Credit One

[jwcc1205]

Does Credit One allow for you to product change your rebuilder card to a card without an annual fee? I have had my credit one card for 6 years and I am not too keen on closing it because it is my oldest account. Now, I have much better cards with higher limits and rewards. I would like to keep it open and PC it to one of their cards that has no annual fee. Credit One is a very tough bank so if I can't do that then I will just close the account. I can't stand paying the monthly annual fee for a card I don't even use.

Thank you!

[Goos]

I have their visa with no annual fees or monthly fees and I wanted to switch mine the red card one and they had no idea what I was talking about.  Speaking English and understanding English is completely different with their reps . So it maybe if you can get someone who understands you.  They kept telling me I had to check my account to see if I had additional card offers.

[jwcc1205]

Why does that not suprise me. They don't really seem to have it all together. I understand that they are a subprime lender, but they could at least have some customer service. I would love to just cut the cord, but I don't want the negative effects with it being my oldest account.

[Caribsa89]

@jwcc1205 - I called them last January 2021 and asked for a product change since my Credit One card had a $39 annual fee with no benefits.  It was my smallest CL at $2.5K and I travel a lot so I had it attach to my Uber and Lyft account.  I used it for that sole purpose since the CL was so small. I've never had any problems using it outside of the US!  I did get an American when I called who stated that they do not do product change; so I cancelled it.  It's almost a year since cancellation and I am bonbarded by come back e-mails from them. I don't know why they are harrassing me when I gave them the chance to keep me as a customer.  I have reported their e-mails to Outlook as spam!  I have not received one in the last month or so; maybe it's working.

Ollo card is next on my list of cancellation.  I too called them a few months ago to switch my Ollo card to the 2.5% Optinum card after receiving an invite.  I do not want 2 Ollo cards since I have one with a 5.4K CL (no annual fee) that I hardly use.  I was told I have to apply for the Optinum card with my invite and they to do not do a product change.  I am hoping now that they are own by Ally, that will change.  I am in the middle of a house search because I just got approved for a mortgage.  They will be the first card to go once I close on my house.  Or I'll keep it and use it every 6 months since it has no annual fee.  It's already out of my wallet in a draw.   

[805orbust]

1. You have better cards.

2. There is a monthly annual fee. 

These 2 bullet points = Cancel.  I rant on here all the time about closing these starter cards the second you get a couple of higher quality credit products. It will age and remain on your report for up to 10 years at which time it won't matter. Drop them like what they are: an afterthought. Mission accomplished. Purpose served. And PLEASE continue to login to your online account for a couple of months because they LOVE to sneak little interest and fees on after you close. Just pay them, and move on. 😉

Great job on your rebuild!

[coreyb80]

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@805orbust wrote:

1. You have better cards.

2. There is a monthly annual fee. 

These 2 bullet points = Cancel.  I rant on here all the time about closing these starter cards the second you get a couple of higher quality credit products. It will age and remain on your report for up to 10 years at which time it won't matter. Drop them like what they are: an afterthought. Mission accomplished. Purpose served. And PLEASE continue to login to your online account for a couple of months because they LOVE to sneak little interest and fees on after you close. Just pay them, and move on. 😉

Great job on your rebuild!

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Glad I seen this.  I cancelled quite of few of my starters and kept CO because they're the oldest one left, but after reading this I think it's time to cut the cord.  I have a card with them for $1450 and a AMEX card with them for $1000 that I feel like is pointless right now.  I've since received much higher limits with Penfed.  

[coldfusion]

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@coreyb80 wrote:

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@805orbust wrote:

1. You have better cards.

2. There is a monthly annual fee. 

These 2 bullet points = Cancel.  I rant on here all the time about closing these starter cards the second you get a couple of higher quality credit products. It will age and remain on your report for up to 10 years at which time it won't matter. Drop them like what they are: an afterthought. Mission accomplished. Purpose served. And PLEASE continue to login to your online account for a couple of months because they LOVE to sneak little interest and fees on after you close. Just pay them, and move on. 😉

Great job on your rebuild!

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Glad I seen this.  I cancelled quite of few of my starters and kept CO because they're the oldest one left, but after reading this I think it's time to cut the cord.  I have a card with them for $1450 and a AMEX card with them for $1000 that I feel like is pointless right now.  I've since received much higher limits with Penfed.  

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Go ahead and cut the cord. 

As mentioned above you absolutely want to monitor the account every couple of weeks for a few months after card closure to make sure trailing interest or other changes don't sneak in, you don't want to be surprised with a derog suddenly being reported  

[805orbust]

@coreyb80  Yeah I know in my case I almost had an emotional attachment to my first few starters, because when you can't get credit and someone approves you (even with loan shark terms) it's natural to feel gratitude/loyalty.  I DEFINITELY went too hard in the beginning and had things like a $1000 AMEX and a few inherent borderline approvals, however, after the smoke cleared, I realized the starters did me nothing but cost money. Milestone, Credit One, Merrick,  and First progress got the axe. Never missed a beat. Plus I can personally vouch for the added stress of managing too many Cc accounts. I applaud those that can do it, but I'm in WAY too deep and am going to modify my criteria and thin my herd even further. 🤣

[coreyb80]

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@805orbust wrote:

@coreyb80  Yeah I know in my case I almost had an emotional attachment to my first few starters, because when you can't get credit and someone approves you (even with loan shark terms) it's natural to feel gratitude/loyalty.  I DEFINITELY went too hard in the beginning and had things like a $1000 AMEX and a few inherent borderline approvals, however, after the smoke cleared, I realized the starters did me nothing but cost money. Milestone, Credit One, Merrick,  and First progress got the axe. Never missed a beat. Plus I can personally vouch for the added stress of managing too many Cc accounts. I applaud those that can do it, but I'm in WAY too deep and am going to modify my criteria and thin my herd even further. 🤣

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That's definitely been my issue the emotional attachment, but as you stated it's time let go and move on.  I'm also of the mind, I could be wrong, that some creditors view you differently when they do not see the bottom feeders, again this is not gospel, but only my opinion haha.  I'll be calling Credit One after I pay this $50 balance and shut it down.  The $1K AMEX they gave me with a $99 annual definitely has to go.

[805orbust]

That's been debated here endlessly, so there's GOTTA  be a shred of truth one would think. Either way, it's a long game, and by adding your current high limit card, you're timing it perfectly... imho of course 😉