pretty much carried a balance close to the cl and only paid the minium payments (didn't know any better back then.) In April 2009 I paid off the entire balance and in May they increased me to 350.00 So now when I use the card I PIF. I think I didn't get credit limit increases sooner because I was always so close to my credit limit. Thanks to this forum I know better now. when you use the internet to make a payment they charge you 7.95. If you look at some past threads about credit one bank some people stated they have cl's of a 1000.00. or more. I also read in a past thread that if you call the number on the back of your card and press four for a CLI it will give You an instand decision. I tried in September and I got declined they actually sent a letter in the mail. It had been four months so I dont know how long you have to wait between CLI. I hope this helps. Good luck.

Re: Credit One Bank Questions?

Anonymous — Sun, 04 Oct 2009 16:11:27 GMT

I plan to just mail in payments every week or two to avoid the eight dollar fee. When you call and press 4 does it do a hard inquiry or soft inquiry for the CLI?

Re: Credit One Bank Questions?

nmorton79 — Sun, 04 Oct 2009 17:38:53 GMT

@Anonymous wrote:
I plan to just mail in payments every week or two to avoid the eight dollar fee. When you call and press 4 does it do a hard inquiry or soft inquiry for the CLI?

Hey okstatefan...I use my BoA's online bill pay, and it doesn't cost me a dime...I had to manually enter creditones info in the beginning because its not on their list of cc's and their earliest time that credit one would receive the payment is 4 bsiness days from the time that I set it up, but it works wonderfully and I have never had a problem with it.

Re: Credit One Bank Questions?

Anonymous — Sun, 04 Oct 2009 17:38:57 GMT

You can also use your online banking to send payments for free, if you dont want to deal with the mail.

I dont recall how long I have had my Credit One card, but it has been at least 5 years. It was one of my first, so I hate to cancel it and lose that history. Anyway, by CL is $1000. I have never asked for CLIs, just received them randomly. I think my initial CL was $500, if that helps. Usually an increase is $100 or so.

Re: Credit One Bank Questions?

Creditaddict — Sun, 04 Oct 2009 18:08:23 GMT

Credit One will give increase every 6 months I think just for paying on time! some will be free and some will cost you $25. you can do it through the automated system and it's not a hard inq. I was up to $650 when I closed mine after a little over 2 years, started at 200

Re: Credit One Bank Questions?

moonman — Mon, 05 Oct 2009 02:23:56 GMT

I've had my credit one card since Feb 06 with a starting credit limit of 350 and now it is 1300.I talked to a csr and was told the max cl is 1500.

Re: Credit One Bank Questions?

Anonymous — Mon, 05 Oct 2009 02:30:08 GMT

Ok my bank now charges a high fee every month for billpay. I have looked around and am going to switch banks to one that fits me better anyway. They offer free billpay so then I will do that instead of mailing payments. That sounds fine I will wait until 6 months to even look at a CLI I am in no hurry just want to do things right. I am trying to use the card alot to show good usage and I know whenever you use it you make money for them so I am trying to keep them happy so maybe I will get generous increases. If anybody has had better experience with using the card alot or a little vs the other please let me know. I just figure they will like it better if I cycle a few transactions for a couple hundred dollars a month vs just paying the 5.95 monthly fee. Like I said I really dont care if a high balance hits my credit report as I am in a gardening state and wont apply for anything for at least 6 months when I get close to applying for something else I will pay it down to just a couple of dollars and let it report before I apply. Just trying to make the bank happy so they will reward me .

Re: Credit One Bank Questions?

Red22 — Mon, 05 Oct 2009 16:22:43 GMT

I got my credit one card in March 2009 with CL of $200. I use and abuse my card every month,without going over limit. I pay in full every month and only pay through Bof A bill pay. Usually I pay the minimum payment due of $6.00 and PIF a few days before my statement date. After reading your post, I decided to call in for a CLI and got it. It was for $100, but the catch was I would be billed $10.00. I guess it's better than paying $25 for a CLI like I read on previous posts on this subject.

Re: Credit One Bank Questions?

pattycake — Mon, 05 Oct 2009 16:54:33 GMT

This may be one of the last solvent rebuilder cards out there. Expensive to keep, but reliable and a necessary step toward High Achiever Status.

