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Credit One Card experience.....


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I am somewhat betwixted with Credit One. My finance has had it for a LONG time and swears by the company- despite the annual fee... Here is my take so far... IT WORKS for what I need. Im fresh out of BK 6/30/15 and it approved me LONG before the discharge. I wish I had got the credit card two months ago when Ifirst got the invitation. Maybe I would have gotten a better auto approval with it on my credit report. Yes, the $75 annual fee sucks.. However, my Discover (secured) has a higher interest rate. Credit One is at 19.90 PLUS, I somehow have a grace period now- no interest on my first full statement AND I got a 50% credit line increase on the FIRST statement without asking for it lol.

 

All in all, not too bad. Yes, it only allows me to make four payments a month online- I have no problem using USPS to send one either though. Yes, the customer service is located in India- at least thats what it SEEMS like. Yes, the first statement did NOT report to the credit bureau- it was only the annual fee though. I will update again in a couple months....

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You're going to hate that car payment when you look at the statements and realize that more than half of your payment is going to interest for the first 2 years. I had a similar rate and I said screw it and got rid of the car. Nothing worse than watching your money literally be given to someone else.

 

Also, be careful with that card. Interest starts as soon as you purchase something which is something that typical cards do not do. If you're paying online make sure you pay way in advance because they take for ever through their "standard" payment so you purposely pay $10 for it to be expedited to a normal lenders payment timeline. They'll have no problem making your payments late and then blame you that it took over a week for your payment to post to their account so the can charge you a fee. I'd get rid of that card ASAP.

 

Oh and they usually charge for a CLI. Dumbest thing I've ever seen.

Edited by BrokeTriathlete
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Hey guys

 

My wife has that card and right now she has a 740 score across the board, she just got approved for a 15k CitiAA and a Chase Ink for 15k. Now i added her to give her a AU of 12 years and thats what bumped her score so i wanted her to cancel this card cause it's horrible. I think shes had it for 5 years, do you think it will drop her score by alot?

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You're going to hate that car payment when you look at the statements and realize that more than half of your payment is going to interest for the first 2 years. I had a similar rate and I said screw it and got rid of the car. Nothing worse than watching your money literally be given to someone else.

 

Also, be careful with that card. Interest starts as soon as you purchase something which is something that typical cards do not do. If you're paying online make sure you pay way in advance because they take for ever through their "standard" payment so you purposely pay $10 for it to be expedited to a normal lenders payment timeline. They'll have no problem making your payments late and then blame you that it took over a week for your payment to post to their account so the can charge you a fee. I'd get rid of that card ASAP.

 

Oh and they usually charge for a CLI. Dumbest thing I've ever seen.

 

ALL of this. ESPECIALLY the car note.

 

I had Santander also on TWO loans. Yes, they serve a purpose, but if I had to go back and do it all over again I would keep the cars I had and save to get a beater.

 

My stomach turned everytime I saw how they applied my payment and the fact that more than half was going to interest.

 

I was further upside down when I went to re-fi then I was when I drove off the lot!

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Hey guys

 

My wife has that card and right now she has a 740 score across the board, she just got approved for a 15k CitiAA and a Chase Ink for 15k. Now i added her to give her a AU of 12 years and thats what bumped her score so i wanted her to cancel this card cause it's horrible. I think shes had it for 5 years, do you think it will drop her score by alot?

 

It doesn't matter. Read my ownership comments above.

 

How I recommend closing a Credit One account:

  • Get the account to a $0 balance
  • Push a payment of about $25 from bill pay to create a credit balance
  • Call and cancel, and ask for a letter that the account is closed. The letter will show the credit balance.
  • You'll get a refund check in the mail in a few weeks.

This keeps them from trying anything shady with you.

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Hey guys

My wife has that card and right now she has a 740 score across the board, she just got approved for a 15k CitiAA and a Chase Ink for 15k. Now i added her to give her a AU of 12 years and thats what bumped her score so i wanted her to cancel this card cause it's horrible. I think shes had it for 5 years, do you think it will drop her score by alot?

Dump it this second, won't effect her score.

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You're going to hate that car payment when you look at the statements and realize that more than half of your payment is going to interest for the first 2 years. I had a similar rate and I said screw it and got rid of the car. Nothing worse than watching your money literally be given to someone else.

 

Also, be careful with that card. Interest starts as soon as you purchase something which is something that typical cards do not do. If you're paying online make sure you pay way in advance because they take for ever through their "standard" payment so you purposely pay $10 for it to be expedited to a normal lenders payment timeline. They'll have no problem making your payments late and then blame you that it took over a week for your payment to post to their account so the can charge you a fee. I'd get rid of that card ASAP.

 

Oh and they usually charge for a CLI. Dumbest thing I've ever seen.

 

ALL of this. ESPECIALLY the car note.

 

I had Santander also on TWO loans. Yes, they serve a purpose, but if I had to go back and do it all over again I would keep the cars I had and save to get a beater.

 

My stomach turned everytime I saw how they applied my payment and the fact that more than half was going to interest.

 

I was further upside down when I went to re-fi then I was when I drove off the lot!

 

 

It's sickening isn't it? Luckily for me I put $10K down so I wasn't upside down at all. In fact I got a nice check in return, and was able to purchase my Jeep in cash. So now I drive around, albeit a higher mileage car, that's paid for and it's allowed me start investing and have an E-fund built up instead of driving around in it. Infiniti was stupid expensive to fix if anything went wrong. But it was my dream car and I had to have it. Now, I look at cars totally different.

