Credit One

[Anonymous]

I was "lucky" enough to receive a pre-qualified offer for this card around 4 years ago.  At the time I only had 2 other cards and excitedly accepted thinking that it was a Cap1 offer, because I didn't read it closely (lesson learned).  I received a SL of $300 and then a CLI around a year later that got it up to  $1000.  I wasn't thrilled with the AF, but I wasn't in a place to really argue it much at the time.  After that point I started to receice the CLI with a fee offers and now have a CL of $2100.  I have read a lot about this card in the forum, but I'm still a bit confused.  Most talk about a monthly AF charge, and this isn't something I've seen.  Mine typically charges in full in Dec.  I do have "rewards" with mine, but I've never understood how they actually work.  Regardless how much I spend I get about 10 cents a month.  I have stopped using the card and have considered just closing it after all the things I've read in the forum.  However, since I'm not getting the monthly fees I'm wondering if it would be worth it to just hold on to it a few more months and cancel prior to the next AF being charged?  Will my scores take a dive it I cancel the card?  I recently cancelled 2 store cards that had super low limits and they haven't seemed to change my scores, but this is a larger CL.

[Anonymous]

List all your cards with date opened, balance and CL.

[Anonymous]

CareCredit, 4/24/11, $43, $1500

Cap1 Plat, 11/29/11, $0, $3000 - just PC'd to QS

Amazon, 8/21/12, $110, $1350

JC Penney, 11/1/12, $0, $900

Walmart, 11/8/12, $104, $1000

Justice, 11/13/12, $0, $1375

VS, 1/19/13, $0, $2400

BestBuyVisa, 3/4/13, $187, $1800

Kohl's, 6/8/14, $0, $2500

Credit One, 11/18/14, $0, $2100

Cap1 QS1, 6/27/15, $32, $1250

Target, 12/20/15, $32, $2000

Chase Freedom, 5/30/16, $223, $500

HotTopic, 7/9/16, $0, $850

Macy's, 9/24/16, $0, $1300

Ulta, 10/16/16, $357, $970

Belk, 11/6/16, $0, $500

PayPal ExMC, 1/19/17, $35, $300

Lowes, 4/30/17, $0, $300

Cap1 GM, 5/31/17, $223, $500

QVC, 7/18/17, $0, $400

Amex BCE, 1/29/18, $350, $500

Discover It, 3/1/18, $6416, $9000

GapVisa, 4/18/18, $30, $1600

TJX, 4/24/18, $0, $400

I know... I have a bit of a shopping problem...

[Brian_Earl_Spilner]

Cancel it

[Anonymous]

LOL you got a lot of house cleaning to do after Credit One but definitely get rid of it first, then go after store cards that you rarely use, especially the ones with toy limits.

[Anonymous]

The crazy thing is I use most of the store cards with lower limits more than the ones with higher limits.  I keep hoping that they will get some CLIs soon, but did just cancel Old Navy $200 (replaced with the GapVisa $1600) and American Eagle $150 (which had been that limit for 5 years, never late, nevery carried a balance, never got a CLI).  I earn some type of reward with almost all of my store cards, but I do need to trim them down a bit.  I have a problem... I have atleast admitted it... I just can't stop shopping lol

[Anonymous]

Hey, as long as you got the means, all powers to you. But if you're carrying balances, buying stuff you can't afford to pay off right away, it's best you nip it in the bud before it's too late.

[Anonymous]

Do I actually have to call Credit One in order to cancel the card?  And if so, do I actually need to have the card when I call?  I already shredded it.... so that could pose a bit of a problem.

[Anonymous]

I have never had to deal with Credit One so I don't know how they verified you over the phone but I would think at the very least, you should know the last 4 digits of the card before calling, perhaps you can get that while logged in online. Don't forget, no matter what they offer to retain you, be strong and say "no thank you". Good luck.

[SOGGIE]

http://ficoforums.myfico.com/t5/Credit-Cards/Best-way-to-cancel-Credit-One/m-p/4656389#M1349199