Whats your experience with Credit One?

[Phenomenal_one]

I keep reading on credit one and the fees it charges but ultimately starting out. Did it help your credit? Was the fees worth the credit score increase? Just curious

[Anonymous]

Personally I've used other junk cards instead to rebuild until I felt the need to close. I've heard too many bad things are credit one in regards to customer service and prompt processing.

It seems like more people end up having some mistake that costs them points ironically.

[Brian_Earl_Spilner]

There are worse cards. If you can, it would be better to get a secured card from someone like discover or Citi. Better banks and the cards will graduate to unsecured and can be product changed in the future.

[Remedios]

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@Phenomenal_one wrote:

I keep reading on credit one and the fees it charges but ultimately starting out. Did it help your credit? Was the fees worth the credit score increase? Just curious

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@Phenomenal_one hi and welcome 

Are the fees worth it? 

It depends. 

If you didnt burn too many lenders, and you can get a few decent secured cards, that's probably a better way to go. 

Sometimes local credit unions will have starter/rebuilder cards, so that's another avenue to explore. 

If you cannot afford deposits for secured cards, then Credit One becomes a necessary evil. They have fees, often no grace period but you have to start somewhere.  That would be my last choice, but choice nonetheless. 

If you still have lots of existing debt, keep working on paying it off before tying too much money in deposits, because you dont want to start paying fees if unpaid accounts are updating.

When they update, it keeps scores relatively suppressed, so you're paying fees without seeing much improvement

Paying off existing debt might make future approvals more likely if you have less unpaid negatives. 

Good luck

[Anonymous]

Hi Phenominal One!

This will probably be the unpopular oppinion, but yes, it was worth it for me. Having just come out of bankruptcy, I needed some cards and a secured loan to get the rebuild process going.

Are Credit One and First Premier Bank vultures? Sure. But.... they will help you build your credit, same as a secured card would too. 

I was discharged from Chapter 7 on October 31 of last year.

My scores were hovering around 520 afterwards.

I applied for and received the following

...

1)Capital One Quicksilver One (I also burned them in my bankruptcy) $300

2)First Premier Bank (I've used them before for credit rebuilding) $700

3)Credit One (started at $300 but they gave me a credit increase to $450 after one month because I used it so often) $450

4) Navy Fed Secured VISA $600

(I'm trying to build a relationship with them)

5) Shared Secured Lon $1000 for two years

6) Authorized user on my mothers card (not yet reporting) $20,000

Ive done all this from December to February and my FICO scores are now 607-633! I'm in the garden now, lol.

You can also take out secured cards too, they work just as well as Credit One or First Premier Bank cards but probably without all the fees. 
This was just a route I took. 

[Anonymous]

I had one coming out of Chpt 13 BK.   If I had known better I would have gotten a secured card first.   They charged me monthly junk fees.  I hardly ever used the card once I got Cap 1 cards.   Still charged me junk fees whether I used it or not.   I just recently canceled the card.  Took me 15 min to cancel the card they were turning the screws on me not to cancel making all kinds of offers.   Best thing I did was to cancel the card now I don't have to pay that monthly useless fee.

[Anonymous]

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@Phenomenal_one wrote:

I keep reading on credit one and the fees it charges but ultimately starting out. Did it help your credit? Was the fees worth the credit score increase? Just curious

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[JeffMO]

I have long wondered whether having a vulture card doesn't actually keep one down. Anyone else ever thought this? Meaning reputable banks looking down there nose at you. 

[longtimelurker]

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@JeffMO wrote:

I have long wondered whether having a vulture card doesn't actually keep one down. Anyone else ever thought this? Meaning reputable banks looking down there nose at you. 

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For automated decisions, it's very unlikely.   Also, credit one now has some relatively OK cards (with grace periods etc) so Credit One as a lender on the CR doesn't automatically mean "subprime loser"!

[Heatt99]

If those are your true fico 8 scores in your sig, then you can do better than Credit One. 

Credit One usually reaches out to people who has no credit, bad credit or rebuilding credit. They want to get some fees out of you before your score rises and lenders like Discover & Cap 1 notices you.

I don't think the fees are worth the score increase; that's dependent on what negatives you have on you CR if you will see an increase.

Look at OpenSky & Self for their secured "no credit check" products. Credit Unions are very well known to get people on track to financial wellness.

GL.