topic Re: Credit One is horrendous! in Credit Cards

Credit One is horrendous!

Aiyvega — Wed, 28 Feb 2024 14:09:13 GMT

I have a credit one credit card. I have been working diligently on my credit so I can apply for a mortgage in June. Last month I paid off my credit one credit card, but come statement close date and it says that I have a payment of $20. I figured ok, they charged me interest on a charge I made that month. Again, I pay off the balance and don't use the card at all and I look today and it says I have an $8 balance. WTH? This is robbery, so next month I'm going to overpay the card by $8 and it had better report a $0 balance. Once I get my home, I am closing out this card. Anyone else with similar experience?

Re: Credit One is horrendous!

pizzadude — Wed, 28 Feb 2024 14:47:09 GMT

@Aiyvega wrote:
I have a credit one credit card. I have been working diligently on my credit so I can apply for a mortgage in June. Last month I paid off my credit one credit card, but come statement close date and it says that I have a payment of $20. I figured ok, they charged me interest on a charge I made that month. Again, I pay off the balance and don't use the card at all and I look today and it says I have an $8 balance. WTH? This is robbery, so next month I'm going to overpay the card by $8 and it had better report a $0 balance. Once I get my home, I am closing out this card. Anyone else with similar experience?

These are fees and / or Interest ?

Moving to Credit Cards forum for better visibility.

Re: Credit One is horrendous!

Aiyvega — Wed, 28 Feb 2024 14:50:26 GMT

I'm waiting for them to produce the actual statement, I'm guessing by tomorrow I'll be able to look at it. It has to be fees because how can they charge interest if there is no balance or transactions?

Re: Credit One is horrendous!

pizzadude — Wed, 28 Feb 2024 14:58:26 GMT

@Aiyvega wrote:
I'm waiting for them to produce the actual statement, I'm guessing by tomorrow I'll be able to look at it. It has to be fees because how can they charge interest if there is no balance or transactions?

Yeah I think that some of their cards have annual fees which are maybe billed monthly

Re: Credit One is horrendous!

CorpCrMgr1 — Wed, 28 Feb 2024 15:07:28 GMT

Good luck on your mortgage! Sorry about your Credit One experience.

Re: Credit One is horrendous!

Cowboys4Life — Wed, 28 Feb 2024 15:15:55 GMT

"Anyone else with similar experience?"

It isn't "robbery" it is exactly how CreditOne does business and they are not shy about it. They charge an annual fee and it is billed monthly in $8 increments. They also have no grace period and when you use the card for ANYTHING it immediately starts earning interest. Worse than that if you ask for a CLI they charge a fee for that as well. This has always been known as a bottom feeder of credit cards. If you are practicing AZEO for the anticipated mortgage process just use that $8 monthly charge as the reporting card and make sure the others are reporting zero. It is too high risk to try and game CreditOne.

Re: Credit One is horrendous!

Blender — Wed, 28 Feb 2024 16:19:14 GMT

It's not recommended to open or close accounts before applying for a mortgage, so you'll need to keep an eye on this one and read the terms of your account thouroughly before hand. When you do decide to close the card, do not delete the app and check in on your closed account for months after closure.

Re: Credit One is horrendous!

Brian_Earl_Spilner — Wed, 28 Feb 2024 16:48:04 GMT

@Cowboys4Life wrote:
"Anyone else with similar experience?"

It isn't "robbery" it is exactly how CreditOne does business and they are not shy about it. They charge an annual fee and it is billed monthly in $8 increments. They also have no grace period and when you use the card for ANYTHING it immediately starts earning interest. Worse than that if you ask for a CLI they charge a fee for that as well. This has always been known as a bottom feeder of credit cards. If you are practicing AZEO for the anticipated mortgage process just use that $8 monthly charge as the reporting card and make sure the others are reporting zero. It is too high risk to try and game CreditOne.

You shouldn't make such broad statements. While they are primarily known to service people with less than stellar credit, C1 has over 20 versions of their platinum card with the best version having no annual fee, no monthly fee, 25 day grace period, and better rates than almost all of the prime issuers like chase, Amex, wells, etc. And this was before they wanted to clean up their image and go after prime paper.

Re: Credit One is horrendous!

Brian_Earl_Spilner — Wed, 28 Feb 2024 16:49:18 GMT

@Aiyvega wrote:
I'm waiting for them to produce the actual statement, I'm guessing by tomorrow I'll be able to look at it. It has to be fees because how can they charge interest if there is no balance or transactions?

You can look at an older statement to see if you have a fee billed monthly.

Re: Credit One is horrendous!

NoMoreE46 — Wed, 28 Feb 2024 19:19:04 GMT

OP:

You probably have had this card for over a year now. (1st year AF was $75.) Thereafter, the AF is $99, billed monthly at $8.25...

Re: Credit One is horrendous!

Zosimus — Wed, 28 Feb 2024 21:47:46 GMT

Not 100% true. Credit One is pushing a $0 annual fee 2% cash back card on me through Credit Karma. I haven't pulled the trigger though.

Re: Credit One is horrendous!

7774x — Thu, 29 Feb 2024 19:43:12 GMT

@pizzadude wrote:
@Aiyvega wrote:
I'm waiting for them to produce the actual statement, I'm guessing by tomorrow I'll be able to look at it. It has to be fees because how can they charge interest if there is no balance or transactions?
Yeah I think that some of their cards have annual fees which are maybe billed monthly

That $8 is the annual fee of $100... balance or no balance as long as account open .. give them a call saying you are closing account ...they should take out /reduce fee.. Said before bottom tier credit cards are good if needed.. other wise .. get something better

Re: Credit One is horrendous!

