cancel
Showing results for 
Search instead for 
Did you mean: 

Credit Card

texasguppie
Regular Contributor

Credit Card

I hear horror stories about Credit One cards but I'm rebuilding from my no-asset BK7 and had few choices.
The card should arrive in the mail any day and I'm curious; what's the BEST way to manage this card.
I'll use it JUST for auto payment of my myFico subscription.
It has a $500 CL.
I hear the stories of poor customer service, payments that aren't posted, unfair late fees, etc.
This card is a temporary 11-month necessity and will be cancelled prior to being hit with the AF providing I stay on track with my 7-700 rebuild.

Message 1 of 5
4 REPLIES 4
SteelerNYC
Valued Contributor

Re: Credit Card


@texasguppie wrote:
I hear horror stories about Credit One cards but I'm rebuilding from my no-asset BK7 and had few choices.
The card should arrive in the mail any day and I'm curious; what's the BEST way to manage this card.
I'll use it JUST for auto payment of my myFico subscription.
It has a $500 CL.
I hear the stories of poor customer service, payments that aren't posted, unfair late fees, etc.
This card is a temporary 11-month necessity and will be cancelled prior to being hit with the AF providing I stay on track with my 7-700 rebuild.

Check your account frequently and stay on top of your payments and you'll be fine. Their fees and wonky policies are eyeroll worthy but it works just fine as a rebuild card. 

 

I never had a problem with payments not posting the day I made them. They just hold the updating of your available credit hostage for 4 or 5 days (but explicitly tell you about it) so watch for that.  

 

I had mine for two years starting at $1500 and going to $2450

 

I started with Credit One right after discharge, got an offer from Merrick Bank about 6 months later, got a Target RedCard at around 10 months, Discover IT at 12 months and got in with PenFed and NFCU at 24 months. (Then ditched CreditOne and Merrick.)

 

Do your research here and don't burn inquries on banks that aren't BK friendly, keep your utlization low, all payments on time, and you'll be on your way.

 

I have better credit now than I did before my BK.

 

Good luck!

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $139,100 total revolving, 21% utilization
3.25% mortgage July 2020, $20k used Auto Loan October 2020, $20k PenFed Personal Loan Dec 2020
687/683/673 EX/EQ/TU w/ 5/6/6 INQs as of Jan 2021
Spending 2021 in the Garden
Message 2 of 5
Gemini101
Valued Contributor

Re: Credit Card

+1

Truth be told I'm NOT a Credit One fan, at all ( was I clear😊)

However, a lot of the issues folk have is with their management and trying to treat their Credit 1 account like their dealing with some other bank that has a great interface or processes payments fast or whatever....
In the words of football coach Dennis Green
"They are who we thought, they were..."

It's like getting a ride from your Grandma...if she drives sloooow you expect it, deal with it.... adjust how you roll don't cry and complain that she doesn't drive like your, boy Razor
Razor ain't giving you the ride!

As mentioned keep the usage to a turtle minimum with plenty of time to post w/o issue

Too often folks attempt to slam usage and then NEED the amount credited to buy more stuff.... again trying to use this thing as a 'real' CC
C'mon it is what it is ( like the ride from Nana) chill out and take the ride, bite your lip and get where your going.

See even though I'm not a fan...I see how card holders screw themselves and cause more issues than necessary like the OP said chill for a year on your best behavior and blast out with Razor, the following year 😀
Message 3 of 5
texasguppie
Regular Contributor

Re: Credit Card

I've only had the card through two billing cycles.
Less than 10% utilization and PIF each month.
Today, without asking, they bumped my CL up $200.
Can't be mad about that!

Message 4 of 5
fleetsm
Established Member

Re: Credit Card

The card is not so bad but if you're looking for a high credit limit this is not the card for you.  They will slowly increase your limit but the increases are only 250-300 at a time.  I've never had a problem with payments posting but the credit it not available right away--time lag is around 4 days.  I only use the card for a membership and occasional Groupon indulgences so I am able to payoff monthly.  I would build history and try with Capital One their increases are more generous.  Hope this helps and good luck as you rebuild.

Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.