Newbie Question

[theprat]

Current Cards and Limit

Amex Platinum

Lowes- 3600

Belks- 2000

Discover IT- 3k

Capitol One Quicksilver- 500

Capitol One Secured- 500

Amazon- 400

Best Buy- 8200

Utilization- 20% across all cards

Credit Score 658 Equifax from Myfico 

Question: I applied for Credit One and it is coming in the mail. Should I activate it as I really dont think overall it is going to help me much. I also have read some not so great things on the Credit One card.

Any thoughts appreciated.

David

[PlasticOrPlastic]

With your line up of cards I'd skip the credit one card.  I've heard nothing but bad things on these boards about that card. 

[takeshi74]

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@theprat wrote:

Question: I applied for Credit One and it is coming in the mail. Should I activate it as I really dont think overall it is going to help me much. I also have read some not so great things on the Credit One card.

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As far as your credit is concerned the damage was already done when you applied.  Be sure to do your due diligence prior to applying in the future.  As for whether or not Credit One is reputable or worth dealing with, I can't speak to that but it's definitely something you need to factor into your decision making.

[theprat]

Thanks for the replies and certainly understand damage is done but is it really? My average age of credit is 9 years and all but two of my cards are at 12 plus years so really wont hurt to cancel. I am thinking I might see a little dip if cancelled. 500 credit line wont help my utilization much at all

Lesson learned....make a list of cards you would like and research to see if you might get approved. I really didnt think I could get any other cards so started with Credit One...my surprise is that I got a Discover IT. should have started there.

[CreditExpressNJ]

Just curious why did you accept the offer anyway your card line is awesome and I'd assume if you have the IT that you'd be able to get a card alot better than credit one even mediocre cards...

[theprat]

good question...I had all the other cards except Discover IT, Credit One, and Capitol One before applying. had Platinum Amex since 02 and they never put any limit on my card even with foreclosures. Funny thing is though I got denied last year for a Amex Green.

My mortgage broker said one more Bank TL would be good as I am preparing to get a house sometime next year. I went through 4 rental property foreclosures 3 years ago as part of a divorce that killed my credit.....fell like 250 points was like 800 before. 

Discover didnt approve me alone either it was a joint applicant with my wife. I applied for Barclay and one other and was declined. I read Credit One was fairly easy so I applied. After I applied, I went to my GE accounts and hit the LUV button...got a 3100 increase on Lowes and 1000 on Belks guess GE likes me.

I jumped the gun too soon on Credit One. I should have gone with GE increase first and then tried the joint approach. I read on here about that after applying for Credit One.

Bottom Line: Be patient with your credit rebuild and research like crazy! 

Back to question though should I just cancel Credit One?????

[yudeology101]

My recommendation is to close the card when it arrives.  I had it when I was rebuilding my credit back up, but was not pleased with their hefty AF + monthly fee w/ no rewards. 

[CreditExpressNJ]

Well yes if the fees are gonna bother you and the fact that it doesnt have a grace period... Interest accrues the moment purchases are made... if none of that scares or bothers you then keep it use it once or twice per month PIF and then leave it ...

Edit:

I'd say go for another GE revolver like Walmart to add to your profile... or Paypal MC/SC if you need a revolver specifically because Walmart could end up being labeled as a charge account if you are only approved for the store card level.

[theprat]

thanks for the advice....app Paypal MC and approved 2k...man I love GE not sure why but they always show me the love!