Hello,
I understand that credit one is known to be an incredibly bad card to have. But I already have them, and they are currently my only credit account, and obviously also my oldest account as well. So closing it right now isn't an option.
the issue is they only gave me a $500 credit limit despite my fico scores being 768/726/717. Also, I have been charging and successfully paying off thousands of dollars each month. So why is my limit only $500. And every time I ask for a credit increase it says my account hasn't been open long enough. Even though it's been open for a year. It's always been my dream to have an Amex, but I was declined and one of the reasons were "your credit limits are too low, and the payments made on your accounts in the past 6 months are too low". Which is part of the reason I have been charging so much to my credit one card. To try to fix this.
And because of this, I have been forced to make the maximum number of payments each month. The app said I can make another payment I just had to call in and pay the express fee. But when I called in they said there was nothing they could do. I had to wait until 8/17. After my statement closing date....
they said I can send in a western union and there's no limit on that. However they said that would take 7-10 business days for them to register the payment. So that's no good.
I just don't understand how they can give someone such a low credit limit, forcing that person to make a lot of payments and then limit that person to 4 payments. Even if they pay the 7.95 express payment fee...
I was going to wait until all 3 scores were above 740 to get another credit card so it could help guarantee a larger credit limit. But at this point I may have no choice. I just don't want to open another card, and get another tiny limit. It seems pointless to me to do that. I got plenty of offers in the mail for pre approvals but they don't say my starting limit except for 1 card which said it would guarantee a 750 starting limit which would double after 6 months.
any advice??
Join a credit union and then in quick succession, apply for a CapOne card, a Discover card, and a card from the credit union of your choice. My bet is you'll get approved for two out of three, possibly all three. With your new cards in hand, close your Credit One accouns and say, "Good riddance."
Couple questions,
Why join the credit union? What would that do for me?
also wouldn't that kill my score with 3 new inquiry's?
and closing my credit one card would still close my oldest and longest standing account killing my length of credit history.
I suppose I could do all that without closing my credit one account. And then just barely use that card.
@SRT4kid93 wrote:Couple questions,
Why join the credit union? What would that do for me?
also wouldn't that kill my score with 3 new inquiry's?
and closing my credit one card would still close my oldest and longest standing account killing my length of credit history.
I suppose I could do all that without closing my credit one account. And then just barely use that card.
In order:
- Credit unions often offer higher credit limits than other financial institutions; NFCU is known to especially generous
- A few hard pulls will sting you for a few points, but your scores will recover pretty quickly
- Closing your Credit One will not do anything to your age of your oldest account, it will continue to report for up to 10-years
- I wouldn't bother keeping the account open, just close it and say goodbye
I took your advice and just opened a capital one account. (Savior one) I got approved for $2000 limit right off the bat.
I will look into the credit union and opening a couple other accounts as well.
thank you!
There are 2 payment options
standard (takes 7-10 days to process/affect your available credit)
express payment (processes and affects available credit immediately) for $7.95.
basically you are forced to do the express payment.
and yes, you are limited to 4 payments in a 30 day period. Even if you pay the fee, there's nothing they can do. The app said to call it and you can bypass that by paying with a live agent, but that was incorrect. The live agent said there was nothing they could do, meaning I can't make another payment until 8/17. It wouldn't be a big deal if I had a higher credit limit but with only $500 it forced me to pay it down all the time.
Credit one can be great for people rebuilding or just starting off, as they will give a card to almost anyone. Without requiring a deposit like a secured card would.
but they are also known to be terrible and have ridiculous fees. They used to charge a fee to raise your credit limit. There's the $75 annual fee, and the fee every time you make a payment. And if you don't pay the fee, it takes forever to process your payment.
My utilization ratio is 5%. I always make sure to have a very low amount when the statement closes. But throughout the month I charge a lot of stuff and then pay it off immediately. Like I said I started doing this to get them to raise my credit limit, the idea was, by paying off 2,000 a month, it would show them that I could successfully handle a higher credit limit very easily. also, because like I said my big goal is to get an Amex. And Amex said "the amount you have paid on your credit cards is too low" meaning I need to charge more and make larger payments to get approved with them,