topic If you're rebuilding, why the hate on CreditOne? in Rebuilding Your Credit

If you're rebuilding, why the hate on CreditOne?

Anonymous — Wed, 16 Sep 2015 22:02:51 GMT

Yes, they had an intial up-front annual fee of $45, but aside from that, I've charged plenty on it, paid it in full before the first due date, have a current $0 balance, haven't been charged any other various charges. It seems to work just like my other two Capital One cards. Not sure why there is so much hate for a company that gives fairly generous limits ($1,000 unsecured for me) right after BK?

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Wed, 16 Sep 2015 22:06:51 GMT

They've been alright by me so far.... Even gave me an extra cli after the first month. The idea that a uw could see that you had credit issues in the past by having this card is real mute point for anyone out of BK. I believe the whole BK on the report will speak for it self on credit issues in the past....

Re: If you're rebuilding, why the hate on CreditOne?

MRsolis — Wed, 16 Sep 2015 22:42:47 GMT

I agree. Honestly I have never had any problems with either Credit One or First Premier but Credit One has been much easier to work with and more generous. Credit one was quick to give me a $200 CLI and any time I have had issues their customer service has always resolved the issues quickly. Honestly I have never really had any problems with any subprime lenders so far....hope I don't jinx it but yeah just use them while you need them and once they have helped you then move on to better things.

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Thu, 17 Sep 2015 04:18:18 GMT

I'll give you one good reason. They are a wholly owned subsidiary of Sherman Financial Group:

https://en.wikipedia.org/wiki/Credit_One_Bank

Who is Sheman Financial Group? Well, they are LVNV LLC and Resurgent Capital LLC, among others. If you've been here long you've no doubt heard those names.

http://www.fairusenotabuse.com/lvnv-funding-sherman-resurgent/

"Sherman is an integrated financial services company engaged in purchasing and servicing receivable portfolios acquired at a discount, and originating and servicing credit card receivables." In short - they are a Junk Debt Buyer, and one of the biggest. They were also one of the companies who had the hammer dropped on them last year by the state of New York:
http://www.bloomberg.com/news/articles/2014-05-08/sherman-pra-drop-16-million-debt-collection-in-new-york

I consider them "the enemy". If you want to sleep with the enemy thats fine, but at least you should know who they are first.

You can rebuild without those vultures trying to pick your bones clean from both ends. I am.

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Thu, 17 Sep 2015 04:08:56 GMT

They were one of the first two CCCS to offer me a card, and I appreciate it. Orchard Bank was first and my account went to Cap1.

They charged me a setup fee. They charge me an annual fee, divided into monthly payments.

They gave me CLIs, but I had to buy them.

They want me to choose a new card design, for a fee. They want me to add an AU, for a fee.

The APR is very high. There is no grace period on purchases.

I feel like I have grown and they wont grow with me, like lower my APR and eliminate my annual fees.

I will be closing it out before the end of the year. I have better cards with better limits now and I can cover the UTI I will lose..

But I am very grateful they were there when I needed them.

Re: If you're rebuilding, why the hate on CreditOne?

pipeguy — Thu, 17 Sep 2015 10:49:16 GMT

Payday lenders have supporters too, I see it all the time in my business - do a bit of digging and you'll see that the bottom feeder so called credit cards expect and price in a very high default rate which you pay for with fees and APR rates - you are much better off paying cash. As far as rebuilding, use a secured card until you can get a Capital One unsecured and add an easy to get store card such as Walmart or VS.

Those that choose to use CreditOne and Payday lenders are not helping their cause just making those blood suckers richer.

IMO of course.

Re: If you're rebuilding, why the hate on CreditOne?

securingourfuture — Thu, 17 Sep 2015 10:54:07 GMT

Lack of grace period!! If you carry a balance for a month or two, it feels like 4-5 months before you give them their last $1.22. Ugh!

I closed mine the moment Barclays extended credit. It's been 4 glorious months.

