Credit One, Accept Increase, then close?

[fltn]

DH's credit one card has a limit of $300.

Right now it is a zero balance.

On credit report is shows a limit of 300 with a high balance of 301, so should he accept the credit increase now, pay the fee before the statment cuts in 20 days, let it post, then close it 2 day before a new statement closes.

I am thinking that the new limit will be available right away, and the fee should show up tomorrow, so I can pay it and then close it on Friday. Then in 25 days when they report it, it should show, closed with a zero balance and old limit now at 450 with a high of 301.

I just want it to look good for manual reviews and not show that it was $1 over the limit.

[Joecooltech]

I can tell you on my credit one card the credit line increase is available right away so it sounds like you have a good plan in mind

[fltn]

---

@Joecooltech wrote:
I can tell you on my credit one card the credit line increase is available right away so it sounds like you have a good plan in mind

---

That is what mine did too and the $29 charge came the next day so I was able to pay it.

I wonder if they will refund the fee if closed soon after before statment like first premier does and still get that higher limit reported.

[Wolf3]

---

@fltn wrote:

DH's credit one card has a limit of $300.

Right now it is a zero balance.

On credit report is shows a limit of 300 with a high balance of 301, so should he accept the credit increase now, pay the fee before the statment cuts in 20 days, let it post, then close it 2 day before a new statement closes.

I am thinking that the new limit will be available right away, and the fee should show up tomorrow, so I can pay it and then close it on Friday. Then in 25 days when they report it, it should show, closed with a zero balance and old limit now at 450 with a high of 301.

I just want it to look good for manual reviews and not show that it was $1 over the limit.

---

I think this is complete nonsense and a waste of money.  CL go up and down and the highest balance to closing CL is meaningless in a manual review.   

[fltn]

---

@Wolf3 wrote:

---

@fltn wrote:

DH's credit one card has a limit of $300.

Right now it is a zero balance.

On credit report is shows a limit of 300 with a high balance of 301, so should he accept the credit increase now, pay the fee before the statment cuts in 20 days, let it post, then close it 2 day before a new statement closes.

I am thinking that the new limit will be available right away, and the fee should show up tomorrow, so I can pay it and then close it on Friday. Then in 25 days when they report it, it should show, closed with a zero balance and old limit now at 450 with a high of 301.

I just want it to look good for manual reviews and not show that it was $1 over the limit.

---

I think this is complete nonsense and a waste of money.  CL go up and down and the highest balance to closing CL is meaningless in a manual review.   

---

Well I figured that creditors looked at going over the limit as bad, that was the only reason I would consider this.

I figured $29 or $30 to prevent looking bad might be worth it.

[NJTurnpike]

Any analyst doing a manual review will give you more brownie points for having closed the account, that how high the limit was. So long as your closed accounts were closed in good standing with 0 balance, there's never an issue with a manual review with any closed account.

It's funny how creditone is set up to so very quickly make new CL available, charge you fees, and zap your bank account electronically even if you send in a paper check, yet they will not credit your account for several days no matter how you pay and they will limit how often you can pay and they will not let you pay for pending charges even though those pending charges are included in their interest calculations from the second they are pending.

Everyone always tout creditone as having a place in the creditworthiness spectrum for rebuilders and I really have nothing wrong with products with high fees that cater to lower score higher risk borrowers, but CreditOne is a shady company with no real contacts to speak of outside of their outsourced CSR's reading scripts and punching keys into an automated system when you call. This company HOPES you will default on them so they can push you over to their very own collection company and tack on more fees. Companies like CreditOne are at the very heart of the the reason we need banking regulation.

/end rant

[Wolf3]

---

@fltn wrote:

---

@Wolf3 wrote:

---

@fltn wrote:

DH's credit one card has a limit of $300.

Right now it is a zero balance.

