How bad is Credit One?

[Anonymous]

I made the same mistake, and I think it's no accident that the logo is very similar to Cap One's . Personally, I did not care for their billing practices, they sent the card with the annual fee charged already which I expected, but upon activation they immediately charged more than $5 interest on it. I thought that was kind of shady. While I kept the card open just to keep my utilization low, I never used it again and finally closed it after about 4 months. 

[BurgeoningHope]

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@Anonymous wrote:

I made the same mistake, and I think it's no accident that the logo is very similar to Cap One's . Personally, I did not care for their billing practices, they sent the card with the annual fee charged already which I expected, but upon activation they immediately charged more than $5 interest on it. I thought that was kind of shady. While I kept the card open just to keep my utilization low, I never used it again and finally closed it after about 4 months. 

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Their practices, starting with the resemblance to "Capitol One", are why I call them predatory, and not merely opportunistic.

[Anonymous]

I called yesterday to close the account. It seemed like the guy I talked to didn't really know what he was doing. He was very hard to understand (strong Indian accent) and he kept reading stuff that he was required to say. I asked for a confirmation in the mail, he put me on hold for about five minutes to ask for his supervisor for permission and told me that the supervisor approved it. I thought it was kinda weird that he had to ask his supervisor for permission for that.

I comparred a capital one letter with a credit one letter. Their logos really look very similar. I'm sure I'm not the only one who accidently applied for a credit one credit card, thinking it was capital one.

Again, thank you for all your responses.

[Adkins]

Note the time and date you called, and keep that information for your records. CYB. 😉

[Anonymous]

Hey Sarah, I get your frustration!! They do look very simular haha. 

I highly recommend you cancelling your credit one account. You are going to be charged an annual fee that is normally divided into monthly payments. 

It offers no rewards at all. where cards that do offer rewards and AF are normally worth the fee. 

You will pay a lof of money on interest and fees for just normal use. You dont have to build credit by selling the farm!

Closing accounts doesn't really "hurt" your score. It just doesn't help it! You also took a hard inquiry for that card which is a bummer but very easy to get over.

Just keep the Capital One card for 6 months and then apply for a new card and then grow your credit score.

The really agonizing thing about credit scores is they take time to grow. However, you would not being hurting yourself for the medium to long term by cancelling that card. 

I hope this helps!

[Anonymous]

Discover secure card is by far the best card out there.

[fltireguy]

Or BOA secured

[Dalmus]

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@Anonymous wrote:

Call and cancel it without activating it Sarah. 

There is zero value (that I can think of) in that card if you have a Capital One on the way. It would also shorten your average credit age, which is bad for your credit score. Probably not in a major way for you, but there would be a bit of a lower score.

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Does Credit One really work that way?   With the vast majority of cards, the account is created at approval time, whether you activate it or not.   As others have pointed it, it hardly matters in this case because the cards are nearly the same age, but in general I don't think not activating and cancelling has any gain.

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I already adressed this in a follow up. And the gain is NOT paying an annual fee.

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Yes, obviously not paying the AF is a gain, but that wasn't my point.  Your followup was about it not making much difference in this case due to the similarly aged accounts.   I am asking (not just you now) if not activating the card really prevents the hit to AAoA in general.   I don't think it does, but want to see if that is the case.

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 I agree with the other response...  The line will show up on your report when they approve the account, whether or not you activate it.  On the other hand, if you close it, that line will stay for up to 10 years, lending a little bit of help to your AAoA later on (two accounts that are now x years old rather than one).

[Anonymous]

I regret this card

I regret it so much.

But it, like Indigo, I will let  stay open and unused right until they hit the year mark (and then i will destroy and close them)

Mistakes were made.  150 dollars worth of mistakes.