topic Re: Credit One Bank Visa? in Credit Cards

Credit One Bank Visa?

Anonymous — Thu, 06 Mar 2008 20:35:00 GMT

I am newly trying to imporve my credit rating. I have a middle score of 575 and have no revolving lines of credit. I had several that I defaulted on that are scheduled to drop off my report in August. I got a preapproved offer in the mail for a Platinum Visa from Credit oNe bank, just wondering if any of you has gotten the same offer, and if its a good card to have to start improving my score? Do they report my credit limit, etc? Any info would help, thanks!

Re: Credit One Bank Visa?

kobe81 — Thu, 06 Mar 2008 20:37:12 GMT

I had it, and reports to all the major CB's every month. I just closed it a few days ago, because I now have prime cards.

Re: Credit One Bank Visa?

Red1Blue — Thu, 06 Mar 2008 20:49:42 GMT

I have this card for last 2 1/2 years. I never had any problems with the card. I started out with CL of $300 and now I am at $800. It is a good starter card to get started with Credit Building / Rebuilding.

Re: Credit One Bank Visa?

llecs — Thu, 06 Mar 2008 20:53:43 GMT

Like Kobe, I too have Credit One and I too will close it very, very soon. I'm replacing my lesser cards with more prime higher-limit cards.

For 6-7 years, I didn't have any CCs and Credit One came along too with a pre-approval this past August. They served their purpose well. Most start with $200 with a max allowed of $1000, last I checked. They charged an annual fee up front, monthly fees, other fees. I remember with my $200 approval, I started my first month with $75. I did make the first payment in full and received an auto CLI of an additional $100. They will charge a monthly fee of $5 or $6 and they will charge you to pay online (was $6 now it is $8). From experience, if you lose the card, they'll charge $25 and open a second acct on your CR, while continuing to report on the old for 3-4 months longer). They reported everything else just fine. Approved with 545 on EX.

Re: Credit One Bank Visa?

Anonymous — Thu, 06 Mar 2008 21:12:32 GMT

Hi photobywes, and welcome to the forum! There's a wealth of information here and lots of knowledgeable people to help you on your credit journey.

IMO, it is a great card to start building credit with. Use it, NEVER be late, NEVER go over your credit limit. it will report positively on your credit report.

With that said it should be considered a temporary card. Over time you will get better offers in the mail, and eventually you will want to close the card. But by that time it will have served its purpose.

I'd say go for it.

Re: Credit One Bank Visa?

Anonymous — Thu, 06 Mar 2008 21:23:55 GMT

IMO...The card refered to above sounds like the costs are very high to use the online payment, you may save a little money and try for one of the HSBC cards they don't charge for using their online payments. I had one for a rebuilder and they report on the 31st of each month.

Re: Credit One Bank Visa?

Geordi — Thu, 06 Mar 2008 21:24:13 GMT

Well, I have had a Credit One Bank Visa for about 6 months. They just gave me a $100 CLI last month.

I have been going back and forth on whether or not I should just close the account for the TL. However, in the past 45 days, I got a Hooter's Card, (2) NFCU cards, and a Target Red Card.

After reading this thread, I called and canceled just a few moments ago. They have to send me back the $30 credit that I had on the account that auto paid the monthly fee.

On another note, I have been trying to cancel my other low limit card, Best Buy RewardZone MC. First time I called they credited half the annual fee ($39.50) which will be due in April. Second time I called, 10 days later, they credited the full annual fee ($79) to my account.

So now my BB RZMC sits in the SD with a credit of $118.50. I guess I will let it ride for another year since they are paying for it