Credit One Trick for better terms ;)

[Anonymous]

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@NattyPButter wrote:

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@creditguy wrote:
A $45 annual fee, 1% back on gas and a free fako credit score? Oh I see how any would totally jump on that. Sarcasm aside a credit one by any other terms is still a credit one, sorry but a $45 AF is still ridiculous. But hey if your happy then congrats!!!

 

probably can get that annual fee waived or cut short each time you try to shut off card. So I see no big deal if someone can get in at that low annual fee since a lot of secured cards are sitting at the same annuel fee or a little less and make you put down a deposit. Regardless most ppl shut down their secured card in a year or two and you can do the same with the Credit One card and put that extra money into savings. Also most of the secured cards don't offer any rewards; though the Credit One card is 1% it's still something along with their crappy credit score. Don't forget the you can also not qualify for a lot of the secured cards out thier especially if you filed BK recently. So you can be sitting their watching your score drop with each application until you find out Credit One will accept you. 

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 I  had a Credit One bank card for 9 years.  My annual fee was 75 and the second year it went up to 99 billed monthly.  There was no grace period for any purchases on this card.  I closed it when I realized how much they were ripping me a year with the fees.  You claim that you can get the annual fee reduced if you call to cancel the account.  Who wants to keep doing that?  They offered me three months waived, I declined since I have cards with no annual feee and a grace period.  I got this in 2006 before I knew anything about credit and only kept it because I was afraid of closing it (an employee told me my credit score would drop)   Companies like this want to keep people with bad credit ignorant  so they will think that the fees are something they have to pay in order to rebuild their credit.  Thank goodness for this forum so people can know the truth.  I learned about true rebuilding not just getting any card since my score is low. I learned its a marathon not a race and I need to have goals and research cards before I apply.  Almost all of you comments are promoting this company.  Do you work for them?  I love my Capital One quicksilver card but you don't see me jumping in every thread about them singing their praises. 

[NattyPButter]

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@Anonymous wrote:

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@NattyPButter wrote:

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@creditguy wrote:
A $45 annual fee, 1% back on gas and a free fako credit score? Oh I see how any would totally jump on that. Sarcasm aside a credit one by any other terms is still a credit one, sorry but a $45 AF is still ridiculous. But hey if your happy then congrats!!!

 

probably can get that annual fee waived or cut short each time you try to shut off card. So I see no big deal if someone can get in at that low annual fee since a lot of secured cards are sitting at the same annuel fee or a little less and make you put down a deposit. Regardless most ppl shut down their secured card in a year or two and you can do the same with the Credit One card and put that extra money into savings. Also most of the secured cards don't offer any rewards; though the Credit One card is 1% it's still something along with their crappy credit score. Don't forget the you can also not qualify for a lot of the secured cards out thier especially if you filed BK recently. So you can be sitting their watching your score drop with each application until you find out Credit One will accept you. 

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 I  had a Credit One bank card for 9 years.  My annual fee was 75 and the second year it went up to 99 billed monthly.  There was no grace period for any purchases on this card.  I closed it when I realized how much they were ripping me a year with the fees.  You claim that you can get the annual fee reduced if you call to cancel the account.  Who wants to keep doing that?  They offered me three months waived, I declined since I have cards with no annual feee and a grace period.  I got this in 2006 before I knew anything about credit and only kept it because I was afraid of closing it (an employee told me my credit score would drop)   Companies like this want to keep people with bad credit ignorant  so they will think that the fees are something they have to pay in order to rebuild their credit.  Thank goodness for this forum so people can know the truth.  I learned about true rebuilding not just getting any card since my score is low. I learned its a marathon not a race and I need to have goals and research cards before I apply.  Almost all of you comments are promoting this company.  Do you work for them?  I love my Capital One quicksilver card but you don't see me jumping in every thread about them singing their praises. 

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doesn't look like I'm promoting them...nor do I work for them...it looks like someone that is not spreading half truths like others have been doing. Looks like someone that actually has the card and been using it and speaking from experience with them. I have nothing bad to say about them because I never paid a fee besides $50 when I first got the card. I actually have nothing bad to say about any of my creditors since they all have been treating me well. Do you complain about the same ppl jumping in every credit one thread telling half truths, outright lies or just old info? They now have cards with grace periods and much lower annual fee and researching will show you that. 