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Thu, 17 Sep 2015 14:34:38 GMT

I'm still very early in rebuilding - about a month in. I received a pre approval for this card for $500 , I jumped at the opportunity without doing much research. Agh! Now that I've read the reviews, I'm honestly terrified of some of the business practices that people have experienced with this company - especially when trying to close the card! The card is in the mail, I'm going to pay the super high annual fee and sock drawer this thing for the next 6 months and hopefully cancel before I have to pay their annual fee again. Even though it's $500 it should help my utilization. I'm glad to hear that there are people that il have not had any issues with this card though! I did open a capital one secured, FNBO kickstart and open sky too. I don't think I made a smart move opening this card, especially since I openws 3 secured. Credit one free is higher than all three secured cards - combined.

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Thu, 17 Sep 2015 17:24:06 GMT

@Anonymous wrote:
I'm still very early in rebuilding - about a month in. I received a pre approval for this card for $500 , I jumped at the opportunity without doing much research. Agh! Now that I've read the reviews, I'm honestly terrified of some of the business practices that people have experienced with this company - especially when trying to close the card! The card is in the mail, I'm going to pay the super high annual fee and sock drawer this thing for the next 6 months and hopefully cancel before I have to pay their annual fee again. Even though it's $500 it should help my utilization. I'm glad to hear that there are people that il have not had any issues with this card though! I did open a capital one secured, FNBO kickstart and open sky too. I don't think I made a smart move opening this card, especially since I openws 3 secured. Credit one free is higher than all three secured cards - combined.

I recommend that you do not take the paperless billing option and that you check online and the paper statement more than once a month.

If you have to make a payment, push the payment from another financial institution that is prompt, and send it several days earlier than required.

Just keep a close eye on your account and it will be fine.

hth

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Thu, 17 Sep 2015 17:59:20 GMT

@Anonymous wrote:
@Anonymous wrote:
I'm still very early in rebuilding - about a month in. I received a pre approval for this card for $500 , I jumped at the opportunity without doing much research. Agh! Now that I've read the reviews, I'm honestly terrified of some of the business practices that people have experienced with this company - especially when trying to close the card! The card is in the mail, I'm going to pay the super high annual fee and sock drawer this thing for the next 6 months and hopefully cancel before I have to pay their annual fee again. Even though it's $500 it should help my utilization. I'm glad to hear that there are people that il have not had any issues with this card though! I did open a capital one secured, FNBO kickstart and open sky too. I don't think I made a smart move opening this card, especially since I openws 3 secured. Credit one free is higher than all three secured cards - combined.
I recommend that you do not take the paperless billing option and that you check online and the paper statement more than once a month.

If you have to make a payment, push the payment from another financial institution that is prompt, and send it several days earlier than required.

Just keep a close eye on your account and it will be fine.

hth

I would suggest paying the full statement balance the day after the statement cuts.

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Fri, 21 Jul 2017 12:36:04 GMT

The security deposit was fair, their CL increases are fair. It's not their fault our credit sucks. I've had my card since Jan. of this year and have already received a $300 increase. I keep a balance and make payments before the due date. Make a payment over the minimum req'd bi-weekly, then watch your credit score go up for sure.

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Fri, 21 Jul 2017 14:37:54 GMT

I wanted to get their card. I was tempted. I buckled down and improved my baddies. Ask a credit union for assistance and they approved me. I've slowly got my baddies off. Now I applied for the qs1. They approved me 300$. That's perfect.

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Fri, 21 Jul 2017 15:24:18 GMT

I agree wholeheartedly. They were my first card after a BK in which I burned nearly every big bank imaginable. I started at $1500 and even two years post BK, they were still my highest limit V/MC at $2450. I easily rationalized the fees as a small cost for the good of my rebuild.

I closed them when I got 90-ish day increases with NFCU and PenFed to $20k and $18k, but I have nothing bad to say about them. Monitor your account, stay on top of your payments (and their wacky availability schedule) and close them when the time comes. They served their purpose well.

Re: If you're rebuilding, why the hate on CreditOne?

Anonymous — Fri, 21 Jul 2017 17:46:35 GMT

Credit One is NOT Capital One! They very obviously try to be deceptive and make being think they are Capital One. Hell, look at their logos.

Capital One is a legitimate banking and credit institution. Credit One tries to utilize CapOne's reputation while marketing towards low credit individuals, using cards with fees.

If you're going to use Credit One, I'd cancel as soon as you have some actual reputable cards.