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Credit One Bank - How bad is it really?

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So I have a Credit One card and recently got a CLI bump on it so I'm up to $550, but after reading some posts here, I'm hearing that it looks bad to have it. I don't necessarily need it because I have a Cap 1 Platimun ($850), a Wells Fargo ($600 secured) &, a Discover IT ($500 secured). 

 

The Credit One is the youngest of all the cards, only a year old. I had another credit one card about a decade ago that charged off and a weird thing happened. After months of paying on time with this new card, the old account reports as closed, but with 2 years of all positive payment history. I'm grateful for that... don't know how it happened, but cool.

 

So I got this new card just to boost my overall credit, but now I'm thinking that was a mistake(except for the change in reporting of the older account).

 

I understand that when I close it, it will remain a "stain" on my account for 10 years. Is it that big of a deal, though? Can somebody give me some examples of how having it there can affect my credit... score, chances of approval for credit, credit limits... etc.?

 

Will closing the account make much difference in the short term since it will still be a stain?

Edited by StellarCredit
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Having a Credit One TL on your reports is like having a neck tattoo.  

 

No one says publicly, "We won't hire or promote people with neck tattoos," yet I assure you that a neck tattoo is going to be a career impediment in a lot of lucrative fields.

 

A Credit One card tells a human analyst, "My reports my be clean now, but I was an absolute mess a few years ago."

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So I have a Credit One card and recently got a CLI bump on it so I'm up to $550, but after reading some posts here, I'm hearing that it looks bad to have it. I don't necessarily need it because I have a Cap 1 Platimun ($850), a Wells Fargo ($600 secured) &, a Discover IT ($500 secured). 
 
The Credit One is the youngest of all the cards, only a year old. I had another credit one card about a decade ago that charged off and a weird thing happened. After months of paying on time with this new card, the old account reports as closed, but with 2 years of all positive payment history. I'm grateful for that... don't know how it happened, but cool.
 
So I got this new card just to boost my overall credit, but now I'm thinking that was a mistake(except for the change in reporting of the older account).
 
I understand that when I close it, it will remain a "stain" on my account for 10 years. Is it that big of a deal, though? Can somebody give me some examples of how having it there can affect my credit... score, chances of approval for credit, credit limits... etc.?
 
Will closing the account make much difference in the short term since it will still be a stain?
Keep the credit one card for now. You need it for credit utilization. Get rid of all of your subprime cards on your next leg up. I haven't seen evidence that proves subprime cards listed on your credit reports effect approval algorithms one way or another. You've got enough cards for now. Work on CLI's and consider getting an installment loan and find a friend/family member that will make you an AU on a card with a long history credit history and high limit. Assuming your FICO's are in the 700's, try to get into navyfed. I've seen people recently get approved for 20k+ with a young history and cards like yours. These people did have at least one installment loan, 3 cc's and FICO's above 700. You are doing well. Think positive and be grateful for what you have accomplished.

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4 hours ago, nyquil556 said:

Keep the credit one card for now. You need it for credit utilization. Get rid of all of your subprime cards on your next leg up. I haven't seen evidence that proves subprime cards listed on your credit reports effect approval algorithms one way or another. You've got enough cards for now. Work on CLI's and consider getting an installment loan and find a friend/family member that will make you an AU on a card with a long history credit history and high limit. Assuming your FICO's are in the 700's, try to get into navyfed. I've seen people recently get approved for 20k+ with a young history and cards like yours. These people did have at least one installment loan, 3 cc's and FICO's above 700. You are doing well. Think positive and be grateful for what you have accomplished.

Sent from my SM-N950U using Tapatalk
 

I'm at about 72% credit utilization right now. I actually have 2 installment loans, one with LendUp for $600 (paid down to about $400). The other with LoanMe for $6600, after several months paid down to $6400 (80% interest 🙃). I have an account with LAHFCU. I was denied a loan once with them due to my experian report not looking so pretty. I hope to try again to get a better loan to get rid of the LoanMe loan... I thought I would have been able to pay that one down by now.

