Credit One?

[Creditdreamer]

I read about Credit One on one of the threads here. I was pre-qualified for a card when I checked online. Does anyone have any experience with them? I currently have a CapOne secured and am waiting for my Open Sky secured to arrive in the mail. I know that the annual fee is high and that they begin charging interest the day that the charges post but I'm looking more for experiences people have had or advice on whether or not it's worth it to get the extra available credit.

Thanks!

[RobertEG]

Question one:

Do they report to the CRAs?  If so, which ones?

[namvet]

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@Creditdreamer wrote:
I read about Credit One on one of the threads here. I was pre-qualified for a card when I checked online. Does anyone have any experience with them? I currently have a CapOne secured oand am waiting for my Open Sky secured to arrive in the mail. I know that the annual fee is high and that they begin charging interest the day that the charges post but I'm looking more for experiences people have had or advice on whether or not it's worth it to get the extra available credit.

Thanks!  

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   You will get mostly negative comments about Credit One from those that have experience with them.  I disagree with most of them.  The card has a place and in your case it may help you get your credit established.  You just got to know when to move on.  This card is known to offer credit to those with less than average credit scores.  This card will help you build credit as long as you do this:  pay on time and don't charge more than 30% of your available line

[Creditdreamer]

Yes. All three supposedly.

[namvet]

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@RobertEG wrote:

Question one:

Do they report to the CRAs?  If so, which ones?

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 They report to all 3 bureaus.

[Creditdreamer]

@ namvet: How long did you have the card for? I was thinking of just using it for under 10% and the money that I'm paying with the annual fee I would look at as basically an investment into my credit scores...

[rckstrscott]

I have a CreditOne card, the first one I got that was unsecured after I started rebuilding. I got a CapOne secured, then the CreditOne unsecured a couple months later.

It reports, it reports on time, and it reports accurately. They started reporting right away on all three credit reports. The interest is kind of high, but I have had no issues with the card, I already got a limit increase in fact.  I don't even have a balance on it.

It does have an annual fee, so be careful to pay attention to what you are signing up for. I got a 300 dollar limit to start, and like 39.95 of it was an annual fee right off the bat. That part isn't appealing, but the credit score boost was. I will be closing it as soon as I close on my house.

-scott

[RobertEG]

Then I dont see a down-side, provided you are well-aware of the fine print, and use it to your advantage.

Consumers get into trouble with crap cards because they often have interest escalation and fees that make it worth the increased risk to the creditor.

Know the terms, and abide by them.  You will get another revolving line of credit since they report to your credit file, and that is a clear advantage to one with no or few revolving lines of credit.

[Creditdreamer]

@ rckstrscott: How long have you had it? And did you get any other secured or unsecured rebuilder cards? I'm planning on dropping like 3k each into CapOne and Open Sky in the next two months to increase limits but I like the idea of having an unsecured card. They say they do income verification. Is this the case in your experience or no?

[namvet]

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@Creditdreamer wrote:
@ namvet: How long did you have the card for? I was thinking of just using it for under 10% and the money that I'm paying with the annual fee I would look at as basically an investment into my credit scores...

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   I don't have this card Creditdreamer.  My daughter has/had the card when she was starting out on her credit journey. It helped her get established.  The interest rate is high but so what, a $500 credit line won't cause much damage.  A few tips:   pay the card via your on line checking bill pay program, don't ask for a CLI  a use it for a year.  This card is not designed to be a life long companion.  Your proposed plan is outstanding.  Good luck.