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Credit One Bank

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ChargedUp
Senior Contributor

Re: Credit One Bank

By all means, stay away from First Premier and anything where you find "Continental Finance" in the details. These are the worst of the worst.

 

There are two way for someone to build credit up after a BK. One is going with a "sub-prime" card. There are several different issuers out there, but Ollo and Merrick Bank seems to be the lesser of all evils in this pool. It's been told here on MyFico that they will eventually "graduate" their cards into what would be a normal credit card without the fees. If you don't have a lump sum of cash to go the secured route, this is where I'd recommend to start. These cards are generally not meant for the long haul, and you would be prudent to close them after your rebuild. (The history will still appear on your reports for 10 years, so all is not lost upon closing.) If you have one of these cards and they do remove all the maintenance and annual fees, there's no harm in keeping it... But your profile by this time should allow you to find much better options for your spend.

 

The other is getting a secured card from BoA, Capital One, Discover, Open Sky, Citi, etc. While you would have to ante up money to open your account, you *will* get that money back. Going the sub-prime lender route, you will spend money on fees and you will never see that money again. Most of these will graduate into the normal version of the respective cards and would be keepers unless you had a personal reason for closing.

 

Best wishes in regrowing a healthy credit file either way!

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