topic Re: CreditOne Bank Credit Increase question ??? in Credit Cards

CreditOne Bank Credit Increase question ???

dzemboc77 — Wed, 22 May 2013 19:50:52 GMT

Hey guys, Working on rebuilding my credit and things are going good. I had a quick questions with Credit 1 bank. I know with Walmart you can do a credit line increase online and they do not check your credit. I started out with a $250 Credit one limit. They bumped me to $400 after a few months. I got a offer when I went to check my account saying pre approved for credit increase $200 for a 19.99 fee. The only information it asked was monthly income , there was no disclaimer saying anything about credit inquiry similar to walmart. I have too many inquires right now and even with a limit increase its not worth it for me if its going to +1 the inquiry list.

Does anyone know if they do pull your credit for this ???

Re: CreditOne Bank Credit Increase question ???

tcbofade — Wed, 22 May 2013 19:53:47 GMT

Um, walmart DOES check your credit. It's a soft pull, not a hard pull, so there isn't an inquiry, but yes, they DO look at your credit.

Credit One does the same thing. So, if your only concern is an inquiry, go ahead...it won't show. Is paying $20 for an increase OK with you?

Re: CreditOne Bank Credit Increase question ???

dzemboc77 — Wed, 22 May 2013 19:57:44 GMT

For right now $20 is alright by me. It sucks yes, but I need to get my credit lines up as I'm hoping to buy a house next year. The 1 crap card I have charges $70 for a yearly membership for a crappy $250 CL. Its the price I pay for not being responsible when I was younger. When I'm dining in the Garden things will be diffrent.

Re: CreditOne Bank Credit Increase question ???

rebuildingincb — Wed, 22 May 2013 19:59:10 GMT

I just got an increase on mine last month, they didn't do a pull on mine, but it was my one year anniversary with them.

Re: CreditOne Bank Credit Increase question ???

zerobacan — Wed, 22 May 2013 20:00:33 GMT

if they pre aproved you, they already sp you... go ahead and do it if you want it. I accepted my 100 **bleep** cli for 19.99 about 2 months ago, when I was getting no love from no one. my biggest tl was 1k a CU, look at my siggy now

Good luck!

Re: CreditOne Bank Credit Increase question ???

dzemboc77 — Wed, 22 May 2013 20:01:56 GMT

yeah now that you mention it I think its been over a year now this month.

Re: CreditOne Bank Credit Increase question ???

shols44 — Wed, 22 May 2013 21:15:15 GMT

@dzemboc77 wrote:
yeah now that you mention it I think its been over a year now this month.

I would advise against paying creditone for a CLI. A 200 won't do much for your fico wise unless your Util is suffering. You'd be better off contacting Cap One EO (via email) and requesting a CLI, Annual fee waiver and rewards addition. You are likely to get all 3 if you have had the card 6-9 months-ish.

I would close creditone before your annual fee posts and app for a second capone card. Creditone will continue to report for the next 10 years. Dump them, dump them hard.

Don't take the CLI bro (or sis)!

Re: CreditOne Bank Credit Increase question ???

rebuildingincb — Wed, 22 May 2013 21:48:40 GMT

@shols44 wrote:
@dzemboc77 wrote:
yeah now that you mention it I think its been over a year now this month.
I would advise against paying creditone for a CLI. A 200 won't do much for your fico wise unless your Util is suffering. You'd be better off contacting Cap One EO (via email) and requesting a CLI, Annual fee waiver and rewards addition. You are likely to get all 3 if you have had the card 6-9 months-ish.

I would close creditone before your annual fee posts and app for a second capone card. Creditone will continue to report for the next 10 years. Dump them, dump them hard.

Don't take the CLI bro (or sis)!

