I Just Closed My CreditOne Account!!!

[Anonymous]

I am so happy that I am finally to a point where I no longer need the card!  I called to cancel a few months ago, but they offered to waive the AF (charged monthly) for three months so I kept it around a little longer.  I am slightly miffed that they didn't even try to keep me around this time, but I don't think I have used the card in 6 months, so that is probably why...

[pipeguy]

Thumbs up to anyone that dumps that vulture card!

[Anonymous]

Congrats...onward and upward!!

[ryder32244]

I have had a Credit One account for a while and the limit sits at 1300. Thiking of closing the card as I never use it, but it helps my debt ratio a little. Why did you close? Just asking to weigh on what I need to do with my CO card.

[Anonymous]

The limit was $950, which with my new cards really wasn't very useful to me and I didn't see the point in the AF.  If they were willing to waive the AF, completely or just for 3-6 months, I would have kept it around a bit longer.  For the most part, I am keeping my utilization under 10%, although I am putting a big purchase on my Discover next week, so I didn't really need the cushion.  My Discover is 0% for the next 12 months, so they are currently getting 95% of my attention anyways.

[pipeguy]

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@ryder32244 wrote:

I have had a Credit One account for a while and the limit sits at 1300. Thiking of closing the card as I never use it, but it helps my debt ratio a little. Why did you close? Just asking to weigh on what I need to do with my CO card.

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Just google Sherman LLC and their companies along with horror stories on CreditOne fees/penalties/et al - also search MyFico, lots of threads. I understand (not really) maybe using CreditOne for getting started or rebuilding, but the second you get a real credit card break your deal with the devil and dump it!

[AverageJoesCredit]

Good for you. Looking at your limits, i wouldnt have kept them even if the offered 3 or more months no af. You dont need that card or its limit imo.

[sueblue34]

Kudos to you!!

I’m planning on getting rid of mines at the end of May. My limit is $1950. I’ve had it for about 2-3 years. Just waiting on my next statement to reflect $0 balance for a month or so then that’s it.

[TiggerDat]

Feels great doesn't it?

[jenrn123]

Way to go! I just spent less than 10 minutes on the phone to close mine as well. They offered no AF for 6 months, but I politely declined. Asked me if I was sure and I said "Yes". Account (purportedly) closed. It wasn't as difficult as I feared after reading other threads, but I will remain vigilant and monitor to make sure that no further charges are added. I do have another account with them that I will be closing within the next 6 months, but it is still in it's no AF first year. The cards served their purpose for rebuilding, but now I have more substantial CLs with major issuers with no AF plus rewards.