CreditOne AmEx?

[Anonymous]

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@RootDet wrote:

In the Distant Past, Amex used to give a denial with a reason similar to "Too many consumer finance company accounts" to anyone who had active accounts from creditors such as CreditOne, Opensky, Fingerhut, etc. Some lenders and Fico, view using these types of predatory lender accounts as risky. For a while, even my own Citizens Bank account was viewed as CFA due to 3rd party servicing showing "FirstMark".

Last time I personally saw a denial for it on the forums can from AMEX. So while like anything else it can be overcame, those types of creditors served outside of the mainstream markets can slow progress. 

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So you are saying when Amex goes out for seafood, imitation crab isn't going to cut it?

[Anonymous]

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

People keep knocking credit one, but they're really trying to get away from the whole predatory lender image. Some of their offeringa are on par or better than many cards recommended on here. No AF, grace period, lower rates, etc. The only thing keeping them from being more embraced here is their image and poor software and customer service.

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If you want an image of quality, you need to offer quality. Quality customer service,  great rewards program and 100% real CLs (ever heard of a $34K CL on a Credit One card?). That has to be there first, and then years of shredding an old image.  That's tough to do. 

An issue with offering large lines for a card company not used to giving them is jumpy reactions. They may overreact when cardholders miss payments, or run up balances quickly. That hasn't been their market as far as I know and that will take some getting used to on their end.

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Nobody said it would happen overnight, but there are worse options out there.

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They may be better off rebranding if they want to get into that market.

[JNA1]

We got DW got a Credit One card nearly a year ago to build her credit, since she had never financed anything in our 17 year (at the time) marriage. I had never been on this site and had no perceived opinion of them. Besides the $39 AF hitting in a few months, we had zero issues with them. The payments have always posted as fast as any other cards we have, and faster than most of them. The site is nothing special, but I’d trade for the PPMC in heartbeat. Even it has notifications.🙄 The card earns 1% which is ho hum, but compared to a no rewards, entry level card like a Cap 1 Platinum, Chase Slate, or Citi Diamond, it’s no worse than they are IMO. If you spend a decent amount on one, you’ll surpass the AF and end up with a net gain in rewards dollars, which is something that won’t happen on better bank’s entry level cards.

They waived the AF for the first year and we are getting close to having it a year. We are going to call to close it when the AF hits, but if they do like many say they do and offer to remove the AF, we may keep it open for AoOA for her.

My brother has a bucketed Cap 1 Platinum that has he had a $500 CL for over a year. I can’t consider this card any worse than one in any way.

[Anonymous]

I wouldn't touch anything from Credit One with a 12 foot pole!   I'd just suffer and get another AMEX product from somewhere else.  They will charge you fee's like its not funny!

[CreditInspired]

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@Anonymous wrote:

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@RootDet wrote:

I would stay away, especially if you ever want an AMEX in the future direct. Amex has been known to see creditors such as CreditOne as a negative on the credit report than a Positive one. 

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Curious as to the source of this? I had an open Indigo rebuilder card on my profile when Amex approved my first two cards with them. It's closed now, but still on my reports. Amex gave me three more cards in the meantime...

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Yep, I'm curious too. 

[CreditInspired]

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@Anonymous wrote:

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@RootDet wrote:

I would stay away, especially if you ever want an AMEX in the future direct. Amex has been known to see creditors such as CreditOne as a negative on the credit report than a Positive one. 

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While there are many, many reasons to stay away from Credit One, this isn't one of them. 

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Ditto!

[seattletravels]

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@RootDet wrote:

In the Distant Past, Amex used to give a denial with a reason similar to "Too many consumer finance company accounts" to anyone who had active accounts from creditors such as CreditOne, Opensky, Fingerhut, etc. Some lenders and Fico, view using these types of predatory lender accounts as risky. For a while, even my own Citizens Bank account was viewed as CFA due to 3rd party servicing showing "FirstMark".

Last time I personally saw a denial for it on the forums can from AMEX. So while like anything else it can be overcame, those types of creditors served outside of the mainstream markets can slow progress. 

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I think people overstate the CFA weight on negative factors.  I only see it listed as a negative factor when I'm AZEO or carrying small balances on a few cards. If I ever need to carry a larger balance, CFA drops off my top negative factors and the standard balance reasons appear.

[Anonymous]

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@CreditInspired wrote:

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@Anonymous wrote:

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@RootDet wrote:

I would stay away, especially if you ever want an AMEX in the future direct. Amex has been known to see creditors such as CreditOne as a negative on the credit report than a Positive one. 

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Curious as to the source of this? I had an open Indigo rebuilder card on my profile when Amex approved my first two cards with them. It's closed now, but still on my reports. Amex gave me three more cards in the meantime...

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Yep, I'm curious too. 

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I don't think it has any bearing when applying for new cards, car loans, etc.

Those lenders who scrutinize a report, like a mortgage lender might form an opinion of the types of cards an applicant has.

I personally don't like them on my report though.