 

OP, it will not hurt your score. The positive line will report for 10 years on your reports. When I dumped Credit One I actually got a 2 point boost across the boards. That pretty much confirmed it for me...lol.

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Hey guys

 

My wife has that card and right now she has a 740 score across the board, she just got approved for a 15k CitiAA and a Chase Ink for 15k. Now i added her to give her a AU of 12 years and thats what bumped her score so i wanted her to cancel this card cause it's horrible. I think shes had it for 5 years, do you think it will drop her score by alot?

 

It doesn't matter. Read my ownership comments above.

 

How I recommend closing a Credit One account:

  • Get the account to a $0 balance
  • Push a payment of about $25 from bill pay to create a credit balance
  • Call and cancel, and ask for a letter that the account is closed. The letter will show the credit balance.
  • You'll get a refund check in the mail in a few weeks.

This keeps them from trying anything shady with you.

 

the best advice that I have ever seen on this board +1000

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Hey guys

 

My wife has that card and right now she has a 740 score across the board, she just got approved for a 15k CitiAA and a Chase Ink for 15k. Now i added her to give her a AU of 12 years and thats what bumped her score so i wanted her to cancel this card cause it's horrible. I think shes had it for 5 years, do you think it will drop her score by alot?

It doesn't matter. Read my ownership comments above.

 

How I recommend closing a Credit One account:

  • Get the account to a $0 balance
  • Push a payment of about $25 from bill pay to create a credit balance
  • Call and cancel, and ask for a letter that the account is closed. The letter will show the credit balance.
  • You'll get a refund check in the mail in a few weeks.
This keeps them from trying anything shady with you.

the best advice that I have ever seen on this board +1000

I need to do this. Soon.

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You're going to hate that car payment when you look at the statements and realize that more than half of your payment is going to interest for the first 2 years. I had a similar rate and I said screw it and got rid of the car. Nothing worse than watching your money literally be given to someone else.

 

Also, be careful with that card. Interest starts as soon as you purchase something which is something that typical cards do not do. If you're paying online make sure you pay way in advance because they take for ever through their "standard" payment so you purposely pay $10 for it to be expedited to a normal lenders payment timeline. They'll have no problem making your payments late and then blame you that it took over a week for your payment to post to their account so the can charge you a fee. I'd get rid of that card ASAP.

 

Oh and they usually charge for a CLI. Dumbest thing I've ever seen.

 

ALL of this. ESPECIALLY the car note.

 

I had Santander also on TWO loans. Yes, they serve a purpose, but if I had to go back and do it all over again I would keep the cars I had and save to get a beater.

 

My stomach turned everytime I saw how they applied my payment and the fact that more than half was going to interest.

 

I was further upside down when I went to re-fi then I was when I drove off the lot!

 

 

It's sickening isn't it? Luckily for me I put $10K down so I wasn't upside down at all. In fact I got a nice check in return, and was able to purchase my Jeep in cash. So now I drive around, albeit a higher mileage car, that's paid for and it's allowed me start investing and have an E-fund built up instead of driving around in it. Infiniti was stupid expensive to fix if anything went wrong. But it was my dream car and I had to have it. Now, I look at cars totally different.

 

OP, it will not hurt your score. The positive line will report for 10 years on your reports. When I dumped Credit One I actually got a 2 point boost across the boards. That pretty much confirmed it for me...lol.

 

How were you able to get a check in return?

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Because of the equity I had in the car when I traded it for the Jeep. I got my Jeep paid for and a Surplus check. I owed only 7 grand on a car that was $15K KBB because of the large down payment I had on it. The Jeep was only $4,500 so I got a check for the rest.

ohhhhh. okay, now I understand.

 

I just refinanced my car in June. After 7 months with an interest rate at 18.99% I could have cry with joy when I was approved at 3.89% with BOA. I put down a little over $6K so thankfully I wasn't upside down either. I was literally paying more than half of my payment towards interest. I just made my first payment to BOA and only $17 went towards interest. That felt amazing.

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I dont expect to get love from those who have options. When you DONT have options other than secured cards- check my signature- you take what you can get. By the way, my statement shows $0 in interest.... though I carried a balance most of the month. I will keep the card for the full year and then close it after it serves its purpose. I am find with my Santander loan as well. I know how to pay early and extra to maximize payments going to principle. Credit One is already reporting to my credit report and my score went up. Again, no judgment needed, but I'd appreciate more respect for the success than the above comments give. Every situation is different.

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Again, no judgment needed, but I'd appreciate more respect for the success than the above comments give.

 

What are your FICO scores? Seriously. I know you have a new BK, but I'm pretty sure Mendel is right about this, because he's been there, and he's usually right.

 

I bet you could have managed a BofA secured card...

Edited by ubercat
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I dont expect to get love from those who have options. When you DONT have options other than secured cards- check my signature- you take what you can get. By the way, my statement shows $0 in interest.... though I carried a balance most of the month. I will keep the card for the full year and then close it after it serves its purpose. I am find with my Santander loan as well. I know how to pay early and extra to maximize payments going to principle. Credit One is already reporting to my credit report and my score went up. Again, no judgment needed, but I'd appreciate more respect for the success than the above comments give. Every situation is different.

IF you are ever interested in looking into some quality secured cards (some with rewards!) don't hesitate to PM me. I am here to help. There are cards that exist that guarantee approval to everyone.

Edited by pwd847
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