Credit One Bank - Scammy Scammy Scammy

[Anonymous]

Watch out for these guys. Recently closed my card with them and had a $34 dollar credit that they were suppose to mail back. They specifically stated at the time of closing that they would mail a check for the credit. This was three weeks ago. No check. Called today and they said I made no such request. Was slightly pissed as I asked when was the account closed and I kept getting a round about non answer. Finally got the answer. Suffice to say, another 5-7 days to get the check.

I am certain they are banking on people forgetting so they can keep any money left over. Scammy company. So happy to get rid of them and Merrick.

[JNA1]

I few years ago when I starting learning about using credit cards to our advantage, we got a Credit One card for her to build some credit (up until that point everything we ever bought was in my or cash - usually cash🙄)
I had no idea what kind of company it was, but we found you have to really watch them. She uses the card a time a two month just keep it open, but at some point we’re going to shut it down. The only negative is that right now it’s her oldest account, so I want to wait a while to let the others gain some maturity.

[Anonymous]

If she closes the card, it’ll remain on her reports as a positive tradeline for up to ten years and will continue to be included in the age calculations - don’t let aging factors keep you from shutting it down.

[Anonymous]

Any company who changes their name and logo in the hopes that you'll conflate them with another company is automatically shady in my book. I avoid them at all cost. 

[glockrunner]

fyi, The Credit One logo came out before the Capital One logo. 

[K-in-Boston]

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@glockrunner wrote:

fyi, The Credit One logo came out before the Capital One logo. 

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Strange but very true. It's a common misconception that Credit One purposely made their logo look like Capital One's to confuse the public. Credit One began using it in 2006 when they changed their name from First National Bank of Marin, Capital One began using it in 2008.

It was a bit of a win for both. CapOne's huge marketing makes the Credit One logo instantly recognizable to the general public, and it's obvious why Credit One didn't pursue legal action to make CapOne cease and desist using the swoosh. 

[Anonymous]

I never got my $16 refund check from closing my account, either.

[HeavenOhio]

I can think of two reasons to keep Credit One for the time being. One would be if it's your only card. The other would be if you were reluctant to rock the boat during a mortgage application. Otherwise, the card should be dumped as soon as it's convenient to do so.

[Anonymous]

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@Anonymous wrote:
If she closes the card, it’ll remain on her reports as a positive tradeline for up to ten years and will continue to be included in the age calculations - don’t let aging factors keep you from shutting it down.

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Not enough information to really make that comment.  We don't know if it's their only CC for example.  We also don't know if there's a significant gap between the age of that card and their next card if they have others.  If it's (say) 7 years, that could mean an AoOA drop from 17 years to 10 years a decade from now as an example.  Finally, closed accounts don't always remain on reports for 10 full years and can fall off at any time after closure, so assuming it will stay on there for a decade adding aging value isn't the way to go.

[disney2]

It took a few months but I got my check for $6.44.  I didn't bother them about it but they finally sent it to me.  I was just so happy to be rid of them.