Credit One

[Lil_Me]

I have recently been approved for this card, could someone give me some info on this company?

[namvet]

Credit One is a sub-prime credit card know for use as a rebuilder of poor credit.  People with no or limited credit may be approved for this card as well.  They are known for very low credit limits and credit line increases.  Credit One does report to all 3 bureaus and will help your credit score as long as you pay on time don't charge more that 30% (or so) of your credit line.  Don't expect a increase in your credit line anytime soon after opening.  

[Guava]

---

@namvet wrote:

Credit One is a sub-prime credit card know for use as a rebuilder of poor credit.  People with no or limited credit may be approved for this card as well.  They are known for very low credit limits and credit line increases.  Credit One does report to all 3 bureaus and will help your credit score as long as you pay on time don't charge more that 30% (or so) of your credit line.  Don't expect a increase in your credit line anytime soon after opening.  

---

+ lots of fees

[Anonymous]

I like Credit One.. .They gave me credit when very few others would... Yes you have to pay an annual fee which i think is billed evenly every month. I started out with $500 in 09 now im at $1050.  So if you need to rebuild and no one else will extend you credit..... keep it...

[Lil_Me]

Thank you all, so regardless if I use it or not I will be billed a fee every month?

[Anonymous]

Yes instead of them billing you the annual fee at one time they bill it to you in equal monthly installments.. And yes you will have to pay it whether you use the card or not.

[Lil_Me]

Thank you so much goodgirl-badcredit!

[lithium78]

One thing you want to look out for is paying the monthly fee immediately as soon as they charge it.  Credit One has no grace period, so if you let the fee sit there a few days, they will charge you an extra $1 in minimum interest.  They are a very tricky card with all their fees.

[namvet]

---

@lithium78 wrote:

One thing you want to look out for is paying the monthly fee immediately as soon as they charge it.  Credit One has no grace period, so if you let the fee sit there a few days, they will charge you an extra $1 in minimum interest.  They are a very tricky card with all their fees.   +1

---

[LS2982]

---

@Lil_Me wrote:

I have recently been approved for this card, could someone give me some info on this company?

---

What other cards do you have??

I'm not a big fan of CreditOne considering they are the only card I have that charges interest as soon as the item posts on your account, There is no grace period. I would recommend SD'ing this card if you have others with decent limits. Maybe run a reaccuring charge though it for activity, but don't use this card for your main purchases because you will pay big on interest!