[BarryNTexas]

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@NattyPButter wrote:

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@Anonymous wrote:

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@NattyPButter wrote:

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@creditguy wrote:
A $45 annual fee, 1% back on gas and a free fako credit score? Oh I see how any would totally jump on that. Sarcasm aside a credit one by any other terms is still a credit one, sorry but a $45 AF is still ridiculous. But hey if your happy then congrats!!!

 

probably can get that annual fee waived or cut short each time you try to shut off card. So I see no big deal if someone can get in at that low annual fee since a lot of secured cards are sitting at the same annuel fee or a little less and make you put down a deposit. Regardless most ppl shut down their secured card in a year or two and you can do the same with the Credit One card and put that extra money into savings. Also most of the secured cards don't offer any rewards; though the Credit One card is 1% it's still something along with their crappy credit score. Don't forget the you can also not qualify for a lot of the secured cards out thier especially if you filed BK recently. So you can be sitting their watching your score drop with each application until you find out Credit One will accept you. 

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 I  had a Credit One bank card for 9 years.  My annual fee was 75 and the second year it went up to 99 billed monthly.  There was no grace period for any purchases on this card.  I closed it when I realized how much they were ripping me a year with the fees.  You claim that you can get the annual fee reduced if you call to cancel the account.  Who wants to keep doing that?  They offered me three months waived, I declined since I have cards with no annual feee and a grace period.  I got this in 2006 before I knew anything about credit and only kept it because I was afraid of closing it (an employee told me my credit score would drop)   Companies like this want to keep people with bad credit ignorant  so they will think that the fees are something they have to pay in order to rebuild their credit.  Thank goodness for this forum so people can know the truth.  I learned about true rebuilding not just getting any card since my score is low. I learned its a marathon not a race and I need to have goals and research cards before I apply.  Almost all of you comments are promoting this company.  Do you work for them?  I love my Capital One quicksilver card but you don't see me jumping in every thread about them singing their praises. 

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doesn't look like I'm promoting them...nor do I work for them...it looks like someone that is not spreading half truths like others have been doing. Looks like someone that actually has the card and been using it and speaking from experience with them. I have nothing bad to say about them because I never paid a fee besides $50 when I first got the card. I actually have nothing bad to say about any of my creditors since they all have been treating me well. Do you complain about the same ppl jumping in every credit one thread telling half truths, outright lies or just old info? They now have cards with grace periods and much lower annual fee and researching will show you that. 

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CreditOne can be a bridge card until one get's their house in order for sure.  I've been there and done that.  For me, the very best strategy for getting the best terms from them  was addressing my poor credit files/scores and graduating to the big boys and closing out CreditOne.  Good Luck OP! 

[UncleB]

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@BarryNTexas wrote:

CreditOne can be a bridge card until one get's their house in order for sure.  I've been there and done that.  For me, the very best strategy for getting the best terms from them  was addressing my poor credit files/scores and graduating to the big boys and closing out CreditOne.  Good Luck OP! 

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+1

Credit One gets a lot of 'gentle' (and sometimes not so gentle) ribbing around here, but they definitely serve a purpose. 

I never had a Credit One card simply because I wasn't aware of them, but I did have a card with similar terms... an HSBC/Orchard Bank "Platinum" MasterCard with a $300 credit line, and a $79 annual fee (!).  Ironically, that card eventually became a Capital One QS1, which I've since PC'd to a no-AF Quicksilver, so even now it has it's place in my wallet.

As terrible as those initial terms were (compared to what I have now) at the time it was actually not that bad, and "biting the bullet" back then was what paved the way for me to be where I am now.  Of all the mistakes I've made, getting that low-credit line high-AF card back in 2007 was one of the smartest moves I made credit-wise. 

[grillandwinemaster]

Credit 1 WILL serve its purpose, which is to help you rebuild. Nothing more. Use it minimally for 6 months, and then move on.

[Anonymous]

Credit One definately helped me in my rebuilding process, I started with a $500 limit when no one else would give me credit at all...not even Cap One. I had a $45 year fee and built up to an $800 credit limit which started opening doors for me.  I canceled it when I started getting better offers but it was definatley a great rebuiding tool. I do appreciate the fact that they gave me credit when no one else would.

[Anonymous]

Thats all credit one is good for.... a bridge.
1% is ok for someone rebuilding but with a $500 cl you would have to max your cc out for 9 months to just get your $45 back.

I closed my credit one acct 2 months ago along with my first premier card. Have never been happier. They keep hounding me to come back, that will never happen.

The absolute only good thing about those ccc is they help you rebuild. Petriod. Period. Period.