Credit one is great for rebuilding IF you can deal with the annual fee and the fact that there is no grace period for interest. With that said, most people on here will tell you that you can't shred that card fast enough. Cap1 is a much better choice.
I have Credit One and it's served it's purpose. I will SD it until I reach a year and ditch them before the AF hits.
As rousseau said, they are frowned upon here. If you cannot obtain 3 credit cards from the more respected lenders, then they can serve a purpose. They can help raise your scores faster which will in turn allow you to get better cards more quickly. If you dont mind dealing with the terms of the card, then they can be okay. They will help you out in terms of scoring just as much as any other cards will. It is really up to you whether or not you want to deal with a more predatory lender to increase your scores. Secured cards are a better route in my opinion, if you cannot obtain "normal" cards.
I had them when I couldn't get anything else. Now over 2 years I want to close them out. The $8.33 a month fee is rediculous, but they don't get fed more then $2 extra. It's sock drawered. Just for oldest account I don't want to close it
Current (8/2015): Equifax 688, Transunion 689, Experian 708 Goal Scores: 700 across the board
Capital One Venture: $5500| Discover it: $4500| American Express Green Card: NPSL| Capital One- QuickSilver: $3000| American Express Everyday Card: $2000| Bank of America- Americard Cash Rewards: $1500 | Barclays Cash Rewards: $1300| Chase Freedom:$1200| Barclays Apple Rewards: $2000
If your credit is in the dumper like mine was, they're pretty much the only option. I couldn't even get a secured card from BofA. That being said, I had it for a year and canceled it. Now all my scores are approaching mid-600's and I am in with Chase (which was a big goal since I bank with them).
@Jpmack29 wrote: I had them when I couldn't get anything else. Now over 2 years I want to close them out. The $8.33 a month fee is rediculous, but they don't get fed more then $2 extra. It's sock drawered. Just for oldest account I don't want to close it
Dude don't be held captive by that predatory company simply because they are your oldest card. Closing them won't change that. They will still report for the next 10 years.
Current (8/2015): Equifax 688, Transunion 689, Experian 708
