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.
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.