Great morning Fico Family!!
This morning I called Credit one and closed My Platinum Visa Credit card. They asked me why and I truthfully said that you don't give out enough CLI(i only had 2 cli for $350 over the course of 2 years). Second thing is im eliminating useless Debt. So they closed it and im excited. Now the Credit one Mastercard will be next up on the chopping block. I will say this though, i thank Credit one for giving me a chance to establish credit, they were the first to help begin my credit journey. But now its time to move on.
Make sure to keep a check on the next 2 statements to ensure no extra fees or trailing interest.
YEAH! WHOOO! Excellent decision! Congrats!
Do you have to pay an annual fee? If so, that's one of the reasons why people get rid of CreditOne. A credit card with an annual fee and zero rewards is not a wise financial move. They also like to do things like charge you for a credit limit increase. CreditOne is basically a card you get when you're first starting out or trying to rebuild bad credit, and then once your scores go up you can get a card that actually has benefits. THose tend to require higher scores than the scores possessed by people CreditOne targets. I've had a CreditOne card for 18 months now--started out with a $500 limit and now is up to $1,050. Back when I got it, the only other card I had was a CapitalOne card with like a $500 limit. My scores have increased significantly since I got the CreditOne card. I now have three other cards all with rewards and benefits. I am closing my CreditOne card in the next few months because i"m tired of paying them a $100 annual fee in monthly installments just for having the card even if I don't use it.