new credit one card worth it?

[dunsplus]

hello
i have finally started to get a hold of my cc spending and lowering my balances.because of this i got a recent cli on 2 cc and today i got a offer from credit one bank to apply for a mastercard with a 500 limit. i currently have a card with them but its a visa and a much higher limit.
my question is, is it worth getting this card with such low limit and not so good apr 24%. only reason i am considering getting this is to potentially increase this cards limit over time and thus lowering to overall cc utilization. i wont be using it since i have finally stopped charging everything on my cards and im now determined to pay off everything i owe.
so should i even bother?
my score beginning of year was 540 now im at 600 and slowly moving up.
any advice is appreciated.

[DapprD]

Credit One is not a bank I would want to get into bed with.

You already have 1 card from them, I would suggest getting another card from another bank ...

[FireMedic1]

Whats the other card besides CO?

[dunsplus]

ita same from co but its for a mastercard i already have a visa with them. i was surprised when i got this offer never had this happen in all my years. so i would have a co visa and a mastercard if i accept.

[FireMedic1]

Well since your not charging anything until you pay down your debts. Adding another HP, new account, and hit to your AAoA isnt worth it. No matter if its a MC or Visa. Once you get everything paid down your scores will rise up. This may qualify you for much better cards, SL's, APR's and so on beside Credit One. Finish the first mission before taking on another new account. Make the next account worth something with better perks.

Welcome to the forum! Were here to help!

[dunsplus]

thats exactly what i was thinking,just needed a confirmation. thanks!!

[Makingstrides]

I agree with FireMedic. Having a second card with Credit One really isn't going to do much for you. If anything, it'll hurt you in the long haul seeing as you'll probably cancel them as  your credit score increases and you get offers from much better banks which will take a toll on your average age of credit. Credit One is an awesome card for rebuilding your credit but it also comes with a high price in monthly and annual fees. I started my rebuilt with the Credit One Visa and never had any issues. I had that card for about 2-3 years and just recently canceled it as my scores are now in the 700s. My highest credit limit was $1200 before I canceled if I remember correctly. I would stick with the CreditOne Visa for now and as your credit score increases apply for a CapitalOne Platinum or QS which can be "upgraded" later on down the road. 

[dunsplus]

thanks for the suggestions for what to apply...yes my credit score ia climbing monthly. will juat wait

[Anonymous]

Dunsplus,

Unlike these two guys, I'm going to give you the benefit of the doubt and hope you didn't take offense to my original response to you and come to believe you truly focused on the message.

I'm a direct person, that's the gist of it and it's not personal.

I've read the responses to you and truly feel, you have been given some bad information from at least three of the first nine posts.

Credit One is horrific, pay them off and get rid of them.

[Anonymous]

Do you have any other CCs besides your Credit 1 card? If not, do not close it and leave yourself with nothing until you have other relationships started. I would advise against getting another card from Credit 1, as yes, they are considered a predatory lender and make money by charging AFs & other fees to use their cards. 

Do I have a Credit 1 card? The answer is yes; I got it before I discovered MyFICO & knew what to look for. The good thing is that the card is paid off & it has done its job of helping me improve my credit and get better cards that aren’t considered subprime. It’s currently open just to help my UTL- I’ll be closing the card before the AF comes due.