Credit One CL increases

[Anonymous]

I read that people consider Credit One a predatory lender. Why? Do they not give significant increases? I started with them at $300 and it's now $750 within a year, not that that's a ton of CL based on what I've seen here! But do they have a max limit or something? I have a clean slate of no lates with them too. 

[Anonymous]

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@Anonymous wrote:

I read that people consider Credit One a predatory lender. Why? Do they not give significant increases? I started with them at $300 and it's now $750 within a year, not that that's a ton of CL based on what I've seen here! But do they have a max limit or something? I have a clean slate of no lates with them too. 

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They are considered that for unfair credit practices.  To understand why, lets start with your Credit One account and do a comparison with say a secured credit card.  Tell us the fees associated with your account and we go from there.

[mccallb]

I won't be much help offering a side by side comparison to a secured card, but I will say I started with a 300 credit one card 3.5 years ago. I paid early, and PIF, and never had any problems with anything.  

I still have the account because its my oldest, and its up to 2050 CL which is the highest I've ever heard of, meanwhile my overall CL with all my cards is 80K, so as a rebuilder card, it did do wonderfully.

I got constant CLs with them, and as soon as I reached 1K, I was able to get a Cap 1 plat, which later PC'ed to a QS.

[Anonymous]

"Predatory lending" is generally defined by high interest rates and/or high fees. Credit One's interest rates aren't excessive, but their fees are very high, especially compared to the low credit limits on the card. Many premium travel cards (which come with big bonuses, perks, and great rewards) have lower fees than Credit One.

A lot of people here prioritize growing CLs above earning rewards and avoiding excessive fees. I think that's a mistake.

[Anonymous]

Hi OP.

Grats on your credit limit increase. You must feel good. More spending power. Use it wisely and keep doing what you are doing so you can maybe get in with capital one and other companies.

GL

[Chris679]

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@Anonymous wrote:

I read that people consider Credit One a predatory lender. Why? Do they not give significant increases? I started with them at $300 and it's now $750 within a year, not that that's a ton of CL based on what I've seen here! But do they have a max limit or something? I have a clean slate of no lates with them too. 

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High interest rates, monthly fees as well as annual fees, fees for CLI, no grace period on purchases, etc. 

[Anonymous]

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@Chris679 wrote:

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@Anonymous wrote:

I read that people consider Credit One a predatory lender. Why? Do they not give significant increases? I started with them at $300 and it's now $750 within a year, not that that's a ton of CL based on what I've seen here! But do they have a max limit or something? I have a clean slate of no lates with them too. 

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High interest rates, monthly fees as well as annual fees, fees for CLI, no grace period on purchases, etc. 

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You're thinking of First Premier, Chris.

Credit One stinks, but it's not as bas as First Premier.

[Anonymous]

Their fees and how they calculate interest, mainly. But, I really dont think one can complain much about those as they are part of CreditOne's terms of service. If you dont like the terms, you dont have to apply for the card. Basically, it's their court and their ball. You play by their rules or you go elsewhere. What I really do not care for is their obvious attempt at mimicking Capital One, from the logo to the name. In my opinion, that's shady. I'm a very level headed person, not easily duped or fooled. But, I admit to the fact that when I got the mailer, for some reason, I thought it was Capital One and applied. My fault, I will fully admit and accept that.

[Creditdreamer]

I have had Credit One for about 3 years now and haven't paid any fees since the first year. It has grown and every 6 months, I just call in and say that I want to close the card because the fees are too high and my credit limit is too low. They up my credit limit and waive the fees for the next 6 months. The initial reps you talk to won't be able to take the fees away so you have to say you want to talk to the retention department. I use the card every now and then just so it won't close and pay instantaneously to avoid interest. I don't mind keeping it around for a while if it doesn't cost me anything since I'm still very much in the rebuilding stages.

[Anonymous]

They are a credit card for people who dont want a hard pull, which is great, and once you get your credit built get rid of it unless they make it a hassle free no af card that you can just sock drawer, but if you have to call in every 6 months I personally feel like thats a lot of work. I do have them and haven't had any problems or fees with them but thats probably because I don't use it, once the 10th month comes around I'm closing it. They did give me a free auto CLI