EQ: I have three new accounts under 1 month old, plus some other new accounts waiting to appear, some old accounts closed in 2012 that show as open for some reason (all positive), one paid $92 charge-off from 2016, 11 hard inquiries in last three months.
EX and TU: same three new accounts, same other new accounts waiting to appear, the charge-off is not present, about 6 hard inquiries in last three months.
My new accounts (and my only actual valid accounts) are four secured cards (two appearing on reports, two not showing up yet), a Self Lender loan, and My Jeweler Club. My secured cards have limits between $200 and $500, for a combined limit of $1300. I plan to add more to Discover when I am able.
I know all these new accounts and especially all these hard inquiries are not good, but it is what it is.
Gross income: $108k/year. But just started a new job last month. Debt: none other than $500 Self Lender and whatever small credit card balances I have at any given time.
In that context, I checked soft-pull prequalification for a Credit One card the other day. Didn't really want the card, as I've heard lots of negative things about Credit One, and I already have the four secured cards. I was just curious.
Today, I received this in email:
You recently Pre-Qualified online for a Credit One Bank Platinum Visa®. We invite you to come back for a new offer with a credit line up to $2,000.
The email includes an "approval code."
So with all that for context, my questions are:
- Am I actually likely to get a $2,000 limit, or is that just clickbait, and I might get a $300 limit or something like that? I'm only interested because my low credit card limits are a negative in my scoring.
- If I did get a $2,000 limit or close to that, is it worth it, considering that Credit One is not a preferred lender/card, and it would be my fifth new credit card?
Thanks!
Credit One is a predatory lender, and one of their staple gimmicks is sending pre-approval notices in the mail and online that say "Up to $2,000".
Technically, $50 falls within "up to $2,000."
So yes, it is clickbait, however that doesn't mean it's impossible to get a $2,000 limit. They have to give that CL to someone occasionally or else it's false advertising. Maybe you could be one of the lucky ones? But my guess is it would be something closer to $300-$400, which is what people typically get with them.
Total Loan Balance: $43k / $65k
Total SL: $78k
I would not advise you to add a CreditOne card:
I think you will see improvement sooner than later.
CreditOne is a hassle.
You don't need the extra tradeline nor inquiry.
The cash you would paying in fees may as well go to extending your Discover Secured.
FWIW, I had the same experience with Credit One... did their prequal form out of curiousity, then received that same "up to $2,000 SL" email that you received (plus a snail mail with the same offer). But I took the plunge on it and BAM, $2k SL. And if you look around on these forums, you'll find a handful of others who've recently scored a $2k SL with Credit One. So it's not unheard of, even though many others have ended up with much smaller SLs.
That said, with a handful of small secured cards that you just opened, it might be to your advantage to let them age for a few months, build your payment history with them, and see whether you start getting better pre-approval offers from more desirable creditors (Capital One, Discover, etc.).
@KJinNC wrote:
Today, I received this in email:
You recently Pre-Qualified online for a Credit One Bank Platinum Visa®. We invite you to come back for a new offer with a credit line up to $2,000.
LOL!!! I received the same email yesterday. Even thought my scores are not "elite", I know I'm past needing anything from Predator One. I just deleted the email.
@KJinNC wrote:
- Am I actually likely to get a $2,000 limit, or is that just clickbait, and I might get a $300 limit or something like that?
Its most likely clickbait, and definitely not worth applying.
