Credit One Bank - Should I?

[Anonymous]

I am in the middle of a rebuild. I was in the low 600s a couple of years ago but a lot happened and pushed me back.

I have 3 closed Credit Card Accounts, one PiF from Capital One for 200.00, one that was a charge off from Capital One where I was at $1200 on a $500 limit, and one with Fingerhut for $600ish that is charged off. I recently settled with Capital Ones Collection Agency on the one that wasnt paid in full and they will be hopefully updated that soon.

I have 2 accounts in collections. I will be paying at least one of them off this month and it will be deleted (They total about $900) and hopefully the other one next month.

I have a car payment and some student loans that are currently on time but I have had a lot of late payments on the car.

My scores are between 513-530.

I recently got a secured card from OpenSky. I plan on not using it at all aside from around 10 percent for UTI.

I also plan on applying for NFCU in the next few days once I get my info on my grandfathers service.

I just got an offer from Credit One Bank and was approved through their pre qualification process but its one of their bad offers. It has the 75 yearly fee that comes off the top of what every my CL is and the APR is so high. But do I need another card?

[Anonymous]

I think you should wait unless you absolutely need it. $75 AF seems kinda ridiculous to me.

[Anonymous]

I am trying to get my credit up as quickly as possible but I dont know how much adding a card with a 300 cl is going to effect me. 

I also dont know how much those charge offs effect my UTI

[AllZero]

I would skip it.

Call up and become a member now with Navy. They are open 24/7/365. The CSR will walk you through everything you need.

Here is my recommendation while you are working on your collections.

1. Once a member, obtain a secured card from Navy.
2. Then wait 91 days and 3 statements, call into Navy and see if you have any prequals. If yes, apply for the 2nd card.
3. Wait another 91 days and 3 statements, call into Navy and see if you have any prequals. If yes, apply for the 3rd card.

[silver_idle]

I would hold off on Credit One honestly. Its truly not worth the fees they charge and you could get better. Keep in mind, rebuilding credit isnt something that can be done over night. It takes time. I would probably suggest getting a secured card with Discover. Also, before trying to submit any applications for unsecured products, you would want to try to get all collections paid and wait maybe around 6 months after everything is paid, reported $0 before trying to app for anything else. I have heard members of NFCU do get good credit products but in your case you do need to rebuild so like another user stated, after joining to get a secured card with them.

[Anonymous]

Exhaust ALL options before considering credit one and then wait another 6 months and exhaust them all again. Since you said you just opened a card there should be even less urgency to app for creditone. IMO I'd rather have less than the magically number of 3 cards than have one of my 3 be credit one.

[zerofire]

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@Anonymous wrote:

I am in the middle of a rebuild. I was in the low 600s a couple of years ago but a lot happened and pushed me back.

I have 3 closed Credit Card Accounts, one PiF from Capital One for 200.00, one that was a charge off from Capital One where I was at $1200 on a $500 limit, and one with Fingerhut for $600ish that is charged off. I recently settled with Capital Ones Collection Agency on the one that wasnt paid in full and they will be hopefully updated that soon.

I have 2 accounts in collections. I will be paying at least one of them off this month and it will be deleted (They total about $900) and hopefully the other one next month.

I have a car payment and some student loans that are currently on time but I have had a lot of late payments on the car.

My scores are between 513-530.

I recently got a secured card from OpenSky. I plan on not using it at all aside from around 10 percent for UTI.

I also plan on applying for NFCU in the next few days once I get my info on my grandfathers service.

I just got an offer from Credit One Bank and was approved through their pre qualification process but its one of their bad offers. It has the 75 yearly fee that comes off the top of what every my CL is and the APR is so high. But do I need another card?

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Do not touch Credit One even if it kills you. Their offers are not products but death traps. OpenSky was a good choice to start rebuilding with. The other good options are Discover, Capital One, and Synchrony Bank. I know you burned Capital One but they have a habit of suffering from amnesia where one side is suing a customer over unpaid balances and the other side is issuing them a new card. Basically you want to look at any prequal that Discover and Capital One will offer. The Discover Secured card is extra good since it will become unsecured into a regular It card while also earning rewards.

[Anonymous]

Luckily Captial One didnt sue me

I checked the prequal page and it had two cards available. I'm worried about too many hit points so I'll probably just do another secure card once I save up some money. 

[Anonymous]

I took the chance and applied for the Quicksilver card and got it!

I dont understand how. I just settled a 1200 debt with them for 25% a few weeks back lol.

[gdale6]

As OP has now been approved for a card this thread is closed to further comments. Approval thread can be found here

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/WOOOO-FREAKING-HOOOO-Got-approved-for-an-Uns...