Credit one yes or no

[Anonymous]

Just got a pre approval for a credit one card up to “2,000” cl.

Should I get it? I only have one card reporting capital one made my scores go up 81pts.

Filed chapter 7 and discharged on 6/23

[3004life]

Not a bad card for rebuilding at least they gave you a shot. Have Visa and Master started at 600.00 they review at least every six months credit line up to 1050.00 on one 800.00 on the other. Caution they will charge for increase 19.99 I do believe. In the rebuilding mode take what you can get and BUILD! Im just learning how important it is to keep utilization low, I'm at 20% on all accounts now, however goal is 7% ,I will be there soon and will stay there! Hope that helps for what its worth. Good Luck.

[Anonymous]

They seem terrible to me, if you already have something reporting I'd wait it out.

[Anonymous]

I’m not a fan. But your BK is so recent you have to take what you can get. As mentioned they are loaded with fees. Fees for limit increases, monlthy fees, fees for breathing. But you should only need them for one year. Look at it like the cost of rebuilding. Don’t wait until the last minute to pay your bill. They love to hold your payment for week and hit you with a late fee. Payment? What payment? You made a payment?....hmm let me take a look.

Try to get a Discover secured card. See the rebuilding thread for other options. I like Merrick, Open Sky, or even a Comenity store card. But as I said if you go into it aware of how they operate you can avoid issues.

https://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737

[wantitgone]

At the advice of my attorney after my MoC, I applied for and received a Credit One for $500. I used it (heavily, with 2 payments) for the first cycle and let it report with a little utilization. They upped my CL to $650 after my first statement, and I wasn't charged a fee for them doing so (I've checked every month since then). I've made my payments by 5pm Pacific, as stated on their website, and my payments have been credited the same day (and I didn't make my payment until two days before the due date this month). Considering my options after the BK because of how many lenders I burned, I find them easy to deal with and it's definitely been a good experience for me so far.

[Anonymous]

Credit One does not have good customer service.

They can charge high interest and high fees although mine is 21% and no annual fee.

They will raise you limit over time at their will not your request.

They are a decent builder card depending on the terms.

If I were you (and I was) I would get it (and I did).

[Anonymous]

I think they trick some with that "up to", while it's possible to get that high starting cl it will probably be more like $300 or $500. But I have credit one also after my bk7 and I don't regret it yet. I couldn't get in with capital one since i IIB and they were the only ones to give me unsecured credit at first. I don't use the card much, just charge something small and pay in full since there is no grace period for interest. Also you can only make 4 free payments every month. When you make a free payment it takes a while for your available credit to update, if you want it to free up immediately you have to pay $10 for express payment. But, all that being said, I don't have any issues with it. Since I don't use it often those things don't bother me. I plan on closing the card  in October before my annual fee gets charged.