 

My scores are EX: 613, EQ: 642, TU: 667

 

I've asked around but no one I've asked has had a credit card long in good standing with a good limit. Looks like I may end up being that guy first.

 

So, I think what I should be doing is getting my card balances to zero except for the one. I have a couple negatives I still need to challenge. I think that should get me into the 700 club... then I'll apply for navyfed and a couple other decent cards... at which point, i'll get the neck tattoo removed.

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13 hours ago, cv91915 said:

Having a Credit One TL on your reports is like having a neck tattoo.  

 

No one says publicly, "We won't hire or promote people with neck tattoos," yet I assure you that a neck tattoo is going to be a career impediment in a lot of lucrative fields.

 

A Credit One card tells a human analyst, "My reports my be clean now, but I was an absolute mess a few years ago."

+Infinity

 

Credit One is the skid marks on credit underwear.

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17 hours ago, StellarCredit said:

So I have a Credit One card and recently got a CLI bump on it so I'm up to $550, but after reading some posts here, I'm hearing that it looks bad to have it. I don't necessarily need it because I have a Cap 1 Platimun ($850), a Wells Fargo ($600 secured) &, a Discover IT ($500 secured). 

 

The Credit One is the youngest of all the cards, only a year old. I had another credit one card about a decade ago that charged off and a weird thing happened. After months of paying on time with this new card, the old account reports as closed, but with 2 years of all positive payment history. I'm grateful for that... don't know how it happened, but cool.

 

So I got this new card just to boost my overall credit, but now I'm thinking that was a mistake(except for the change in reporting of the older account).

 

I understand that when I close it, it will remain a "stain" on my account for 10 years. Is it that big of a deal, though? Can somebody give me some examples of how having it there can affect my credit... score, chances of approval for credit, credit limits... etc.?

 

Will closing the account make much difference in the short term since it will still be a stain?

Hi, had to start rebuilding my credit. As like you I applied for a credit one credit card and also like you seen all these bad reviews and my first thought was to cancel as well. If you close your account it will look bad on your credit, just keep it. Now I’ve had my credit one card for two years now and I have no problems with them in fact I have two credit cards with them and both are over $1000 dollars. They are generous with give you increases  you some you have to pay and others you don’t (if you are trying get increase your score it’s not a bad idea to pay the little money to increase it). In my opinion it’s not a bad card to have, it’s worked in my favor and if nothing else don’t ever use it. I hope this helps you.

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Compared to the LoanMe, 80% interest rate loan the Credit One card is a gem.

 

Stop worrying about credit cards and whether Credit One is good or not and focus, focus, focus on getting the LoanMe paid off as soon as possible. You are literally burning money on that puppy. And don't sign up for any credit cards that have a monthly or annual fee.

 

Please list all your CC balances and credit limits. The utilization percentage you quoted seems low given the high installment balances.

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3 hours ago, cashnocredit said:

Compared to the LoanMe, 80% interest rate loan the Credit One card is a gem.

 

Stop worrying about credit cards and whether Credit One is good or not and focus, focus, focus on getting the LoanMe paid off as soon as possible. You are literally burning money on that puppy. And don't sign up for any credit cards that have a monthly or annual fee.

 

Please list all your CC balances and credit limits. The utilization percentage you quoted seems low given the high installment balances.

Disco (500) - bal: 446.40   
Cap 1 (850) - bal: 831.48   
Wells (600) - bal: 0.00     
Cred1 (550) - bal: 542.40   

 

I wasn't including the installment loans. & yeah, I'm hemorrhaging money every month with that loan 😬

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Why are all your low limit rebuilder cards already maxed out on top of crazy payday type loans? 

 

IMO you need to stop worrying about anything credit related and focus 100% on financial management. Nothing matters until you can get your spending under control.

 

Or figure out how to make more money, but that's usually a short term fix as your expenses will rise to meet the new income if you don't have it under control first. 

