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i recently (yesterday) applied for the CreditOne bank credit card before i read the bad reviews about them - can I call them right away and cancel ? will it has any affect on my scores? thnks
Read the terms. I believe if you never activate the card you won't be charged any fees. It's not going to help your credit scores, but it's not going to damage it like a late payment or charge off would either.
Creditone reports immediately as soon you accept the offer online (yes before you receive the physical card or call in as a formality). However you can cancel at anytime. I have had them over a year now. They are really not as bad as everyone makes them out. Remember who their target customer is - those with bad credit. I have a $79/yr fee which is high but the interest is comparable to some of the most competitive cards at 19%. Not a bad starter or rebuilding card. I'm keeping for utiluzation. Had two no costs increases within the year.
I'm not sure on the whole cancelling of the card but I second what argarder said, they are not as bad as everyone makes them out to be. They are a means to an end and honestly, one of the better means to an end that I have chosen. In the beginning when I started on my credit journey, CreditOne and VS were the only ones that would touch me. Here I sit 9 months later with a unsecured CapitalOne card, a few store cards (none through SCT) and a new(er) truck loan which doesn't have a great interest rate but it isn't through a BHPH lot. I will most likely close my CreditOne just after my 1 year mark or when I get one more prime card like Citi or Cap1 QS. I honestly don't have a use for the card any more and the interest rate/fees are a little high but it has increased my score significantly while opening a lot of doors to me creditwise.
@hoang817 wrote:i recently (yesterday) applied for the CreditOne bank credit card before i read the bad reviews about them - can I call them right away and cancel ? will it has any affect on my scores? thnks
YES, you can cancel it. Regardless if they report it or not, this is a card that you would not want to have for the future.
This card has very high fees, it not going to grow much. They also use your personal information and sell them to their partners! be prepare to receive many BS sales calls and robo calls!
I use to it have one, when I didn't know better and regret getting it. You just got it and find out the truth about them, so you are ahead of the game.