I fell into the Credit One web!!

Anonymous · ‎01-02-2015

So I am on the bus this evening, headed home from work and Credit One sends me a text,"your credit score has been updated". So being the excited person that I am about my credit now, I log in to my account from my smartphone. And what do I see, "your excellent credit gets you a $200 credit limit increase!" (fees apply)

So I click on accept and they are offering me an increase from $550 to $750 with me paying a $19.95 fee. Because I thought the fee would be more like $75 I jumped on the offer. I am now wondering if I was just a victime of the Credit One "fee monster" or was it a wise move?
I am feeling as if I shouldn't have taken the offer?

yfan · ‎01-02-2015

Why do you even have a Credit One card? Your scores are in the low 600s, while not great, that should be out of Credit One territory.

Anonymous · ‎01-02-2015

@Anonymous wrote:
So I am on the bus this evening, headed home from work and Credit One sends me a text,"your credit score has been updated". So being the excited person that I am about my credit now, I log in to my account from my smartphone. And what do I see, "your excellent credit gets you a $200 credit limit increase!" (fees apply)
So I click on accept and they are offering me an increase from $550 to $750 with me paying a $19.95 fee. Because I thought the fee would be more like $75 I jumped on the offer. I am now wondering if I was just a victime of the Credit One "fee monster" or was it a wise move?
I am feeling as if I shouldn't have taken the offer?

Definitely Victim. You should NEVER have to pay for a CLI with anything more than a HP if the lender requires it.

Anonymous · ‎01-02-2015

I was approved for a Credit One card in 07/13 when I had only a secured BoA card(10/12) and a brand new Cap One(06/13). I needed to rebuild my credit and I wasn't aware fo this site as of yet. I have used it up to this time, but coming to this site, I know that I need something else. However, because I have BoA($500), CapOne($750), CreditOne (550) and just recently a CapOne QS1($500).

I actually am beginning to build my credit but I am not in a position(at least I don't think that I am?) to get approved for a Barclay's, Chase Freedom or something else good as of yet? So I hold on to Credit One.

Am I missing something?

@yfan wrote:
Why do you even have a Credit One card? Your scores are in the low 600s, while not great, that should be out of Credit One territory.

Anonymous · ‎01-02-2015

@Anonymous wrote:
I was approved for a Credit One card in 07/13 when I had only a secured BoA card(10/12) and a brand new Cap One(06/13). I needed to rebuild my credit and I wasn't aware fo this site as of yet. I have used it up to this time, but coming to this site, I know that I need something else. However, because I have BoA($500), CapOne($750), CreditOne (550) and just recently a CapOne QS1($500).
I actually am beginning to build my credit but I am not in a position(at least I don't think that I am?) to get approved for a Barclay's, Chase Freedom or something else good as of yet? So I hold on to Credit One.
Am I missing something?
@yfan wrote:
Why do you even have a Credit One card? Your scores are in the low 600s, while not great, that should be out of Credit One territory.

Not at all. If you feel you still need CreditOne, then by all means hold on to them. yfan was just implying that you can do better than them with your scores.

yfan · ‎01-02-2015

You definitely don't need Credit One. If it were me, I would keep the other cards and let this one go, even if it is your highest limit, technically. It's probably costing you more than it's worth.

FocusedAndDetermined · ‎01-02-2015

@Anonymous wrote:
@Anonymous wrote:
So I am on the bus this evening, headed home from work and Credit One sends me a text,"your credit score has been updated". So being the excited person that I am about my credit now, I log in to my account from my smartphone. And what do I see, "your excellent credit gets you a $200 credit limit increase!" (fees apply)
So I click on accept and they are offering me an increase from $550 to $750 with me paying a $19.95 fee. Because I thought the fee would be more like $75 I jumped on the offer. I am now wondering if I was just a victime of the Credit One "fee monster" or was it a wise move?
I am feeling as if I shouldn't have taken the offer?
Definitely Victim. You should NEVER have to pay for a CLI with anything more than a HP if the lender requires it.

Agree with Nixon. There should never be a monetary cost to a CLI. If offered again don't take it.

Anonymous · ‎01-02-2015

I actually agree with both of you, I paid the card off last week and I am looking to "sock drawer" it. So aside for the fee that is on there, my intent is to NOT use it. Also, because my AAoA is like 2.2 years, I didn't think this the proper time to close the account?

As for other cards, I have been studying this forum and taking note of what people are being approve for and with what credit scores. My intent is to go into the summer with 670-690s and being my possible app spree?

@yfan wrote:
You definitely don't need Credit One. If it were me, I would keep the other cards and let this one go, even if it is your highest limit, technically. It's probably costing you more than it's worth.

Anonymous · ‎01-02-2015

@Anonymous wrote:
I was approved for a Credit One card in 07/13 when I had only a secured BoA card(10/12) and a brand new Cap One(06/13). I needed to rebuild my credit and I wasn't aware fo this site as of yet. I have used it up to this time, but coming to this site, I know that I need something else. However, because I have BoA($500), CapOne($750), CreditOne (550) and just recently a CapOne QS1($500).
I actually am beginning to build my credit but I am not in a position(at least I don't think that I am?) to get approved for a Barclay's, Chase Freedom or something else good as of yet? So I hold on to Credit One.
Am I missing something?
@yfan wrote:
Why do you even have a Credit One card? Your scores are in the low 600s, while not great, that should be out of Credit One territory.

I would say if you are in with capital one (a decent lender) and BoA (prime lender) then you do not need credit one.

You could cancel the credit one card and still be well on your way to rebuilding nicely.

In six months get cli on both the BoA (is this unsecured now?) and the cap1 and then a year from now you will have an excellent chance of getting in with barclay's, chase or amex.

Anonymous · ‎01-02-2015

What cards in the next 60-90 days with my scores look promising?

However, I am still working on my two derogs that are the main cause of my low scores right now

My credit profile:

BoA $500 0

CapOne $750