Congrats on your CLIs, all! My bro has a Credit One card and just got a $100 auto CLI. He logged on to his account and there it was!

Re: Credit One Bank Questions?

Anonymous — Mon, 05 Oct 2009 17:24:56 GMT

pattycake - do you know how long your brother has had his card before getting the AUTO CLI?

Re: Credit One Bank Questions?

pattycake — Mon, 05 Oct 2009 17:26:36 GMT

I don't, but at least a year or two. He was surprised, but his scores are probably in the 700 range by now.

Re: Credit One Bank Questions?

Anonymous — Mon, 05 Oct 2009 17:33:34 GMT

OK I went on an app spree as I was starting to read on this site and trying to rebuild. I wasted alot of apps on prime cards before I applied for Credit One. I was going to just garden this one and try for a CLI every 6 months but decided to try for 1 more card so I apped for Household Bank and got approved for their Platinum Mastercard. It looks to be similar in that it had a $39 sign up fee instead of $69 but its annual fee is $74 instead of $69. SO it will be similar but I figured while I went on an app spree if I could add one more card for one more inquiry it would prob be worth it to be able to garden two and help my AAoA later and lucked up and got approved. Card should be here in 10-14 days so when I get it I will garden these two and app for CLI every 6 months and reevaluate about this time next year with 1 year good payment history on each and by then our auto loan should be reporting and we should have about 14 months positive history on it and hopefully our scores will be in the high 600's by then.

Re: Credit One Bank Questions?

BungalowMo — Mon, 05 Oct 2009 19:49:33 GMT

I have a Credit One card too. My initial limit was $350. I had just happened tobe on the ph one day with a csr & she told me I was eligible for a CLI...do I want it? You Bet! $100. Now, every 6 mos I ask for another increase & get it.

If you're considering switching banks...go to wherever...let them know your main goals. Tell them you need free bill pay, also ask what are the criteria for a CC through them! You may have to start with a secured card. I have wachovia. I had low 6's when I apped online for a card...I got 7k!

I cried! I couldn't believe that I got a card with that kind of limit, NO FEES and my average int rate has been about 9%.

Find yourself a good bank to stick with for the long haul.

Also....right now I have ao bal on my Cr One...in fact, my balance is a -$20.00 Yes...negative. That way if I don't use the card, the monthly fee is already covered. They tripped my up a few mos ago. I knew I was PIF, didn't use the card all month...then next statement had something like a $35.00 balance due to late fees! I had totally forgotten about the $6.50 monthly fee!

I called, spoke with a manager (csr was clueless...said I had to pay) & I got the late fee removed. Now...my backside is covered!

This is a good card to start with, but after maybe 6 mos...try with a good reputable bank in your town, or better yet...a credit union. Better cards, they will know you and their fees won't kill ya!!

Re: Credit One Bank Questions?

Anonymous — Mon, 05 Oct 2009 21:12:28 GMT

Thanks for the advice. Where I live there are NO national or even large chaing banks. THe largest chain serves all around the state. But I am switching to one that has free billpay and lots of checking/savings/and lending options. They seemed friendly when I talked to them so on the next payday we are switching banks and I will start using their billpay to pay credit one and all my other bills for that matter. The bank I am with now gave me a free student checking when I first moved here so I bit but they are a limited bank only two or three savings options and do virtually no lending. I will just wait til the sixth month and chase that CLI. Until then on to using and PIF to hope I hit the magic usage payment ratio for max CLI.

Re: Credit One Bank Questions?

Karatz — Mon, 05 Oct 2009 21:37:13 GMT

@Anonymous wrote:
Thanks for the advice. Where I live there are NO national or even large chaing banks. THe largest chain serves all around the state. But I am switching to one that has free billpay and lots of checking/savings/and lending options. They seemed friendly when I talked to them so on the next payday we are switching banks and I will start using their billpay to pay credit one and all my other bills for that matter. The bank I am with now gave me a free student checking when I first moved here so I bit but they are a limited bank only two or three savings options and do virtually no lending. I will just wait til the sixth month and chase that CLI. Until then on to using and PIF to hope I hit the magic usage payment ratio for max CLI.

You might consider going over to one of those big credit unions everyone here talks about. Get yourself in for $5-25 and maybe even put a little bit of savings in it. A year from now your scores may well be in the eligible range and having a year history with the credit union may even help you get a card.