topic Re: Offer from CreditOne - Shredder? in Rebuilding Your Credit

Offer from CreditOne - Shredder?

ORllyNao — Fri, 28 Aug 2015 17:23:09 GMT

Got a prequal offer from Credit One, but from what I've read, they are absolutely horrible to deal with. At this point, I'm not sure I even need another CC, anyway, and didn't plan on opening any more cards until I get to where I qualify for better ones.

I currently have:

Cap 1 Sec (300 limit)

Cap 1 Platinum (500 limit)

VS and Ann Taylor (both 250 limits)

I'm good with those, yeah?

Re: Offer from CreditOne - Shredder?

morgacj2004 — Fri, 28 Aug 2015 17:42:04 GMT

You don't need Credit One. Continue to utilize your Cap One to the max making mutliple payments each month PIF if you can every month and then work on CLI. Eventually you can apply for another Unsecured CO. Credit One is ok for those straight out of BK or those with very low scores that can't get in with other lenders. However Credit One charges fees for everything!!

Re: Offer from CreditOne - Shredder?

Anonymous — Fri, 28 Aug 2015 18:38:47 GMT

@ORllyNao wrote:
Got a prequal offer from Credit One, but from what I've read, they are absolutely horrible to deal with. At this point, I'm not sure I even need another CC, anyway, and didn't plan on opening any more cards until I get to where I qualify for better ones.

I currently have:

Cap 1 Sec (300 limit)
Cap 1 Platinum (500 limit)
VS and Ann Taylor (both 250 limits)

I'm good with those, yeah?

I had Credit One for 1 year, to help me rebuild. Their AF, no grace period and APR are horrible.

At the 1 year mark I had increased my score enough for better cards so I promptly cancelled Credit One

Re: Offer from CreditOne - Shredder?

MRsolis — Fri, 28 Aug 2015 18:40:08 GMT

You don't need Credit One but honestly I have a Credit One Card and a First Premier card for over 2 years and have never had any issues with them. They respond quickly to inquiries online, they pick up their customer service line pretty quick, and since I use my banks bill pay I have never had a problem with them not receiving or posting a payment.

Honestly with any subprime lender I have had to use including my auto loan I have never had ANY problems with payments or customer service.....Yes they charge fees and are usually much more expensive than cards offered by Capital One or Chase but it is clearly stated in the terms which should be read.

In fees I give Credit One 2 out of 5 stars but in service and ease of use I give 5 out of 5.

no offense but usually bad reviews from sub prime lenders tend to be from people who pay late and want to play the victim and never really tell the full story.......My two cents

In your case Shred it though because you do not need the card

Re: Offer from CreditOne - Shredder?

Anonymous — Fri, 28 Aug 2015 19:01:04 GMT

@morgacj2004 wrote:
Credit One is ok for those straight out of BK or those with very low scores that can't get in with other lenders. However Credit One charges fees for everything!!

Honestly, if people actually sat down and did the math on how much they'll be paying in fees and interest for a Credit One card, they'd realize they're better off just putting together a few hundred bucks and opening a secured card from one of the many lenders that will give them with no credit check, no AF, and a grace period. The odds are very good that you're going to be paying as much or more in fees and interest over the course of 2 years(which is a decent level of "seasoning" for a rebuild account) than the minimum deposit for some of the decent secured cards available, and you get that deposit back with secured cards. You'll never see those fees and interest payments again with a Credit One or its ilk.

Re: Offer from CreditOne - Shredder?

rb404 — Fri, 28 Aug 2015 19:48:12 GMT

I have Credit One and have had no problems. They post payments quickly, the web portal is easy to navigate, and they have alerts you can set up like most other cards. its simply a stepping stone as any other secured card. Just be smart in how you use it.

Re: Offer from CreditOne - Shredder?

MzOptimistic — Fri, 28 Aug 2015 20:17:55 GMT

I have Credit One also. I got the card straight a couple of days after my BK was discharged. I will definitely drop them after this year is up. I only spend about $30 dollars so it's not really hurting me but yesssss, I'm done with this card after the year is up. I just wanted to have three credit cards to optimize my credit scores so it's serving its purpose but you are doing fine so far so you don't need it.

Re: Offer from CreditOne - Shredder?

Anonymous — Fri, 28 Aug 2015 21:26:31 GMT

Halloween is coming soon. Around here a lot of folks bring firepits to the front yard and give out candy around the fire.....that CreditOne prequal letter might make a great start to a fire.

Re: Offer from CreditOne - Shredder?

SunriseEarth — Fri, 28 Aug 2015 23:11:54 GMT

@ORllyNao wrote:
Got a prequal offer from Credit One, but from what I've read, they are absolutely horrible to deal with. At this point, I'm not sure I even need another CC, anyway, and didn't plan on opening any more cards until I get to where I qualify for better ones.

I currently have:

Cap 1 Sec (300 limit)
Cap 1 Platinum (500 limit)
VS and Ann Taylor (both 250 limits)

I'm good with those, yeah?

