Credit One Bank

[Anonymous]

What is your score? You may be able to get a better card than Credit one. Capital One, Discover secured. Credit One will nickel and dime you. But if that is all you can get try and keep charges to a minimus and low UTI. Then in 6-9 months see if you can apply for a better card. If anything use it for a year and get rid of it before they charge you again for an annual fee. 

[biglista88]

I have personally delt with this bank before( unfortunately). It’s a standard verification letter as part of there approval process from now on apparently. Even when applicant is instantly approved online they must sign and mail back this form to finalize the application process. It was a while ago so I can’t quite remember what the letter entails specifically besides it listed my personal info and required a signature. Hope this helps. Credit one is predatory and has many fees. If there’s any other options available to you, I wouldn’t proceed with them. They can serve a purpose and be dumped before the AF hits though if you must.

[Anonymous]

So, I know I took the credit by already with the inquiry. Do you think I’d be better off if I just IGNORE the letter and drop the process?
I’m almost 10 months post BK. I had a family member add me as an authorized user a month or so ago and saw my score jump up on Credit Karma over 60 points. I know CK isn’t the best score model but hey, I’ll take it. Ideally I wanted to get an unsecured card first, but maybe I’ll just wait for the 1 year post BK mark and just bite the bullet for a secured card.

Assuming they are sending me a signature page before the card, if I IGNORE it and don’t follow up, I would likely be dodging a bullet, correct? I’ve gotten too much negative feedback to want to pursue it.

[biglista88]

I mean the card will build credit history like any other. It just has an annual fee and a fee due immediately after the card is opened. Also a fee to increase the credit limit if I’m not mistaken? However if used responsibly, you’ll build credit and move on from them after the card has served its purpose. It’ll all up to you, if you deem the credit card terms and conditions worthy of your business. It’s not a scam or anything.

[Schmoopy]

I've had them for almost a year and I'm going to drop them soon before they charge me annual fees again.

I had no idea they have no grace period, which means interest occures the day you charge the card, until the billing statement (??).

I didn't know they have "$1 minimal interest monthly fee" they charge on top (what even is that)?

It's a penalty card, not a credit card.

My statement is on the 21st of each month, I charge Farmers on the 19 every month, pay it off on the 21st and don't use that card besides that.

As soon as I realized I made a mistake, I inserted a remindar to myself to cancel the card before they year is over.

Would recommend everyone to stay away. I also thought at first it's Capital One, and yes apparently their logo was before Capital One, but I'm still sure they benefit a lot from the confusion around that.

[Rf32222]

I did have one of these cards and it wasn't the best by any means. It is a fee harvester You can't make more than 4 payments in a month and so many other issues . If you have other options I'd advise to pursue them. They are barely a step above First Premier and even that is debatable.

[Anonymous]

From what I've read, Credit One started with their swoosh logo from the get-go in 1984 and *Capital* One is the one who appropriated it when they started 4 years later, in 1988.

Edit: sorry, just realized this had already been addressed.

[Anonymous]

STAY AWAY FROM THEM!!!!!!!!!!    They are good when you don't know any better and trying to rebuild your credit.  If I had known better I would have just applied for a secured card thru another bank.  Credit One is the worst.   If you don't use the card they will charge you $9 a month.   When you do use the card interest starts as soon as you make the purchase.   Other REAL credit card companines interest doesn't begin until like 30 days later.   They also charge you for a CLI most of the times and it is alot.   

[Brian_Earl_Spilner]

Credit One actually offers a "normal" card, so don't be put off too much by other people's experiences. Just know what you're getting into by reading the terms and conditions. You already took the hit to your score and they will allow a full cancelation as long as you don't use the card. They'll even refund the annual fee if you pay it , but don't use the card. You may have to jump through hoops to cancel, but they'll do it. They offered me a 1% rewards card with no annual fee, a 25 day grace period, and lower interest rate that almost all of my cards. It was sub-25%.

[Anonymous]

I was approved for a Credit One Visa Platinum with a 1000 CL, but don't know the terms yet(they mailed my card a few days ago, so I will know when I receive my welcome packet.) I don't know what the chances will be, but do you think I can request new terms before I activate the card?(for example, if I don't have a grace period, I want to ask them to change that before I activate the card; same for waiving or lowering the annual fee, if there is one).
Was wondering if you had a pre-approval mail offer with the terms you mention, or if you found out these were the terms you got after you'd applied. Thanks!