topic Re: Credit One in Rebuilding Your Credit

Credit One

FLSnowpiercer — Fri, 13 Jan 2023 16:28:12 GMT

So I'm starting my rebuilding process and credit one already sent me an approval but everything I see on them seems to bash them. How bad are they really

Re: Credit One

Scottisthename — Fri, 13 Jan 2023 16:53:02 GMT

I have three accounts with them, the oldest five years. In the beginning every payment I made was held for about one week before available credit updated. After about a year now all payments update the available credit in a couple days.

each account has received credit limit increases every six months.

with the exception of that first year or two I have not paid them any annual or monthly fees if they post I call and they give me the "valuable customer" fee credits and sometimes a credit limit increase.

had fraud once a few years ago and as I recall it was not as easy to resolve compared to the big banks.

never paid them for a CLI or cashed one of their silly checks

my first card with credit in the toilet was $350 I now have $5550 in limits with them.

Re: Credit One

7774x — Fri, 13 Jan 2023 17:18:03 GMT

@FLSnowpiercer wrote:
So I'm starting my rebuilding process and credit one already sent me an approval but everything I see on them seems to bash them. How bad are they really

They have high Aprs, AF, wait 3-5 days for account payments to be available ,may charge Interest immediately on purchases.. sometimes charge for CLIs.. Customer service .. spotty. But if need a credit card .. non other to be had ..grab it

Re: Credit One

OmarGB9 — Fri, 13 Jan 2023 17:31:05 GMT

I guess it depends which version you're approved for. If you're approved for the bottom-of-the-barrel, high AF, no grace period, sky-high APR version, then it's pretty bad.

However, they do offer versions of their card with no/low AF, normal grace period and only moderately high APR. Those are...decent I guess. However, I will say they are better than some other subprime lenders such as First Premier.

Re: Credit One

7774x — Fri, 13 Jan 2023 17:53:54 GMT

@OmarGB9 wrote:
I guess it depends which version you're approved for. If you're approved for the bottom-of-the-barrel, high AF, no grace period, sky-high APR version, then it's pretty bad.

However, they do offer versions of their card with no/low AF, normal grace period and only moderately high APR. Those are...decent I guess. However, I will say they are better than some other subprime lenders such as First Premier.

Credit one has a 5% back card .. with a $95 AF .. with the 25 day grace period

Re: Credit One

SKBirdmind — Fri, 13 Jan 2023 18:25:44 GMT

I like them - started out with a Platinum Visa Rebuilder. $400 limit, annual fee starting $75 then $99 billed monthly. No grace period for interest, closed it out after a year or so. Then they pre-approved me for a Platinum Visa with $800 limit, currently $1,400 and $39 annual fee.

About 4 x months ago, they gave me another pre-approval for Platinum X5 Visa, $3,000 limit with $95 annual fee. Grand total of 2 x accounts currently, combined limit of $4,400 all unsecured.

Payments post quickly for me, and credit line increases seem to happen (automatically) more often than Capital One. YEMV...

Re: Credit One

FLSnowpiercer — Fri, 13 Jan 2023 18:41:28 GMT

These are the pre-approved from credit one:

Credit One Platinum Visa:

Annual fee

$75 for the first year, $99 thereafter

Credit One AMEX

Credit One Wander

Re: Credit One

OmarGB9 — Fri, 13 Jan 2023 18:52:39 GMT

@FLSnowpiercer wrote:
These are the pre-approved from credit one:
Credit One Platinum Visa:
Annual fee
$75 for the first year, $99 thereafter
Credit One AMEX
Credit One Wander

But what APR are they offering you, and is there a grace period on them?

Re: Credit One

FLSnowpiercer — Fri, 13 Jan 2023 18:55:59 GMT

27% for all. Did not see grace periods Mentioned.

Re: Credit One

CYBERSAM — Fri, 13 Jan 2023 19:44:53 GMT

@FLSnowpiercer wrote:
So I'm starting my rebuilding process and credit one already sent me an approval but everything I see on them seems to bash them. How bad are they really

Credit One would approve you (very likely) and would report to all 3 major credit bureaus!

However they have many fees and unnecessary practices that they wish to do, some already mentioned!

This is not a credit card that would grow!

