Credit One Lesson Learned

Anonymous · ‎05-25-2016

So credit one charges interest on their monthly fee even if its paid before the statement closes. My account has not been used in almost a year unless you account the fraud charges from December. I got two people that couldn't explain to me why I haven't had interest on prior statements with just the monthly fee, suddenly they start with the little sneak charges. So I said cancel it...they started in with the whole you're valued and this will hurt your credit as you're rebuilding...Lady stop the song and dance...You all are my lowest bankcard limit no one else is in the hundreds lol....HER: "Well did you know that you can have up to $1500 added on to your line" ME:"Yep with a fee of course I could, but if I don't use you all why pay the fee, would you waive it?" HER: We value you..so we'll lower your APR for 6 months...credit this $0.02 back and waive the annual fee for 3 months" ME: Ok thanks but I can cancel at the 3rd month cause the APR reduction isn't helping me if I don't plan on using the card" HER: Thanks for keeping us, we value you" ME: Umm ok, I wouldn't have had to ask for a $0.02 credit if you valued me...HER: Have a great week bye bye

That reads like a horror story in the making...I didn't close it...But when that fee kicks back in I am regardless of what they offer...

creditguy · ‎05-25-2016

Should of just closed it and saved yourself a call again in three months, the less talking you have to do with them the better.

Anonymous · ‎05-25-2016

Just so you know I never say things like this: Cancel, as fast as you can!

Anonymous · ‎05-25-2016

Both of you I'm so seriously contemplating it. Like it was mentioned that call in the next 3 months has me worried and I don't like the fact that the annual fee is more than I've charged on the card total since I've had it.

Anonymous · ‎05-25-2016

I'm cancelling mine on the 10th month, no way I'm paying a monthly fee after 1 year

Loquat · ‎05-25-2016

@creditguy wrote:
Should of just closed it and saved yourself a call again in three months, the less talking you have to do with them the better.

+1 Alls they'll do is give you the same song and dance again, try to convince you to stay, and if you give in, you'll find yourself repeating the process all over again. Have you ever watched the movie Groundhog Day with Bill Murray? Don't waste your time repeating the same thing...

CountryLivin · ‎05-25-2016

I agree with the others! Get rid of it now! Who needs the hassle of trying to remember to call in in 3 months. I keep getting offers from Credit One in my mailbox and they go straight into the trash....except for the one I got last week....I used it to start a fire in my old school barbecue when my good grill was outta gas!

Anonymous · ‎05-25-2016

I just got rid of them pain in the you know what! One month they would report a zero balance which was accurate then clear out of the blue the next they'd charge a $1 causing my scores to change. I called and cancelled and of course they offered to Lower the APR for only six mths... Uh no thank you! Close my acct please and thank you! I refuse to pay another $75 annual fee and they won't give CLIs until you've had the acct for a year. I was ever so glad to get rid of them! I'm just waiting to see my reports reflecting that my acct is actually closed. They normally report on the 25th for me. I can't wait to update my CK reports tomorrow. If not they will hear from me and it won't be pretty!

Anonymous · ‎05-26-2016

Ok so question this was my first card rebuilding almost 2 years ago the next one was a month later...Utilization wise it won't hurt since the CL is only $450 but what would it do to my AAOA to close it? The only thing older than that is my student loans at like 15 years

Anonymous · ‎05-26-2016

@tamaralig wrote:
So credit one charges interest on their monthly fee even if its paid before the statement closes. My account has not been used in almost a year unless you account the fraud charges from December. I got two people that couldn't explain to me why I haven't had interest on prior statements with just the monthly fee, suddenly they start with the little sneak charges. So I said cancel it...they started in with the whole you're valued and this will hurt your credit as you're rebuilding...Lady stop the song and dance...You all are my lowest bankcard limit no one else is in the hundreds lol....HER: "Well did you know that you can have up to $1500 added on to your line" ME:"Yep with a fee of course I could, but if I don't use you all why pay the fee, would you waive it?" HER: We value you..so we'll lower your APR for 6 months...credit this $0.02 back and waive the annual fee for 3 months" ME: Ok thanks but I can cancel at the 3rd month cause the APR reduction isn't helping me if I don't plan on using the card" HER: Thanks for keeping us, we value you" ME: Umm ok, I wouldn't have had to ask for a $0.02 credit if you valued me...HER: Have a great week bye bye

That reads like a horror story in the making...I didn't close it...But when that fee kicks back in I am regardless of what they offer...

It sounds like you have other cards available to you, cards that don't charge a monthly fee and that do have a grace period. Cancelling this card won't adversely affect your credit score. First, the limit is so low as to have a negligible effect on your utilization. Assuming that you have $5k in other credit and $500 here, along with $1100 (20%) utilization, canceling the card will bring your utilization to 22%. These are speculative numbers, and may be wildly off of what you have, but you can see that the effect of closing this card is likely to be minimal. Additionally, closing this card won't affect your AAoA right away, as it will stay on your reports for up to 10 years. Just close the card and be done with it.