Credit 1 bank American Express

Sbrav77 · ‎09-26-2022

I have a quick question. I currently have a Credit 1 bank card that I do not use. Recently , they preapproved me for their American Express card with 0 annual fee and $3,000 starting limit. They say there would be no credit pull to accept as I am already a cardholder and preapproved. I have much better cards now then when I started with Credit One. I would only really get this to pad my utilization a bit. If I accept , would it show as a new account and ding my score a bit even though there is no hard pull? Do you think it's worth accepting just for the extra $3,000 available credit?

OmarGB9 · ‎09-26-2022

Yes it would still be a new account and everything, meaning you'd still get a new account ding. The only thing you'd allegedly avoid is the HP. Only you can decide if a $3k limit would be worth the hit. If your utilization is already pretty low and you have a decent amount of limits, I wouldn't do it, personally.

Last App: 1/10/2023
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bigseegar · ‎09-26-2022

@Sbrav77 wrote:
I have a quick question. I currently have a Credit 1 bank card that I do not use. Recently , they preapproved me for their American Express card with 0 annual fee and $3,000 starting limit. They say there would be no credit pull to accept as I am already a cardholder and preapproved. I have much better cards now then when I started with Credit One. I would only really get this to pad my utilization a bit. If I accept , would it show as a new account and ding my score a bit even though there is no hard pull? Do you think it's worth accepting just for the extra $3,000 available credit?

Not only would it yes "ding" your Credit score some but it will also effect or AAoA which will also effect you scores. How much just depends on your other accts age along with how many if any other new cardss recently. Unless that $3K is going to make a really big difference in your total aval CL's thus having a big impact on your UTL. There's no way I'd do it. PLUS I mean it's still the sub-prime lender Credit One and all that means. The fact that it uses the AX payment systtem doesn't make it a "true" AX card. Personally once my rebuild had done it's thing I couldn't wait to close the 2 Credit One cards I had and I never looked back.

Jeffster1 · ‎09-26-2022

I would not do it.

Progress in credit rebuilding, in my mind, means moving forward to better cards. Getting deeper into the Credit One cesspool is not progress, IMHO. The ding you would take to AAoA, combined with the fact that any future CLIs would not take you very far...along with the horrible customer service....would send me running the other direction.

0% utilization
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markhs777 · ‎09-26-2022

Only accept Credit One if you have no other choice's regardless if it uses the Amex network. It is associated with Sherman Financial Group which it basically a collection agency. Granted they are better than in previous years but are still vipers.

FireMedic1 · ‎09-26-2022

@Sbrav77 wrote:
I have a quick question. I currently have a Credit 1 bank card that I do not use. Recently , they preapproved me for their American Express card with 0 annual fee and $3,000 starting limit. They say there would be no credit pull to accept as I am already a cardholder and preapproved. I have much better cards now then when I started with Credit One. I would only really get this to pad my utilization a bit. If I accept , would it show as a new account and ding my score a bit even though there is no hard pull? Do you think it's worth accepting just for the extra $3,000 available credit?

Not worth it just to lower aggregate util %'s for a brief period with a score loss. Nice offer. Pass @Sbrav77 .

BK Free Aug25

7774x · ‎09-27-2022

@bigseegar wrote:
@Sbrav77 wrote:
I have a quick question. I currently have a Credit 1 bank card that I do not use. Recently , they preapproved me for their American Express card with 0 annual fee and $3,000 starting limit. They say there would be no credit pull to accept as I am already a cardholder and preapproved. I have much better cards now then when I started with Credit One. I would only really get this to pad my utilization a bit. If I accept , would it show as a new account and ding my score a bit even though there is no hard pull? Do you think it's worth accepting just for the extra $3,000 available credit?
Not only would it yes "ding" your Credit score some but it will also effect or AAoA which will also effect you scores. How much just depends on your other accts age along with how many if any other new cardss recently. Unless that $3K is going to make a really big difference in your total aval CL's thus having a big impact on your UTL. There's no way I'd do it. PLUS I mean it's still the sub-prime lender Credit One and all that means. The fact that it uses the AX payment systtem doesn't make it a "true" AX card. Personally once my rebuild had done it's thing I couldn't wait to close the 2 Credit One cards I had and I never looked back.