There are many other options, but Credit One is the very easy to start with. So if your options are very limited and you don't feel like going extra steps for better banks, then have at it.

Most of us that went through rebuild process had Credit One and kept it under 2 years then moved on. Good luck with your rebuild.

Re: Credit One

SKBirdmind — Fri, 13 Jan 2023 22:44:42 GMT

@CYBERSAM wrote:
Most of us that went through rebuild process had Credit One and kept it under 2 years then moved on. Good luck with your rebuild.

My Platinum X5 Visa's $3,000 limit is 2nd-highest in my entire wallet (only behind Capital One Quicksilver at $3,500), and I'd loosely expect that to at least match or possibly even exceed Capital One sometime in the next year. I'm keeping both my Credit One cards. But everyone's situation is different...

I think I read somewhere (possibly on this forum) that a grace period for Platinum Rebuilder is more-or-less a coin toss - some get it, others don't.

Re: Credit One

CreditChallenged2022 — Sun, 15 Jan 2023 03:53:18 GMT

I have the Amex, and honestly I can't complain. I got a CLI after 2 months. I'm resigned to higher interest and fee structures at this point in my rebuild anyway so I'm not stressed about that. If it continues to grow, I'll keep it. While they may be considered predatory, I've been pre-approved for much worse annual fees with lower credit limits, not to mention insane interest. All in all, my experience has been pretty good with them.

Re: Credit One

OmarGB9 — Sun, 15 Jan 2023 05:12:41 GMT

@FLSnowpiercer wrote:
27% for all. Did not see grace periods Mentioned.

It'd be good to look into that prior to accepting an offer.

Re: Credit One

user365735 — Sun, 15 Jan 2023 06:51:54 GMT

No issues here. They were my first card post bankruptcy. 2k limit. No fees. Don't care about apr since I pay it off. I use my bill payer, and they don't hold payments for me. Even in Dec I made about 3 payments. I can see this staying with me for years to come..

Re: Credit One

Chazzay12 — Thu, 19 Jan 2023 12:45:16 GMT

In my experience they aren't the worst, however, whenever you decide to close them you need to be firm. They will keep offering you this and that and anything to get you to stay and keep account open. People definitely use this to also remove fees as well as mentioned prior.

As others mentioned high fees, no grace period usually. I'd recommend if you can to get a secured card with no fees like Discover, Cap1. Those are great. All you need is positive history building. If you burned them - maybe OpenSky. No experience here with them personally however. Best of luck on your rebuild!

Re: Credit One

OmarGB9 — Thu, 19 Jan 2023 20:48:42 GMT

@user365735 wrote:
No issues here. They were my first card post bankruptcy. 2k limit. No fees. Don't care about apr since I pay it off. I use my bill payer, and they don't hold payments for me. Even in Dec I made about 3 payments. I can see this staying with me for years to come..

But how do you pay it off every month of they bill their annual fee monthly and don't add it to your balance until the new statement cuts? Unless you push a payment from your main checking account that accounts for your full balance PLUS the monthly annual fee charge well in advance of the due date.

Re: Credit One

user365735 — Thu, 19 Jan 2023 23:04:47 GMT

My account has no fees, annual or Monthly. What I mean is I might make a 500 payment, next week make 600 etc. They don't hold payments at all for me. Ymmv.

Re: Credit One

Jeffster1 — Fri, 20 Jan 2023 09:33:40 GMT

Never had one. Don't want one.

A buddy of mine had a horrible time with Credit One when his card was compromised. I've seen a few horror stories on here how they mishandled people's fraud claims, resulting in dings to the cardholders' credit.

Credit One is owned by the same company which owns LVNV.

Re: Credit One

rmduhon — Sat, 21 Jan 2023 00:25:24 GMT

We used Credit One to jump-start our credit rebuild in 2015. The AF was waived for the first year and it had a $500 limit (can't remember the APR). When it was 9 months old we had better cards so we canceled it before the annual fee started charging monthly. I will say that it took several calls and over a month for them to actually close it, and they didn't like multiple payments every month. I also set up daily balance notifications to make sure there was n trailing interest (continued to get those notifications for several years after it was closed). If you are careful and keep a close eye on it then it can help.