Offer from CreditOne - Shredder?

[ORllyNao]

Got a prequal offer from Credit One, but from what I've read, they are absolutely horrible to deal with. At this point, I'm not sure I even need another CC, anyway, and didn't plan on opening any more cards until I get to where I qualify for better ones. 

I currently have: 

Cap 1 Sec (300 limit)

Cap 1 Platinum (500 limit)

VS and Ann Taylor (both 250 limits)

I'm good with those, yeah?

[morgacj2004]

You don't need Credit One. Continue to utilize your Cap One to the max making mutliple payments each month PIF if you can every month and then work on CLI. Eventually you can apply for another Unsecured CO. Credit One is ok for those straight out of BK or those with very low scores that can't get in with other lenders. However Credit One charges fees for everything!!

[Anonymous]

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@ORllyNao wrote:

Got a prequal offer from Credit One, but from what I've read, they are absolutely horrible to deal with. At this point, I'm not sure I even need another CC, anyway, and didn't plan on opening any more cards until I get to where I qualify for better ones. 

I currently have: 

Cap 1 Sec (300 limit)

Cap 1 Platinum (500 limit)

VS and Ann Taylor (both 250 limits)

I'm good with those, yeah?

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I had Credit One for 1 year, to help me rebuild. Their AF, no grace period and APR are horrible.

At the 1 year mark I had increased my score enough for better cards so I promptly cancelled Credit One

[MRsolis]

You don't need Credit One but honestly I have a Credit One Card and a First Premier card for over 2 years and have never had any issues with them. They respond quickly to inquiries online, they pick up their customer service line pretty quick, and since I use my banks bill pay I have never had a problem with them not receiving or posting a payment. 

Honestly with any subprime lender I have had to use including my auto loan I have never had ANY problems with payments or customer service.....Yes they charge fees and are usually much more expensive than cards offered by Capital One or Chase but it is clearly stated in the terms which should be read. 

In fees I give Credit One 2 out of 5 stars but in service and ease of use I give 5 out of 5.

no offense but usually bad reviews from sub prime lenders tend to be from people who pay late and want to play the victim and never really tell the full story.......My two cents

In your case Shred it though because you do not need the card

[Anonymous]

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@morgacj2004 wrote:

 Credit One is ok for those straight out of BK or those with very low scores that can't get in with other lenders. However Credit One charges fees for everything!!

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Honestly, if people actually sat down and did the math on how much they'll be paying in fees and interest for a Credit One card, they'd realize they're better off just putting together a few hundred bucks and opening a secured card from one of the many lenders that will give them with no credit check, no AF, and a grace period. The odds are very good that you're going to be paying as much or more in fees and interest over the course of 2 years(which is a decent level of "seasoning" for a rebuild account) than the minimum deposit for some of the decent secured cards available, and you get that deposit back with secured cards. You'll never see those fees and interest payments again with a Credit One or its ilk.

[rb404]

I have Credit One and have had no problems. They post payments quickly, the web portal is easy to navigate, and they have alerts you can set up like most other cards. its simply a stepping stone as any other secured card. Just be smart in how you use it.

[MzOptimistic]

I have Credit One also. I got the card straight a couple of days after my BK was discharged. I will definitely drop them after this year is up. I only spend about $30 dollars so it's not really hurting me but yesssss, I'm done with this card after the year is up. I just wanted to have three credit cards to optimize my credit scores so it's serving its purpose but you are doing fine so far so you don't need it.

[Anonymous]

Halloween is coming soon. Around here a lot of folks bring firepits to the front yard and give out candy around the fire.....that CreditOne prequal letter might make a great start to a fire. 

[SunriseEarth]

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@ORllyNao wrote:

Got a prequal offer from Credit One, but from what I've read, they are absolutely horrible to deal with. At this point, I'm not sure I even need another CC, anyway, and didn't plan on opening any more cards until I get to where I qualify for better ones. 

I currently have: 

Cap 1 Sec (300 limit)

Cap 1 Platinum (500 limit)

VS and Ann Taylor (both 250 limits)

I'm good with those, yeah?

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As a former customer of CreditOne, I only recommend them if no one else will give you credit.   Since Cap One and Comenity are clearly willing to work you, I think you can safely ignore the CreditOne offer.  

[Anonymous]

One thing I never liked about Credit One is that every time I made an online payment they required me to enter my phone number and forced me to select a checkbox that I acknowledged they would use my phone number for telemarketing purposes. If I didn't do that I could not make my payment online, After the first payment telemarketers began calling me, after that time I started entering Credit One's support phone number so they could robo-call themseleves