Credit One Bank

[marysmanning]

Beware of Credit One Bank. The customer service, including most of the managers are extremely rude and completely inefficient. I had to submit documents to them to verify my identity. They asked for a utility bill, DL and paystub. I provided all of the information within 24 hours. Over the next month and a half I had to resend the same documents over 10 times (not exaggerating). One dept would get them in and another department would just sit on them and not verify anything. When they finally got around to it they said it was too old and I had to resend them. Even worse they did NOT review them carefully and stated the addresses were different which they were not. All 3 pieces addresses matched. One manager name Bruce (Bruce, yeah right) was extremely rude, hard to understand through his thick accent and  non apologetic for the headach and run around they caused. They have already reported this as a new account on my credit so if I cancel it I'm afraid it'll hurt me. Just stay away if possible. Just a horrible experience. 

[E36]

Yes, avoid at all cost.

Credit One is a sub-prime lender that will market to anyone, bad credit, no credit history, good credit, even people with excellent credit. They have a reputation for bad business practices.

There are better choices.

[pizzadude]

Congrats on the approval ?? 

[Patient957]

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@marysmanning wrote:

. One manager name Bruce (Bruce, yeah right)... 

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LOL.

They have already reported this as a new account on my credit so if I cancel it I'm afraid it'll hurt me. 

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Generally speaking, it's the opening of revolving accounts that can hurt your scores, not the closing.

You have the hard pull that can cost a handful of points.  You have the scorecard reassignment that can cost 20ish points if it's your first new card in over a year.  And you have the age metrics that decrease on account opening, which may or may not cost any points but always reduces your averages.

On closing you really only have to think about loss of the credit limit, which you didn't have before you opened the account, so in this case it's a wash.

It's a myth that closing accounts hurts your credit score.  It's opening new accounts that really matters.