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17 hours ago, Corie said:

Hi, had to start rebuilding my credit. As like you I applied for a credit one credit card and also like you seen all these bad reviews and my first thought was to cancel as well. If you close your account it will look bad on your credit, just keep it. Now I’ve had my credit one card for two years now and I have no problems with them in fact I have two credit cards with them and both are over $1000 dollars. They are generous with give you increases  you some you have to pay and others you don’t (if you are trying get increase your score it’s not a bad idea to pay the little money to increase it). In my opinion it’s not a bad card to have, it’s worked in my favor and if nothing else don’t ever use it. I hope this helps you.

If I saw someone had opened a CreditOne TL and then closed it rather quickly, I would smile and think to myself, "aha; learning has occurred..."

 

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13 hours ago, StellarCredit said:

Disco (500) - bal: 446.40   
Cap 1 (850) - bal: 831.48   
Wells (600) - bal: 0.00     
Cred1 (550) - bal: 542.40   

 

I wasn't including the installment loans. & yeah, I'm hemorrhaging money every month with that loan 😬

I'm not a fan of DR but if there's anyone who could use a bit of that philosophy right now....

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On 9/24/2018 at 3:30 PM, IndyPoolPlayer said:

I'm not a fan of DR but if there's anyone who could use a bit of that philosophy right now....

Not a total fan either, but I probably could use some of his strategy for getting out of debt.... but the way things have popped up in my life and with my goals, I find sometimes I have to juggle and make some short term choices that may not be ideal. Anyway, whatever my finances look like, I still have to do my best to work on my credit. In renting an apartment or whatever and there's a minimum credit score, having a strict budget and a little emergency fund isn't going to help me if I don't have a qualifying score. I have to work on both concurrently.

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Credit One is the master of turning a small balance into a big one in short order. Their fees never end, and they have been known to intentionally post payments late so they can whack you that $35 late fee. I had one of their cards a long time ago; I made two small purchases with it, both around $20 each. Within a year that balance went to $900. 

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Not a total fan either, but I probably could use some of his strategy for getting out of debt.... but the way things have popped up in my life and with my goals, I find sometimes I have to juggle and make some short term choices that may not be ideal. Anyway, whatever my finances look like, I still have to do my best to work on my credit. In renting an apartment or whatever and there's a minimum credit score, having a strict budget and a little emergency fund isn't going to help me if I don't have a qualifying score. I have to work on both concurrently.
Stay positive Stellarcredit. We are not here to judge and keep grinding. Be aggressive with repairing your credit.

Sent from my SM-N950U using Tapatalk

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10 hours ago, StellarCredit said:

Not a total fan either, but I probably could use some of his strategy for getting out of debt.... but the way things have popped up in my life and with my goals, I find sometimes I have to juggle and make some short term choices that may not be ideal. Anyway, whatever my finances look like, I still have to do my best to work on my credit. In renting an apartment or whatever and there's a minimum credit score, having a strict budget and a little emergency fund isn't going to help me if I don't have a qualifying score. I have to work on both concurrently.

Speaking as a landlord, we do not look at minimum credit scores. We look for people that have skipped out on paying rent previously. Lots of people have crappy credit but pay their rent. Generally before they pay loans.

 

In any case you need to work on paying down your balances. More credit like credit cards is a waste of resources and the only thing you would be able to get at this point is going to be expensive. You might first concentrate on paying and closing the Credit One card since it's a money suck but it doesn't matter a whit re how your credit reports look. The big negatives are high overall util and near full balance on your payday APR loan. That's what's going to make creditors turn away.

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This is coming from the heart and my honest experience.

Don’t read the boards approvals threads - subprime bashes etc just the budget threads until you get things cleaned up.

Three years ago I was underwater and I would want more credit and better cards but was 95% utilization and horrible loans.

I didn’t want a hard work fix just an Over night solution (Cli’s or lotto- ha!)

However two years ago I got serious and I am now at just under 15% and it’s at zero % interest ... then last week increased avail credit by 52%.

These boards make it easy to lose your focus - high credit limits, easy approvals - because they are at a different stage ... stay focused and don’t give up.

But for heavens sakes no more loans. That’s how I got it cleaned up - cold turkey.