On credit report is shows a limit of 300 with a high balance of 301, so should he accept the credit increase now, pay the fee before the statment cuts in 20 days, let it post, then close it 2 day before a new statement closes.

I am thinking that the new limit will be available right away, and the fee should show up tomorrow, so I can pay it and then close it on Friday. Then in 25 days when they report it, it should show, closed with a zero balance and old limit now at 450 with a high of 301.

I just want it to look good for manual reviews and not show that it was $1 over the limit.

---

I think this is complete nonsense and a waste of money.  CL go up and down and the highest balance to closing CL is meaningless in a manual review.   

---

Well I figured that creditors looked at going over the limit as bad, that was the only reason I would consider this.

I figured $29 or $30 to prevent looking bad might be worth it.

---

It does not mean you went over your limt and they should not interrupt it that way.   And going over the limit is not a negative thing anyway, it just means you used all of your credit limit and then some.  The important thing is ontime payments.  Save your money.

[LS2982]

I would not pay for a CLI. That should be illegal.

[tattooedhusker]

---

@Wolf3 wrote:

---

@fltn wrote:

---

@Wolf3 wrote:

---

@fltn wrote:

DH's credit one card has a limit of $300.

Right now it is a zero balance.

On credit report is shows a limit of 300 with a high balance of 301, so should he accept the credit increase now, pay the fee before the statment cuts in 20 days, let it post, then close it 2 day before a new statement closes.

I am thinking that the new limit will be available right away, and the fee should show up tomorrow, so I can pay it and then close it on Friday. Then in 25 days when they report it, it should show, closed with a zero balance and old limit now at 450 with a high of 301.

I just want it to look good for manual reviews and not show that it was $1 over the limit.

---

I think this is complete nonsense and a waste of money.  CL go up and down and the highest balance to closing CL is meaningless in a manual review.   

---

Well I figured that creditors looked at going over the limit as bad, that was the only reason I would consider this.

I figured $29 or $30 to prevent looking bad might be worth it.

---

It does not mean you went over your limt and they should not interrupt it that way.   And going over the limit is not a negative thing anyway, it just means you used all of your credit limit and then some.  The important thing is ontime payments.  Save your money.

---

+1

[fltn]

---

@tattooedhusker wrote:

---

@Wolf3 wrote:

---

@fltn wrote:

---

@Wolf3 wrote:

---

@fltn wrote:

DH's credit one card has a limit of $300.

Right now it is a zero balance.

On credit report is shows a limit of 300 with a high balance of 301, so should he accept the credit increase now, pay the fee before the statment cuts in 20 days, let it post, then close it 2 day before a new statement closes.

I am thinking that the new limit will be available right away, and the fee should show up tomorrow, so I can pay it and then close it on Friday. Then in 25 days when they report it, it should show, closed with a zero balance and old limit now at 450 with a high of 301.

I just want it to look good for manual reviews and not show that it was $1 over the limit.

---

I think this is complete nonsense and a waste of money.  CL go up and down and the highest balance to closing CL is meaningless in a manual review.   

---

Well I figured that creditors looked at going over the limit as bad, that was the only reason I would consider this.

I figured $29 or $30 to prevent looking bad might be worth it.

---

It does not mean you went over your limt and they should not interrupt it that way.   And going over the limit is not a negative thing anyway, it just means you used all of your credit limit and then some.  The important thing is ontime payments.  Save your money.

---

+1

---

See I always thought over the limit was not good. I know like capitol one charges an over the limit fee, UNLESS is it fee from them.

They were charging me thoses monthly for job loss way back and the annual fee hit and it put me over, but I was not charged, but they said if it was me over spending the limit I would have been charged fee and higher % rate. That was like 4 years ago.

If it it really no big deal then it is closed.

 On a side note though, on a manual review, recon,  I have had someone mention spending close to a limit was not good when she was looking at my accounts, and that was a closed card for over 2 years prior. It was GE that mentioned that. Guess flash backs from that had me worried.