topic Re: Credit One in Credit Cards

Credit One

Lil_Me — Thu, 29 Dec 2011 18:49:18 GMT

I have recently been approved for this card, could someone give me some info on this company?

Re: Credit One

namvet — Thu, 29 Dec 2011 18:58:04 GMT

Credit One is a sub-prime credit card know for use as a rebuilder of poor credit. People with no or limited credit may be approved for this card as well. They are known for very low credit limits and credit line increases. Credit One does report to all 3 bureaus and will help your credit score as long as you pay on time don't charge more that 30% (or so) of your credit line. Don't expect a increase in your credit line anytime soon after opening.

Re: Credit One

Guava — Thu, 29 Dec 2011 19:02:57 GMT

@namvet wrote:
Credit One is a sub-prime credit card know for use as a rebuilder of poor credit. People with no or limited credit may be approved for this card as well. They are known for very low credit limits and credit line increases. Credit One does report to all 3 bureaus and will help your credit score as long as you pay on time don't charge more that 30% (or so) of your credit line. Don't expect a increase in your credit line anytime soon after opening.

+ lots of fees

Re: Credit One

Anonymous — Thu, 29 Dec 2011 19:14:49 GMT

I like Credit One.. .They gave me credit when very few others would... Yes you have to pay an annual fee which i think is billed evenly every month. I started out with $500 in 09 now im at $1050. So if you need to rebuild and no one else will extend you credit..... keep it...

Re: Credit One

Lil_Me — Thu, 29 Dec 2011 20:26:05 GMT

Thank you all, so regardless if I use it or not I will be billed a fee every month?

Re: Credit One

Anonymous — Thu, 29 Dec 2011 20:36:59 GMT

Yes instead of them billing you the annual fee at one time they bill it to you in equal monthly installments.. And yes you will have to pay it whether you use the card or not.

Re: Credit One

Lil_Me — Thu, 29 Dec 2011 20:40:01 GMT

Thank you so much goodgirl-badcredit!

Re: Credit One

lithium78 — Thu, 29 Dec 2011 20:50:32 GMT

One thing you want to look out for is paying the monthly fee immediately as soon as they charge it. Credit One has no grace period, so if you let the fee sit there a few days, they will charge you an extra $1 in minimum interest. They are a very tricky card with all their fees.

Re: Credit One

namvet — Thu, 29 Dec 2011 20:54:15 GMT

@lithium78 wrote:
One thing you want to look out for is paying the monthly fee immediately as soon as they charge it. Credit One has no grace period, so if you let the fee sit there a few days, they will charge you an extra $1 in minimum interest. They are a very tricky card with all their fees. +1

Re: Credit One

LS2982 — Thu, 29 Dec 2011 22:22:21 GMT

@Lil_Me wrote:
I have recently been approved for this card, could someone give me some info on this company?

What other cards do you have??

I'm not a big fan of CreditOne considering they are the only card I have that charges interest as soon as the item posts on your account, There is no grace period. I would recommend SD'ing this card if you have others with decent limits. Maybe run a reaccuring charge though it for activity, but don't use this card for your main purchases because you will pay big on interest!

Re: Credit One

Anonymous — Thu, 29 Dec 2011 23:26:58 GMT

Secured credit cards are often a less expensive way to go.

Re: Credit One

JusdoNit — Thu, 29 Dec 2011 23:41:20 GMT

@Lil_Me wrote:
Thank you all, so regardless if I use it or not I will be billed a fee every month?

They will send you the card they wiil put it on your credit report. YET, if you never activate it or respond to them at all. You will only see $1 charge after they close the card. Then you call and tell them you did not accept their offer.

NO cards that have an annual fee. Not to mention those outrageous fees.

I do not know your particular situation, but I am a firm believer that you can save your own money. If you meet the requirements you can just save those fees and apply towards a secured card with BOA or a credit union and watch your scores go up.

Please research and find comparable solutions instead of extreme fee cards.

Hoping it all works out.

Re: Credit One

Lil_Me — Fri, 30 Dec 2011 12:58:27 GMT

LS2982,

I have two Capital One Cards, an Orchard Bank card, a Von Maur card, and a Firestone card. So I am doing pretty good, I just think I'm addicted to the "Congratulations you're approved." So I should accept this card huh?

JusdoNit,

Thanks for the advice!

Re: Credit One

LS2982 — Fri, 30 Dec 2011 15:50:53 GMT

@Lil_Me wrote:
LS2982,

I have two Capital One Cards, an Orchard Bank card, a Von Maur card, and a Firestone card. So I am doing pretty good, I just think I'm addicted to the "Congratulations you're approved." So I should accept this card huh?

JusdoNit,

Thanks for the advice!

If I were you I would stick with the Cap1 and orchard cards. CreditOne may be a TL but it is a expensive one!

Re: Credit One

zullyquirke — Wed, 25 Jan 2012 15:39:45 GMT

I actually haven't had an annual fee pop up on my Credit One card. I opened it back in September and all I've seen is my monthly charges. How strange!

Re: Credit One

Anonymous — Wed, 25 Jan 2012 15:47:49 GMT

@zullyquirke wrote:
I actually haven't had an annual fee pop up on my Credit One card. I opened it back in September and all I've seen is my monthly charges. How strange!

no monthly fee?

Re: Credit One

RyVision — Wed, 25 Jan 2012 15:56:34 GMT

Zully, I mistakenly took the offer they sent me thinking it was a Cap 1 offer, they came about the same time (I had already had a Cap 1 for a year at that point). The first year's fee was billed on the first statement, the next year fee will be billed monthly in equal amounts. So I'm keeping the thing until a couple months before the fee could start again (since I already paid for it for the first year). You may have gotten an offer that waived the first years fee, I've heard they do that sometimes. They're a TL but not something I'd recommend if someone can get Cap 1 or a good secured card.

I now research any card before I take their offer or apply for one to avoid such a mistake again (I got an offer from Merrick last summer, shredder because of said research). Now I just try to warn others to research and take advantage of these forums and their info. I'm just glad it didn't prevent me from getting better cards by showing on my reports (something I've heard can happen on occasion).

Re: Credit One

zullyquirke — Wed, 25 Jan 2012 16:39:45 GMT

That must be it. I have no monthly fee and no annual fee. The only extra items I end up with are that 1% interest if I don't pay off completely right away before the bill is up. Encouragement to pay in full every month, I call it.

Re: Credit One

Anonymous — Wed, 25 Jan 2012 20:11:57 GMT

Like a couple of others, they extended me credit way-back-when.

I still have it actually.

But yes there is the annual fee broken up monthly and the APR is in the 24% range.

I charge Netflix on it and pay it right away online lol

Re: Credit One

atarvuzdar — Wed, 25 Jan 2012 20:25:39 GMT

In Dec 2011 I applied for this card after getting a pre-approved offer in the mail. Got approved for $400. Got the card in the mail and activated it. After reading up on them, I realized I didn't want the headache and didn't need the credit card that bad so called them back and asked them to waive the AF. They didn't so I said, ya know what, I changed my mind, I'd like to cancel the card. Since I hadn't made a purchase on the card and hadn't yet made a payment the card was closed with no issues. A little red in the face for allowing the inq on my reports (I know it's on my Exp, not sure of the others), but very happy to have dodged the fee-after-fee bullet. Definitely can understand that some people don't have a choice and need to establish credit one way or another so I'm not knocking Credit One, but I've got 2 Cap 1's with lower AF's and (slightly) higher limits so felt it was better to just not bother with a low limit and a high AF.