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Us Bank and Credit One credit card

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Valued Member

Us Bank and Credit One credit card

I'm about to open a Us Bank and credit one secured credit card. Does anyone have any experience with either one. I'm also thinking about maybe the merrick secured card instead of the credit one. In not quite able to get a capital one or discover or I would just get them so I have to go this route. If anyone has had experience with any of these 3 cards please let me know.

Starting Score: 6/1/19 500
Current Score: 557
Goal Score: 750


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Super Contributor

Re: Us Bank and Credit One credit card

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. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 2 of 16
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Super Contributor

Re: Us Bank and Credit One credit card

I would just get the US Bank card, use it for 6 months, and check prequal for Disco and Capital One looking for an unsecured card. You really don’t need to build credit off of multiple secured cards, especially from predators like Credit One. Get the US Bank card and either a Self Lender or SSL loan with a CU and you should be golden for an unsecured card or two after 6 months.



Message 3 of 16
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Valued Member

Re: Us Bank and Credit One credit card

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.

Starting Score: 6/1/19 500
Current Score: 557
Goal Score: 750


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Message 4 of 16
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Valued Member

Re: Us Bank and Credit One credit card

Few months ago I applied for a citi secured credit card ... got approved ... I don’t think even a month later I received an email from credit one that I was preapproved which was weird because I have a charge off/collection from them currently. Decided to apply anyway and was approved. So I don’t think u need to go with a credit one secured you probably can get the regular card. Check if you pre qualify and it shouldn’t do a hard inquiry
Message 5 of 16
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Super Contributor

Re: Thanks


@Bears4910 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. 




Message 6 of 16
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Established Contributor

Re: Us Bank and Credit One credit card

If you want to keep more of your own money then I’d suggest staying far away from Credit One. They have a fee for just about everything that you can think of. Make a payment - they charge you a fee, I t’s unbelievable really.... Discover has a secured card as well as US Bank if I was in your position they’d be my top picks.

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Message 7 of 16
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Senior Contributor

Re: Us Bank and Credit One credit 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)




F8 EQ: 804 | EX: 794 | TU: 801 | Accounts: 2/6 4/12 9/24
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Message 8 of 16
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Established Contributor

Re: Us Bank and Credit One credit card

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.

 

050719:     
080420:     

Message 9 of 16
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Valued Member

Re: Us Bank and Credit One credit card

What happens if they say I'm approved and they send the card in the mail and I don't want it. Do I just leave it alone or do I have to call and cancel it. Cause I'm sure there is an annual fee with this card and maybe more. I just don't want to forget about a card and then not make the payments on time. If I never use the card do I have to pay the annual fee still?

Starting Score: 6/1/19 500
Current Score: 557
Goal Score: 750


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