Credit One Bank - Edger to Close

[Anonymous]

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

Dump it for a secured card if you can't get approved for a unsecured card with a grace period. MUCH cheaper in the end free if used correctly. 

You will take a hit to your credit utlization closing it but it's much better in the end. 

The no grace period is one biggest jokes about CreditOne and the fact the annual fee is billed monthly and you have no choice to pay for it annually so you can never carry a zero balance on the card and always paying interest. 

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You do realize that Credit One offers different terms dependant on a person's credit profile, right? You can get a 1% cashback card with no annual or monthly fees, with a 25 day grace period, and a lower interest rate than more popular banks. The last offer they sent me had a lower APR, by 2 points, than almost all of my cards.

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I was under the impression they gave zero grace period to anybody regardless of credit. They've sent me some offers both with the zero grace period. 

I guess we'll see if I get one eventually with no grace period... 

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Nope. They have grace periods. My last offer from them was $39 AF, no other fees, 25 day grace period, and 23.xx% APR. Have no idea if rushed payment, rushed credit, CLI fees would still apply.

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Good chance they would unless it's total mystery meat of what your going to get. Not exactly like it's a reason to apply for them tho. 

[Brian_Earl_Spilner]

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@Anonymous wrote:

My credit is very good and I am at 744 score and I have several cards total near $20K. Credit One was my 2nd car during rebuilding 5 mos ago. I was testing them out and realized its garbage. I'll wait for my next paycheck and I'lll pay off the balance and wait few days to update to ensure its $0 then I'll dump them.

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In that case, definitely dump them, but wait until the statement cuts after you pay it off to make sure no trailing interest posts.

[Brian_Earl_Spilner]

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

Dump it for a secured card if you can't get approved for a unsecured card with a grace period. MUCH cheaper in the end free if used correctly. 

You will take a hit to your credit utlization closing it but it's much better in the end. 

The no grace period is one biggest jokes about CreditOne and the fact the annual fee is billed monthly and you have no choice to pay for it annually so you can never carry a zero balance on the card and always paying interest. 

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You do realize that Credit One offers different terms dependant on a person's credit profile, right? You can get a 1% cashback card with no annual or monthly fees, with a 25 day grace period, and a lower interest rate than more popular banks. The last offer they sent me had a lower APR, by 2 points, than almost all of my cards.

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I was under the impression they gave zero grace period to anybody regardless of credit. They've sent me some offers both with the zero grace period. 

I guess we'll see if I get one eventually with no grace period... 

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Nope. They have grace periods. My last offer from them was $39 AF, no other fees, 25 day grace period, and 23.xx% APR. Have no idea if rushed payment, rushed credit, CLI fees would still apply.

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Good chance they would unless it's total mystery meat of what your going to get. Not exactly like it's a reason to apply for them tho. 

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True, but we need to make sure the correct info is being posted so people aren't misled. That being said, the terms are better than my Mission Lane (formerly LendUp) card. That card is $59 AF, almost 30% APR, and no rewards. 

[AverageJoesCredit]

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

Dump it for a secured card if you can't get approved for a unsecured card with a grace period. MUCH cheaper in the end free if used correctly. 

You will take a hit to your credit utlization closing it but it's much better in the end. 

The no grace period is one biggest jokes about CreditOne and the fact the annual fee is billed monthly and you have no choice to pay for it annually so you can never carry a zero balance on the card and always paying interest. 

---

You do realize that Credit One offers different terms dependant on a person's credit profile, right? You can get a 1% cashback card with no annual or monthly fees, with a 25 day grace period, and a lower interest rate than more popular banks. The last offer they sent me had a lower APR, by 2 points, than almost all of my cards.

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I was under the impression they gave zero grace period to anybody regardless of credit. They've sent me some offers both with the zero grace period. 

I guess we'll see if I get one eventually with no grace period... 

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If you have a Wells Fargo cc and Target card, you dont need anything from Credit One.

[Anonymous]

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@AverageJoesCredit wrote:

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

Dump it for a secured card if you can't get approved for a unsecured card with a grace period. MUCH cheaper in the end free if used correctly. 

You will take a hit to your credit utlization closing it but it's much better in the end. 

The no grace period is one biggest jokes about CreditOne and the fact the annual fee is billed monthly and you have no choice to pay for it annually so you can never carry a zero balance on the card and always paying interest. 

---

You do realize that Credit One offers different terms dependant on a person's credit profile, right? You can get a 1% cashback card with no annual or monthly fees, with a 25 day grace period, and a lower interest rate than more popular banks. The last offer they sent me had a lower APR, by 2 points, than almost all of my cards.

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I was under the impression they gave zero grace period to anybody regardless of credit. They've sent me some offers both with the zero grace period. 

I guess we'll see if I get one eventually with no grace period... 

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If you have a Wells Fargo cc and Target card, you dont need anything from Credit One.

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I know it's just me being curious if I ever actually get that offer from them. 

[AverageJoesCredit]

Burn it

[Mcx990]

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You do realize that Credit One offers different terms dependant on a person's credit profile, right? You can get a 1% cashback card with no annual or monthly fees, with a 25 day grace period, and a lower interest rate than more popular banks. The last offer they sent me had a lower APR, by 2 points, than almost all of my cards.

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This. And I get it, this card is not well regarded, is sub prime, etc. but to the above points I will add:

1. It has helped get me out of low 500s score I had a year and a half ago - started me with a $300 SL, they gave me CLI to $450 two months later (no hard pull for that). Then last month, CLI to $700, no hard pull for that either.
2. Also last month, I accepted an offer for a second card, $800 SL, 25 day grace period, $39 annual fee, no HP for this card.

So it's been valuable to me for credit history, CLI & new card without HP,  and keeping utilization low. The first card does have the $8.25 monthly fee now & no grace period, but I can manage paying that the day it posts through my bank's ebill pay, and sock drawer it for eventual closing if they won't at some point give me a decent CL with no annual fee.

I won't be singing their praises anymore than this and don't want to dis anyone's else's experience with them, just pointing out my experience and YMMV.

Starting scores: low 500s (May 2018)

Current: EX-621 TU-601 EQ-613