As a former customer of CreditOne, I only recommend them if no one else will give you credit. Since Cap One and Comenity are clearly willing to work you, I think you can safely ignore the CreditOne offer.

Re: Offer from CreditOne - Shredder?

Anonymous — Fri, 28 Aug 2015 23:37:27 GMT

One thing I never liked about Credit One is that every time I made an online payment they required me to enter my phone number and forced me to select a checkbox that I acknowledged they would use my phone number for telemarketing purposes. If I didn't do that I could not make my payment online, After the first payment telemarketers began calling me, after that time I started entering Credit One's support phone number so they could robo-call themseleves

Re: Offer from CreditOne - Shredder?

ORllyNao — Fri, 28 Aug 2015 23:40:49 GMT

@AhmedInVA wrote:
One thing I never liked about Credit One is that every time I made an online payment they required me to enter my phone number and forced me to select a checkbox that I acknowledged they would use my phone number for telemarketing purposes. If I didn't do that I could not make my payment online, After the first payment telemarketers began calling me, after that time I started entering Credit One's support phone number so they could robo-call themseleves

OMG that is brilliant! LOL!

Re: Offer from CreditOne - Shredder?

Rebuilding69 — Sat, 29 Aug 2015 02:05:22 GMT

As far as talking about the interest on rebuilder cards, I dont know why anyone would ever carry a balance on a rebuilder card of that ilk in the first place.

I have a feeling most of the negative reviews about these cards are from folks trying to live off them, which means they are doing it way wrong.

I've never had a problem with the apr's on those cards since I didnt carry balances.

Yes they have AF's like most rebuilder cards.

Re: Offer from CreditOne - Shredder?

J91605 — Sat, 29 Aug 2015 05:26:16 GMT

@Rebuilding69 wrote:
As far as talking about the interest on rebuilder cards, I dont know why anyone would ever carry a balance on a rebuilder card of that ilk in the first place.

I have a feeling most of the negative reviews about these cards are from folks trying to live off them, which means they are doing it way wrong.

I've never had a problem with the apr's on those cards since I didnt carry balances.

Yes they have AF's like most rebuilder cards.

Yes but Credit One also charges interest from the time of purchase.

Re: Offer from CreditOne - Shredder?

darwin_wins — Sat, 29 Aug 2015 05:59:31 GMT

@J91605 wrote:
@Rebuilding69 wrote:
As far as talking about the interest on rebuilder cards, I dont know why anyone would ever carry a balance on a rebuilder card of that ilk in the first place.

I have a feeling most of the negative reviews about these cards are from folks trying to live off them, which means they are doing it way wrong.

I've never had a problem with the apr's on those cards since I didnt carry balances.

Yes they have AF's like most rebuilder cards.
Yes but Credit One also charges interest from the time of purchase.

This. When I had no credit, I just stuck that period out with just my debit card. After 3 years of not using any credit card, I pulled a trigger with Cap One and I think it is better to wait than use Credit One. I still get their offers which go straight to the bin.

Re: Offer from CreditOne - Shredder?

_NERD — Sat, 29 Aug 2015 10:16:34 GMT

I was about to protest the shredding of a Cap One offer. I had to lean back and have someone show me how to Douglass before I saw it was actually Credit One being discussed.

Carry on to the shredder, Jedi.

Re: Offer from CreditOne - Shredder?

Rebuilding69 — Sat, 29 Aug 2015 11:04:51 GMT

@J91605 wrote:

@Rebuilding69 wrote:
As far as talking about the interest on rebuilder cards, I dont know why anyone would ever carry a balance on a rebuilder card of that ilk in the first place.

I have a feeling most of the negative reviews about these cards are from folks trying to live off them, which means they are doing it way wrong.

I've never had a problem with the apr's on those cards since I didnt carry balances.

Yes they have AF's like most rebuilder cards.

Yes but Credit One also charges interest from the time of purchase.

Which isnt a problem unless you sit on the balance lol.

Re: Offer from CreditOne - Shredder?

Anonymous — Sat, 29 Aug 2015 17:03:06 GMT

FIRE!
I agree with Cruznmore.
Burn it!

Halloween is too far off.

Re: Offer from CreditOne - Shredder?

Anonymous — Sat, 29 Aug 2015 18:57:39 GMT

Rebuilding69 wrote:

Which isnt a problem unless you sit on the balance lol.

With a good secured card that anyone can get with a small deposit, you only have to worry about paying in full by the due date to avoid interest charges. Just like anyone else with a decent credit card.

To avoid interest with a Credit One or its ilk, you have to, after every single purchase, keep checking your account until the charge posts(which can take days) and pay if off the day you see it post. And then, you have to hope your payment posts that day, because if it posts the next day, you won't have paid it off. You'll have paid off the initial charge, and have a balance of the interest that accrued over night. I guess the other option is to post credits to your account in advance of the charge posting, but I'm not sure if they allow that as I never signed up for one of those cards after reading their terms. I know some creditors don't like that.

The point is, someone using credit card best practices as advocated here and anywhere else people know what they're talking about with regards to credit, that person will pay interest with a Credit One type card where they wouldn't with the vast majority of other credit cards.