Credit One Sucks

[Anonymous]

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@AverageJoesCredit wrote:
If you confirmed the 1st card was cancelled why would you try again with the pre approval letter. Seems like that would have have just compounded the problem . At least you know know how credit 2 really works

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Actually he said "They said they could cancel my old account so I could use the pre-approval letter." This was the first thing I thought too when reading this story. Why in the world would you cancel it in order to use a pre-approval? They actually suggested doing that??

Anyway, I am amazed by how screwed up this company is. Not only your time, but the wasted time and resources they had to deal with by you calling in and talking to reps so many times.

[Anonymous]

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@AverageJoesCredit wrote:
Lol, whats next to nothing?

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In CreditOne's case, the definition of "next to nothing" is "barely more than they already gave you." For me it was some ridiculously low statement credit after I made my next purchase or something ridiculous like that, like $16.00 maybe. It was so horrible, I think I've blocked it from memory. 

[Anonymous]

The reason they suggested canceling the account so I could use the pre-approval was because my credit has gone up considerably since they originally approved me for $300 and I was hoping if I used the pre-approval I would get a higher SL. With such a ridiculous yearly fee, the higher the limit the more "worth it" that fee would have been. But in the long run I'm really glad I didn't get it at all. LOL 

[AverageJoesCredit]

Im still blown away that they have their logo eerily similar to Cap One and even their name sounds the same. I can see how it could confuse somebody not in the know.

Sort of like everytime i see the commercial for the LoanDepot i always think of Home Depot, i dunno, color me annoyed

[Anonymous]

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@AverageJoesCredit wrote:
Im still blown away that they have their logo eerily similar to Cap One and even their name sounds the same. I can see how it could confuse somebody not in the know.

Sort of like everytime i see the commercial for the LoanDepot i always think of Home Depot, i dunno, color me annoyed

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I agree! My husband will bring in the mail and say, "You got something from Capital One!" I'll get excited, then realize it's from Credit One. 

[Anonymous]

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@AverageJoesCredit wrote:
Crotin, if you can close it, if you have better cards and dont need the utilization padding, close it. Just stay on top of it. Ask them for a letter saying your account is closed. Once you have that weight off your shoulders youll feel better

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Thanks everyone for the advice lol.  The utilization padding is nice (surprisingly more than Capital One for some strange reason), but I'm pretty sure I want to get out. They haven't done anything wrong and it has helped my credit rebuild, but I'm in the mid-700s now and is really not helping anymore. It is my second oldest account so I don't think I'll take a hit on the aging.  They've started charging 8.25 a month which is I guess a $99 annual fee.  My gameplan originally was to hope they would auto close it from non-activity, but now that they're charging the monthly fee it makes it look like I'm actively using the card.  Guess I'll have to call  I don't care if I have to pay my way out, don't care about losing the 1K utiliization, I just want the boulder off of me.

Edit: Oh great...I just read this:

"Your Account is subject to an Annual Membership Fee (“Annual Fee”). The Annual Fee for your Account is $8.25 per month ($99.00 per year) and will continue to be billed to your Account monthly for the coming year unless you terminate your Account and pay the outstanding balance in full."

Oh well, guess I have to pay $91.  They're going to really think I hate them then haha, but if that's what it takes 

[Anonymous]

You won’t believe this (okay, you will), but the saga continues...

Last Saturday I started getting phone calls every 10 minutes from an unrecognized number. I looked it up, and it was Credit One. I answered, and the woman started out by saying this call may be recorded, and I said, “That’s fine, because I’m recording, too.” She hesitated and then said she was calling in reference to the $51 and some odd cents I owed. I said, “Let me stop you right there. I do NOT have an account with you, and I do NOT owe you anything.”

I had to explain to her, her supervisor, and someone even higher up in a 20+ minute phone call that I don’t have an account, never received a card, and don’t owe them anything. 

They tried to argue, but I said, “Okay, you admit you didn’t send me a card because you thought the account might be fradulent, which is why you wanted me to send in verification documents, correct?”

”Yes...”

“Then how exactly would I owe money on an account you believe could be fradulent? Wouldn’t THAT be fraud?”

”...”

”I remind you again that I am recording this conversation. I want this account closed, and the balance removed, and I want to you tell me you have done both of those things.”

”Just a moment, please.”

I wait a little while, and he comes back and says, “Your account is closed, you don’t owe anything, and you will not be receiving anymore calls from us.”

I said, “Thank you so much. Have a nice day.”

I still have the recording, just in case. :-/

[Anonymous]

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@AverageJoesCredit wrote:
If you confirmed the 1st card was cancelled why would you try again with the pre approval letter. Seems like that would have have just compounded the problem . At least you know know how credit 2 really works

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As meatloaf would sing, "you took the words right out of my mouth".

[Anonymous]

When you've had bad credit your entire life, the lure of the first "YES" to an unsecured bank card is worth some frustration. Just not THIS much of it. I was willing to give them a second chance, but they blew that one too. So here I am, still without that unsecured bank card. I won't be giving them another chance.

[Anonymous]

JustTara, you sure are quick on your feet. A skill that will surely serve you as you move forward. Here's hoping this is the close of the saga.