Cowboys4Life — Sun, 03 Mar 2024 21:09:29 GMT

@Brian_Earl_Spilner wrote:
@Cowboys4Life wrote:
"Anyone else with similar experience?"

It isn't "robbery" it is exactly how CreditOne does business and they are not shy about it. They charge an annual fee and it is billed monthly in $8 increments. They also have no grace period and when you use the card for ANYTHING it immediately starts earning interest. Worse than that if you ask for a CLI they charge a fee for that as well. This has always been known as a bottom feeder of credit cards. If you are practicing AZEO for the anticipated mortgage process just use that $8 monthly charge as the reporting card and make sure the others are reporting zero. It is too high risk to try and game CreditOne.
You shouldn't make such broad statements. While they are primarily known to service people with less than stellar credit, C1 has over 20 versions of their platinum card with the best version having no annual fee, no monthly fee, 25 day grace period, and better rates than almost all of the prime issuers like chase, Amex, wells, etc. And this was before they wanted to clean up their image and go after prime paper.

If the OP had their "best version" of a platinum card then they wouldn't be being billed an annual fee monthly. I don't care how many versions of credit cards CreditOne has they are still a bottom feeder and always will be for my credit profile. There are way better cards and creditors to deal with. They can scrub hard but IMO they won't clean up their image as a sub prime lender. If you are happy with them then keep them but far too many people consider them sub prime for me to have one of their cards or to recommend them to anyone.

Re: Credit One is horrendous!

imtherealghost — Mon, 04 Mar 2024 01:31:26 GMT

Paying through credit one they won't let you overpay so what I did to get around it is I would also do a bill payment through my bank. In that situation it will allow you to overpay as it would credit whatever payment amount you make.

Sorry if anyone mentioned this already and I missed it.

Re: Credit One is horrendous!

citymunky — Mon, 04 Mar 2024 02:38:40 GMT

@Cowboys4Life wrote:
@Brian_Earl_Spilner wrote:
@Cowboys4Life wrote:
"Anyone else with similar experience?"

It isn't "robbery" it is exactly how CreditOne does business and they are not shy about it. They charge an annual fee and it is billed monthly in $8 increments. They also have no grace period and when you use the card for ANYTHING it immediately starts earning interest. Worse than that if you ask for a CLI they charge a fee for that as well. This has always been known as a bottom feeder of credit cards. If you are practicing AZEO for the anticipated mortgage process just use that $8 monthly charge as the reporting card and make sure the others are reporting zero. It is too high risk to try and game CreditOne.
You shouldn't make such broad statements. While they are primarily known to service people with less than stellar credit, C1 has over 20 versions of their platinum card with the best version having no annual fee, no monthly fee, 25 day grace period, and better rates than almost all of the prime issuers like chase, Amex, wells, etc. And this was before they wanted to clean up their image and go after prime paper.
If the OP had their "best version" of a platinum card then they wouldn't be being billed an annual fee monthly. I don't care how many versions of credit cards CreditOne has they are still a bottom feeder and always will be for my credit profile. There are way better cards and creditors to deal with. They can scrub hard but IMO they won't clean up their image as a sub prime lender. If you are happy with them then keep them but far too many people consider them sub prime for me to have one of their cards or to recommend them to anyone.

Does Credit One suck...Yes of course. However it seems that the OP( @Zosimus ) didn't read the trems and conditions of the Platinum Visa For Rebuilding Credit Card before accepting the his card. Under rates and fees, the Annual Fee is posted clear and day: †: $75 first year, then $99 annually (billed at $8.25 per month).

Yes they are a sub-prime leader, but they give a chance when my credit was in the dumps and they extended to me the Platinum Visa Perfect For Earning Everyday Rewards with the $39 AF. I never had a real issue with them other that their website and app UI is trash, and payments take forever to post.

Re: Credit One is horrendous!

DaWhole9 — Mon, 04 Mar 2024 04:32:24 GMT

As said...I have a C1 card and it was used when I couldnt get another card. They report monthly and if used they increase your limit automatically and its great to rebuild. Now that I have rebuilt my credit (590 -> 816), I went to cancel my C1, they waived all monthly fees and keep upping my credit limit as a courtesy every 6 months. So I would call them, say you are thinking about closing the account because of the annual fee and low crediyt limit. They should waive the fees and bump your credit limit. They may even credit you a few months you paid the fee.

Re: Credit One is horrendous!

Snoopy916 — Tue, 05 Mar 2024 03:40:37 GMT

When I was getting my mortgage and was trying to do the same thing, I simply did a billpay through my bank for $8.25 BEFORE the statement hit, and it showed a $0 balance when the statement was cut. You cannot do the billpay through their end, because it would result in a credit balance.

Re: Credit One is horrendous!

Zosimus — Tue, 05 Mar 2024 19:16:52 GMT

Sounds like a screwy system. Lots of banks have these problems.

Here's a screenshot from my an account. Apparently, I owe nothing, but I need to pay $15.00 and my available credit is mysteriously $46.12 less than it should be. Obviously, the real situation is that I owe but their system doesn't show it right.