Three New Cards since 3/24/18 - Should I add more?

[Anonymous]

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@WolfChild1

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Now that I think of it, Credit One did solicit my business with an offer of prequal of 1500 CL on email and then welched on the deal and gave me 500. They name it Platinum so you think its a quality card.

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The name Platinum may sound fancy, but it's quite often the lowest-tier card offered by a lender.  My local credit union calls their entry-level card the Platinum.  Also look no further than Capital One.  Not only did Credit One do everything in their power to mimic Capital One (very close name, nearly identical logo, etc) they also took their entry-level product name, Platinum and used that as well

[WolfChild1]

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@Anonymous wrote:

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@WolfChild1

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Now that I think of it, Credit One did solicit my business with an offer of prequal of 1500 CL on email and then welched on the deal and gave me 500. They name it Platinum so you think its a quality card.

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The name Platinum may sound fancy, but it's quite often the lowest-tier card offered by a lender.  My local credit union calls their entry-level card the Platinum.  Also look no further than Capital One.  Not only did Credit One do everything in their power to mimic Capital One (very close name, nearly identical logo, etc) they also took their entry-level product name, Platinum and used that as well

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OMG you're right.  At first glance thought it was Capital One too!  The banks are using our social schemas to entice.. platinum=prestige and status, when its the opposite.  

[Anonymous]

Question for BBS.  WolfChild already has added the Credit One card to his reports.  The inquiry and "new account" impact has already happened.  The initial fees (startup fee, annual fee, etc.) have already been charged. 

Are we sure that WolfChild should close the card immediately?  Seems like it could only be good to have another zero balance card on his reports during the next eight months, especially since he might be applying for something else.

I am not saying that there would be an advantage, more in the area of "it couldn't hurt."  Certainly he should cancel it well before he gets the next annual fee.

What do you think?

PS.  If anyone wants to see an assessment of Credit One, this review sounds pretty fair (if critical):

https://www.nerdwallet.com/blog/credit-cards/credit-one-credit-cards-review/

[WolfChild1]

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@Anonymous wrote:

Question for BBS.  WolfChild already has added the Credit One card to his reports.  The inquiry and "new account" impact has already happened.  The initial fees (startup fee, annual fee, etc.) have already been charged. 

Are we sure that WolfChild should close the card immediately?  Seems like it could only be good to have another zero balance card on his reports during the next eight months, especially since he might be applying for something else.

I am not saying that there would be an advantage, more in the area of "it couldn't hurt."  Certainly he should cancel it well before he gets the next annual fee.

What do you think?

PS.  If anyone wants to see an assessment of Credit One, this review sounds pretty fair (if critical):

https://www.nerdwallet.com/blog/credit-cards/credit-one-credit-cards-review/

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I had wondered the same, however for clarity they did HP Exp but the CC hasn't hit the CR just yet.  Thanks for the super fair and balanced article.  Nerdwallet looks like an informative unbiased (credible) source. Credit One's no grace period on some of their cards seems like a racket.. I was wondering what predatory might mean and now I know.  Basically means you are charged interest on any purchase regardless of paying in full each month. SO tack on a 25% premium on anything you buy.  Unbelievable how similar the logo is, surprised they haven't been sued.  PS. I am a girl 🤷

[Anonymous]

You have an awesome screenname, lady!

I'd certainly never use the card more than once -- just enough so that C1 knows that it is activated and being used.  If you do use it for a small purchase, you could probably pay it off the next day and only pay a couple pennies in interest.

Or you could just activate it and never use it. 

And if you could avoid being charged the annual fee by not activating it (very improbable) then that right there is a strong argument for closing it ASAP.  You'd have to ask C1 about that, however.

BBS is very knowledgeable so I am sure whatever he advises will make sense.

[Anonymous]

That's a good point CGID, as the "damage" has already been done.  If the OP keeps the Credit One card open for another 8 months, I'd just advise not using it aside from a single swipe just to show it's alive.

My only 2 concerns would be:

1 - If the OP forgets to cancel it in time and incurs the AF.

2 - If the OP gets into some sort of financial trouble and ends up using the card a lot, thus putting herself in a tough spot.

Aside from that, I don't see keeping it open another 8 months as a big deal.

[WolfChild1]

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@Anonymous wrote:

That's a good point CGID, as the "damage" has already been done.  If the OP keeps the Credit One card open for another 8 months, I'd just advise not using it aside from a single swipe just to show it's alive.

My only 2 concerns would be:

1 - If the OP forgets to cancel it in time and incurs the AF.

2 - If the OP gets into some sort of financial trouble and ends up using the card a lot, thus putting herself in a tough spot.

Aside from that, I don't see keeping it open another 8 months as a big deal.

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...appreciate the point 2 you made because I've been extremely undiciplined with credit in the past sometimes not having the temptation is best for people with similar disposition.  Its like having junk food in the house when you're trying to lose weight. 

Thank you all the best to you BBS.

[WolfChild1]

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@Anonymous wrote:

You have an awesome screenname, lady!

I'd certainly never use the card more than once -- just enough so that C1 knows that it is activated and being used.  If you do use it for a small purchase, you could probably pay it off the next day and only pay a couple pennies in interest.

Or you could just activate it and never use it. 

And if you could avoid being charged the annual fee by not activating it (very improbable) then that right there is a strong argument for closing it ASAP.  You'd have to ask C1 about that, however.

BBS is very knowledgeable so I am sure whatever he advises will make sense.

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I'll post on the results...glad you brought up those points.  so much more clarity.  And my screenname.. Thanks. I love wolves :-)