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I don’t, but I’d suggest working with US Bank first, before going to Credit One and the piranha fees.
State Department Federal Credit Union can set you up with a nice secured card also. You set the limit from $250 to $5,000, and I think you can change the limit by adding to your savings account that secures the card. No fees to set up.
@Anonymous wrote:
Right now I have a secured progress credit card, self lender loan and I was just approved for an unsecured credit one credit card. I thought i needed 3 credit cards too maximize my opportunity too raise my fico score. Fire medic on here said to get 3 credit cards and an installment Loan so I could do the axeo method. This is the reason why I wanted to get the US bank card and the credit one. If I decided to get the credit one couldn't I just sock drawer it and not use it and just let it report on the CRA? I'm also trying to get the sdfcu secured card.
3 cards is optimal for FICO scoring but it's not necessary to be able to get out of secured cards. There is only a slight FICO penalty for all cards with a balance. As long as you make sure not to let a large balance report on your card, it's not a big deal. Since you're not earning rewards anyway, I would just get the card and toss a recurring subscription like Netflix on it and just pay the statement every month. Your credit score will increase quite a bit from a secured card that's got a low balance and is paid in full every month along with your Self Lender loan and your unsecured Credit One card.
I have a US Bank Secured Visa - it's been no problem.
Got it so I could establish a relationship with them so I could PC it to a Cash+ in the future.
Everything posts promptly (charges & payments)
If I were in your shoes, and I have been (twice) I would not get a CreditOne card right now.
While in my opinion 3+1 for optimizing is fine in theory, in practice it is not relevant to your current status. Time is the most important factor once all outstanding negatives have been cleared.
In your shoes, I would invest effort in to a graduating secured card (sounds like you have) and exercising perfect payment and patience. Before long, you will qualify for a reputable target for an advanced rebuilder (Discover It, Capital One, certain useful sync retail cards).
Sometimes we correlate good outcomes (score increases while rebuilding) with less relevant and important long term factors (High Fee Cards and Pay for Tradeline merchandise accounts) rather than the things that truly matter for the score increase and sustaining it (resolving delinquencies, paying on time, reducing debt usage, and aging derogitories).
YMMV.
EDIT TO ADD:
I forgot you mentioned Merrick as well. Most here will tell you it is a much preferred rebuilder over CreditOne. On MyFico, the Merrick card enjoys a far better reputation than does Credit One. However, I can only relay my experience when I had both cards years ago: Merrick was no better. The fees, credit line, and usage/cancellation experience were not better than Credit One. Again, if I were in your shoes, knowing what I know, I would get neither.