I didn't look at the $20 as breaking the bank to rebuild my credit, and happily took my measly $100 CLI to bring me to $1k total cc. When you are in the mid to upper 500's FICO, you take what you can get, not only for uitilization and continued history, but for convenience. I pay all mine off every month (other than my Helzberg) and with small limits like mine $100 helpful. It didn't bother me I guess is what I am saying. I will keep my Credit One and my FP (anniversary coming in July) until I can get better cards with $1k-$5k limits, then I will happily dump them.

Re: CreditOne Bank Credit Increase question ???

shols44 — Wed, 22 May 2013 22:02:49 GMT

I didn't look at the $20 as breaking the bank to rebuild my credit, and happily took my measly $100 CLI to bring me to $1k total cc. When you are in the mid to upper 500's FICO, you take what you can get, not only for uitilization and continued history, but for convenience. I pay all mine off every month (other than my Helzberg) and with small limits like mine $100 helpful. It didn't bother me I guess is what I am saying. I will keep my Credit One and my FP (anniversary coming in July) until I can get better cards with $1k-$5k limits, then I will happily dump them.

I understand what you are saying. You can find a post or two from me defending the use of creditone to the objection of many forum members. I had a creditone card with a 300 limit for exactly 11 months. They offered me $100 CLI for a fee at about month 4. I refused. They tried to charge me $9 to close my account. I refused. I simply put whatever I had to spare in my secured capone and grew that to the max. When the time was right, I apped for a second capone card which grew with EO intervention at month 7.

I see why somone might be willing to pay creditone, I am merely stating an alternative strategy. Especially since 300CLI growing to a 400 CLI doesnt translate into a score improvement. I just rather you kept the money and grow your credit coffers in another way.

Re: CreditOne Bank Credit Increase question ???

rebuildingincb — Wed, 22 May 2013 23:33:38 GMT

@shols44 wrote:
I didn't look at the $20 as breaking the bank to rebuild my credit, and happily took my measly $100 CLI to bring me to $1k total cc. When you are in the mid to upper 500's FICO, you take what you can get, not only for uitilization and continued history, but for convenience. I pay all mine off every month (other than my Helzberg) and with small limits like mine $100 helpful. It didn't bother me I guess is what I am saying. I will keep my Credit One and my FP (anniversary coming in July) until I can get better cards with $1k-$5k limits, then I will happily dump them.
I understand what you are saying. You can find a post or two from me defending the use of creditone to the objection of many forum members. I had a creditone card with a 300 limit for exactly 11 months. They offered me $100 CLI for a fee at about month 4. I refused. They tried to charge me $9 to close my account. I refused. I simply put whatever I had to spare in my secured capone and grew that to the max. When the time was right, I apped for a second capone card which grew with EO intervention at month 7.

I see why somone might be willing to pay creditone, I am merely stating an alternative strategy. Especially since 300CLI growing to a 400 CLI doesnt translate into a score improvement. I just rather you kept the money and grow your credit coffers in another way.
I am doing the same thing, growing my Cap1 secured, just got it a few weeks ago and already added $100 to it. What I like about having the 3 cards is I can play the PIF before statement game and they all have different statement dates, gives me more convenience for usage. But, that's just me. My goal is to rid myself of both Credit One and FP before their second aniversary, which I should be able to do, and in the meantime grow my secured line to $1.5k or so.

Re: CreditOne Bank Credit Increase question ???

rebuildingincb — Thu, 23 May 2013 11:12:50 GMT

Just got a Score Watch Alert this morning, my EQ score went up 10pts. Two things changed: my $100 Credit One increase, and I learned to pay my balance down before statement date (thanks to this forum!), so my Credit1 card shower $226 balance on $300 limit last month, and $25 balance on $400 limit this month. Other thing was my Helzberg balance went down from $1555 to $1406 ($2100 limit)

Anyway, since I started here, my FICO EQ has gone from 566 to 579 in only 3 weeks, so far to go still but I like seeing progress!

Re: CreditOne Bank Credit Increase question ???

blunderer — Thu, 23 May 2013 11:23:44 GMT

Congrats!

It is good to see progress especially in a short period of time.

Stay encouraged on your road to rebuilding.