Should I get a Credit One credit card?

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Tsar Chasm
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Should I get a Credit One credit card?

Postby Tsar Chasm » Mon Sep 02, 2013 9:48 pm

After years of neglect I'm finally starting to make a little progress in rebuilding my credit. I recently received a pre approved offer for a Credit One card with a high rate (23.9%) and a hefty fee ($75). I decided to get the card despite the fee just to help my cause.

Initial limit was $300, then bumped to $400 after 1 month. ($400 is Credit One's threshold for minimum finance charge...). After 2 months, I use the card for gas and pay it off monthly to show activity and payment.

My question is this...I just received a second pre approved offer from Credit One. Should I accept it? Or should I wait a few months and see what my options are then? My only goal is rebuilding my credit and lowering rates/fees. My current FICO is 636 and the only other credit I have is with Badcock furniture ($1400 bal on $3000 limit).

Thanks in advance for your feedback.

[Note: This post references Credit One, NOT Capital One]

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Postby randeman » Mon Sep 09, 2013 12:51 pm

Is it for a different card? Why would you think you would need another one like this? Your credit score is low, but not horrible. If it were me, and I was in a position to do so, I would try for a secured card if you don't think you could get an unsecured card from a better lender.
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Postby mdl28 » Mon Sep 09, 2013 1:09 pm

Is the other card from credit one associated with a high yearly fee and interest rate?

If so why get it? It will only put you deeper in a credit hole. Keep your current card, always pay in full and you will start to rebuild your credit. It shouldn't take too long with the score you say you have. Just stay on track and with time you can get into a better prime rate card.

Fight the temptation, its not worth it. A card from them will cost you more than they offer you in a credit limit.

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Postby SClay » Mon Sep 09, 2013 2:16 pm

Hey there!

Congrats on getting on the right track to build/rebuild your credit! Credit One is not a great bank by any means. The fact that they charge you an annual fee of $75 for a CL of $400 and basic functions is already a red flag. However, your options are limited and despite their ridiculous practices I think you made the right decision. Anyways, I think if you need more credit and the card doesn't have an annual fee (or has an annual fee that you don't mind paying) then you should accept the offer. Did they tell you what the Credit Limit would be?

As long as you don't mind paying the annual fee (if there is any) and don't carry a balance each month, this might be a good addition to your credit profile. Keep in note it will most likely lower your AAoA (Average Age of Account). However, if they offer you a card that has another ridiculous AF like $75 and offer $300-500 CL, I would highly advise against accepting the offer.

Hope this Helps! ;)
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Tsar Chasm
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Postby Tsar Chasm » Mon Sep 09, 2013 7:59 pm

Thanks for the replies. I decided against another card from Credit One and wait a couple months before doing anything. I don't currently need the credit, but will be looking for a car in the next year.

I just got a current report from myFICO and am up to 653. Only one small negative account from almost 6 years ago....

It didn't get bad overnight and won't be fixed overnight, but I'll get there.

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Postby otter » Tue Sep 10, 2013 7:20 am

One card a lot of people with your credit score have had success with is the NFL Extra Point Card by Barclaycard. Usually quick (within six months) credit line increase and no annual fee- although the interest rate is high so you will want to pay in full.
In my Wallet:
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  • Chase Freedom $4700[1-14]
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  • BoA UCF Alumni Cash Rewards $5000 [3-15]
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