Good luck


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On 9/26/2018 at 3:46 PM, LuvingMomof5boys said:

This is coming from the heart and my honest experience.

Don’t read the boards approvals threads - subprime bashes etc just the budget threads until you get things cleaned up.

Three years ago I was underwater and I would want more credit and better cards but was 95% utilization and horrible loans.

I didn’t want a hard work fix just an Over night solution (Cli’s or lotto- ha!)

However two years ago I got serious and I am now at just under 15% and it’s at zero % interest ... then last week increased avail credit by 52%.

These boards make it easy to lose your focus - high credit limits, easy approvals - because they are at a different stage ... stay focused and don’t give up.

But for heavens sakes no more loans. That’s how I got it cleaned up - cold turkey.

Good luck emoji256.pngemoji1360.png


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Congrats on your progress! And thanks for the advice. I do tend to read about the approvals and sky high limits =]. But I'm getting a lot of good common sense feedback here. I haven't even looked at the budget threads. I think I will dive into that info tonight.

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Congrats on your progress! And thanks for the advice. I do tend to read about the approvals and sky high limits =]. But I'm getting a lot of good common sense feedback here. I haven't even looked at the budget threads. I think I will dive into that info tonight.



I honestly wasn’t trying to be harsh - but I could have wrote your post.

Best of luck ... it was a very hard road but omg so rewarding

I sat down and calculated every penny of interest I paid over at first one year, then two and finally five years ... plus fees from all avenues including banking - I threw up literally. And not to be gross but violently..

When you pay $2 on this card, $5 here it doesn’t see so bad to carry a balance but total it up and add it up over a few years and then think about how you could have paid yourself ...


🤮🤢🤬

Best wishes - on your very rewarding but hard journey!!


Sent from my iPhone using Tapatalk

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So my credit profile has changed. The bad loan is gone. New cards. Higher limits. But Credit One is still there. I'm holding on to it basically because it's helping my AAOC or at least that's what I thought. But if it's really seen as credit herpes (as I just read in another thread) and is hurting my chances of getting some action with creditors... I'm reading that I should dump it. But it will still be on my report. So, even if it's closed, for what...10 years, I'll still have undesirable credit????

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On 9/27/2018 at 5:15 PM, LuvingMomof5boys said:

 

 


I honestly wasn’t trying to be harsh - but I could have wrote your post.

Best of luck ... it was a very hard road but omg so rewarding

I sat down and calculated every penny of interest I paid over at first one year, then two and finally five years ... plus fees from all avenues including banking - I threw up literally. And not to be gross but violently..

When you pay $2 on this card, $5 here it doesn’t see so bad to carry a balance but total it up and add it up over a few years and then think about how you could have paid yourself ...


emoji849.pngemoji855.png🤮🤢🤬

Best wishes - on your very rewarding but hard journey!!


Sent from my iPhone using Tapatalk

 

 

And Happy Birthday!!!

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15 hours ago, StellarCredit said:

So my credit profile has changed. The bad loan is gone. New cards. Higher limits. But Credit One is still there. I'm holding on to it basically because it's helping my AAOC or at least that's what I thought. But if it's really seen as credit herpes (as I just read in another thread) and is hurting my chances of getting some action with creditors... I'm reading that I should dump it. But it will still be on my report. So, even if it's closed, for what...10 years, I'll still have undesirable credit????

It's costing you money. Overpay it to cover trailing interest and get rid of it.

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On ‎9‎/‎27‎/‎2018 at 5:15 PM, LuvingMomof5boys said:


I sat down and calculated every penny of interest I paid over at first one year, then two and finally five years ... plus fees from all avenues including banking

 

 

 

 

Awesome. If only more people did that. It can be painful, but so rewarding.

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On 9/24/2018 at 4:38 AM, StellarCredit said:

Disco (500) - bal: 446.40   
Cap 1 (850) - bal: 831.48   
Wells (600) - bal: 0.00     
Cred1 (550) - bal: 542.40   

 

I wasn't including the installment loans. & yeah, I'm hemorrhaging money every month with that loan 😬

Your utilization is killing your scores.

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