Its been a few years since I posted. In the middle of a BK13. I had a lot of credit cards (70K in limits), and they are all gone except for the lone outlier, Kohls. I had no balance and they never cancelled the card after I filed, so that is a really old line. Long story short, don't let these credit cards go to your head. The temptation to always use them is too great. My spending got out of control and I completely lost control. Alright, on to the topic at hand:
I have had a Credit One card for a couple of years to help rebuild credit while still in BK13. Got it on the advice of lawyer. She said that I should get a rebuilder to help me once I am out of BK13. I have a year to go. A few people on the board have commented that, like me, they received a check in the mail from Credit One. In the letter that accompanies the check, it says that you deposit the check and you will be charged a cash-advance fee of $20. Your credit will then be increased by the amount of the check. This is very shady behavior by Credit One, but I want to let you know that I have declined to do this now twice. I don't need the credit bad enough for their cash advance fee, which is just a fee for a credit limit increase in essence. Just dispicable. Never pay for a CLI!!!
It gives you a date on the letter to cash the check by. You will get many reminder emails to "deposit your check today." Don't do it. In both cases, after the offer expired, I logged into my account to find an immediate offer for a free credit limit increase in the amount they also set with the check, which I accepted at no charge. I have also received a few free CLI's in the past from them (I started with a $300 limit). This seems to be a new tactic they have tried on me to milk more money out of me. Probably because I pay in full and never give them any interest, although, they still get a $39 AF out of me. That's OK, I'm willing to pay a small AF. This is on par with Capital One rebuilders. At least I don't have other offers I have seen from Credit One with monthly maintenance fees.
Anyway, that's my two cents. If you get any of these checks, don't cash them. Wait them out. You will get that same CLI for free if you wait it out.
Scores: TU (FICO8): 781, EQ (FICO8): 798, EX (FICO8): 788
In my wallet: Chase Sapphire Preferred: 16,000 | Chase Slate Edge: 8,100 | Bilt World Elite Mastercard: 16,000 | Fidelity Rewards Visa Signature: 8,500 | PenFed Visa Gold: 12,500 | Penfed Pathfinder: 15,000 | Apple Card: 6,500 | Lowe's: 35,000 | Northern Skies FCU Platinum: 15,000 | Kohls: 3,000
Mortgage 11/20
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