Credit one bank question

[NoMoreE46]

In additon to all those fees that most banks don't charge, another Credit One  FEE  is  for accepting  a  CLI -  IIRC.

[AndySoCal]

@SRT4kid93I agree with what has been said about Credit One.  Also, you have taken a good first step in opening an account with Capital One. Regarding credit unions the link below explains a little about credit unions and what makes them different from banks.

https://www.kiplinger.com/personal-finance/banking/credit-union/604836/best-credit-unions 

The post below is list of credit unions that can be joined be being a member of the American Consumer  Council ( a non profit organization). Most of the time the credit union will take of the membership for you. The post below is one of my posts which gives yoiu list of credit unions you can join thru American Consumer Council.  The ones in the  non geofenced section can be joined no mater where you live.. The in the geofenced section you must be a resident of that state to joint. I have joined three or four credit unions over the course time using this option.

https://ficoforums.myfico.com/t5/Personal-Finance/American-Consumer-Council-Update-12-Corrections-Ma... 

As always do your research if there is a credit union near where you live look at that option first.

Hope this helps

[IsambardPrince]

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@SRT4kid93 wrote:

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. 

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The difference is a deposit is refunded, while Credit One just takes and takes and takes and takes. (and takes)

[FicoMike0]

That's all pretty crazy! Now that you have capone, I'd go ahead and close that vampire account.

[noonway]

OMG!  I had no idea about this.  I've been with them for 5 months so far and was going to think about asking for a CLI next month.  Now, I'll wait until I have another card and then close the account. I had no idea they were that bad although I had noticed the "lengthy" time they take to post my payments.

[SRT4kid93]

While credit one bank is usually seen as a terrible bank, with terrible policies. They do hold a special place in my heart. I was able to get their card with very poor credit with no deposit. I am not sure other companies would have taken a chance on me. Its because of them that i was able to build my credit into the mid 700s and i am now in a position to get other credit cards very easily. 

Do they pray on people with bad credit hoping they cant pay their bill so they can charge them interest? absolutely.

Do they give people with bad credit a chance to rebuild without a deposit? absolutely. Like many things in life, its all about perception and how you look at it. I dont want to get too deep into my personal history, but i believe there are people who need and deserve a second chance in life, and sometimes a third. If someone goes into a situation looking to take advantage and only thinks about what they can get from the situation. They do not deserve a second chance. But if someone comes into some bad luck, that may not even be their fault. They need people in their corner. and credit one did that for me. I went into the relationship with them asking, how can this be mutually beneficial to me and credit one? and i think we both got what we wanted from this relationship. 

Once you have more options, credit one starts to become totally useless. But for people with no other options, they can literally save your credit. Could i have put down a deposit and gotten a secured card with another company? sure, but secured cards are basically the company saying " we dont trust you, and we dont care why your credit is bad, we see you as numbers on a spreadsheet. While a regular card means the company has enough faith in you to give you that chance. and to me, that means an awful lot.