Credit One Prequalified Offer?

[Anonymous]

Just recieved an "prequalified offer" from Credit One in the mail.  Great, my current work on rebuilding my credit is starting to pay off until I read the fine print. 

Credit line up to $1,500, no enrollment fee, no overlimit fee and rewards included.  Sounds good until you read the back side and I get flashbacks to what First Premier credit cards read. 

ARP=23.9%, set up and maint. fees:  first year $75 billed on your account when it is opened and will reduce your amount of intial available credit so if your account is established with a CL of $300 then available credit is $225.  then $99 annual fee after the first year charged monthly at $8.24.

If you add an authorized user it will cost you $19.00 annually.

Wow, with all these fees you might as well get a secured credit card.

I would love to have an unsecured card with a $1,500 CL but not with all these fees and no guarantee what CL it will open with.  I guess I should be patient and wait till I pass the 600 mark and 6 months post BK

[Anonymous]

more than likely, you will get a $300 SL.  because they report to all three CBS, Credit One is good for rebuilding, but expensive and not always the best option.

You may want to wait.  I don't know what other Credit Cards you have, but if you are rebuilding, you may get some offers from First national (Legacy Visa) and Merrick...these are two good cards to rebuild with that won't cost you huge amounts in montly fees, etc.

You will probably get an offer from First Premier....same set up BS as Credit One with a low starting limit.  Avoid it if you can.

[pipeguy]

Credit One the ultimate vulture card owned and operated by the same people that brought you the friendly collection services of LVNV and the "factoring BS" that will haunt your CRA reports - you'll pay less fees buying your self prepaid Visa Cards at the 7-11 or local gas station. 

And this is my "polite" opinion.

[Anonymous]

Do. Not. Get. A. Card. With. Them. They charge you for everything!!! They will not give you a CLI until after you've had the acct opened for a yr. Thus another annual fee. They charge interest the moment you swipe. I just closed my acct with them that took 3 phone calls to finally get the acct closed. They are the worst! Save yourself the headache. There are far better cards to get to rebuild with.

[ginger1477]

What everyone else said,  don't do it.   Did you try to get a card with capital one?   I got one about six months after bk.  They're easy to get back with and won't make you broke with fees. 

[Anonymous]

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@ginger1477 wrote:

What everyone else said,  don't do it.   Did you try to get a card with capital one?   I got one about six months after bk.  They're easy to get back with and won't make you broke with fees. 

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+1 I would try Cap1's pre-qual, and if nothing comes up try their rebuilder card. Definitely don't waste your time with Credit One

[Anonymous]

As a current Credit One user I can say that they have helped me.  Now that I am in ranks with Cap1 and soon NFCU Secured card I will be dropping this card.  They have served their purpose.  If you cannot qualify for anything else and do not have the funds to put a deposit on a secured card its not a bad option.  Just lose it as soon as you can.

[Anonymous]

Run! Run very fast and very far away.

Your scores have recovered nicely, but th BK is going to keep some lenders away for awhile now.  However, Cap 1 should come around pretty quickly.

[takeshi74]

Don't rely on prequals.  They're just marketing.  Learn to read and assess your reports.  Once you've addressed the major issues then apply for products that suit your needs/wants.  You won't be able to do anything about the BK and it will be limiting factor but see if there are other items you can address.  Hit the Rebuilding subforum.

[Anonymous]

     Don't have anything to do with that Credit Card company...it is a scam...there are so many hidden fees it is ridiculous.  I get offers from them all the time and they copied Capital One's logo for a reason.  Many people apply because they think it is CP1.  I know that it might be for some; but I truly feel that they take advantage of people are trying to fix their credit.  This is JMHO; everyone has a right to do what they want.  Hope this advice helps.  Thanks for sharing.

MJH