Credit One Bank?

Discussion in 'Credit Talk' started by acegirl, Apr 9, 2008.

  1. acegirl

    acegirl Well-Known Member

    Does anyone have this credit card?TIA
     
  2. apexcrsrv

    apexcrsrv Well-Known Member

    They're junk. Stay away if you can get something else.
     
  3. pudgy7

    pudgy7 Member

    I have one, I find them to be pretty good, They gave me a $200 credit limit and I get to see my credit score for free (it takes about 2 months for it to be available) there is an annual fee of I think $58? And they do charge almost $8 for online payments. There is also a $6.50 monthly charge but if you are looking for unsecured credit and you have very bad credit, they are decent, along with Orchard bank. They are way better than any other rip off card I've seen advertised such as Premier bank and Continental finance and Centennial.
     
  4. greg1045

    greg1045 Well-Known Member

    You call that pretty good???
    $200 starting limt/annual fee of $58
    $6.50 monthly account maintenance fee
    $8.00 charge for making a onetime online payment. Stamps right now only cost 41 cents, 42 cents come May 12.

    These folks are on the same level as First Premier, C/F and Centennial.
     
  5. Dumb Bob

    Dumb Bob Well-Known Member

    It would seem logical to stop doing whatever it is that is making your credit so bad that you think that the above makes any sense at all. In the mean time, if you need a card, perhaps something prepaid will do.
     
  6. apexcrsrv

    apexcrsrv Well-Known Member

    In a nutshell, again, they're bad.

    Work on your credit flaws first, raise your scores, and then get something worth having.
     
  7. lhawkins

    lhawkins Member

    **Sorry to hijack**Ummm dang I have C/F and my card expires in 9/08 what will they renew it or what? I really dont wanna keep them.
     
  8. jlynn

    jlynn Well-Known Member

    They will likely renew it, you have to tell them not to.
     
  9. MannyL

    MannyL Well-Known Member

    Credit One Bank is part of "Sherman Companies"
     
  10. lhawkins

    lhawkins Member

    Ok if I dont want them to renew it, will it show as a closed account on my account on my CR and is that bad?
     
  11. jlynn

    jlynn Well-Known Member

    Yes it will show as a closed account. It may or may not be bad. If its your oldest account, preferably you would want to keep it open. If you have a balance on the account it will cause your utilization percentage to shoot up, as the balance will calculate in, but your credit limit (which no longer exists) won't.
    So, a closed account all depends on your individual credit situation.
     
  12. lhawkins

    lhawkins Member

    Well at the moment the card is active and has a $0 balance b/c I have been learning to pay my bills in full each month, so they cant make $$$$ off of me. Beside the regular yearly fees and all.
     
  13. jlynn

    jlynn Well-Known Member

    BUt what about any other revolving credit? Are they all at $0? If not, the credit limit on this account lowers your overall utilization. (Total amount of credit available-balance owed).

    Sorry - its not a straightforward yes or no answer.
     
  14. pudgy7

    pudgy7 Member

    I was a bit surprised by the rude comment from Dumb Bob, first of all I am trying to repair my credit by getting credit, I am not doing anything to "make it bad". It is not easy to get credit when your score is pretty low, all my bad accounts are very old and about to fall off, but in the meantime, I wanted to build some good accounts, I only use Orchard bank and Credit one. Why would I get a prepaid account when they all charge a yearly fee also. I was simply giving my input because I actually have the card, I don't pay my bill online, just wanted to give a heads up to someone who was considering it. And how in the world would they be on the same level as First Premier and Continental when they give you a $300 credit limit but charge you $225 up front just for giving you credit? I don't mind paying a yearly fee right now, that may change when my scores come up. They also allow me to see my credit score each month for free, did you miss that? My scores are low 500, there aren't too many options when you are that low and I'd rather actually get some credit than to pay a yearly fee to use my own savings account money with a secured card. I see alot of you recommend Orchard bank, how are they any different? They charge an annual fee of I think $58 and $5 for any cash advance, $300 credit limit most cases, I'm sure there are other fees too. Is there something I'm missing? I don't plan on keeping these accounts once my scores come up, but for those of us who are trying to bring it up, these cards are way better than most of what is out there, strictly for raising your score with open good accounts.
     
  15. ccbob

    ccbob Well-Known Member

    Just some comments from the cheap seats.

    1) you can get your credit scores and reports EVERY DAY from TrueCredit for $15/mo. But if you're scores are in the tank, save your money. They won't improve that much, that quickly and they can down occasionally even if you're doing all the right things. Bottom line. Don't fixate on the scores, fixate, instead, on score-improving behavior.

    2) A credit card with a $300 limit and a raft of fees is more of an invitation to disaster than a ticket out of trouble. The credit limit is so low, that if you charge anything that puts you within $50 of the limit you run the risk of going overlimit from interest and fees you didn't expect which runs up the cost and can put you into a cashflow bind. One late payment because you're in a pickle for whatever reason and any credit rebuilding benefits are lost. IMO a secured card with $1000 limit (i.e. you have $1000 in the bank) is much safer than an unsecured $300 card. That way if you charge $200, you still have lots of headroom.

    3) The cash advance fee should not be a concern because YOU SHOULD NOT BE GETTING CASH ADVANCES FROM YOUR CREDIT CARD (Sorry for shouting). Getting a cash advance from a credit card (or worse, a pay day lender) is a sign of serious cash management problems (e.g. running out of cash). If you are doing this, you will NEVER GET OUT OF TROUBLE. You need to fall back and regroup around your budget so that you don't run out of cash. That might cramp your lifestyle, but it's a sacrifice worth making (and only hurts for the first couple of months).

    4) Finally, the comment about keeping this cards until your scores come up is shortsighted. You should find some cards you can live with for 5 to 7 years because they will be helping you establish history. If you use them for a couple of years and then close them when you get a new card, your credit history will get shortened which will reduce your credit score.

    Remember, the goal of the "sub-prime" credit industry isn't to help you rebuild your credit. It's to set you up to fail so they can cash in on your failure. They make their obscene profits because they know you'll go overlimit, get cash advances, and pay late every once in a while. All these work against you and for the rich bankers.

    Ask yourself, who needs your money more: you or some rich banker?
     
  16. Dumb Bob

    Dumb Bob Well-Known Member

    I'm dumb so it's not always a surprise when I miss some required politeness.

    If this is the only card you can get, I would think you should wait a bit and let whatever it is that is preventing the raft of other offers from coming in from coming in.

    I was talking about those cards you buy at the store on the rack by prepaying. I thought there was a fee of about $10, often waived, and then you got the card. If there's a yearly fee, I don't recall from reading about them that it was very high.

    Why might they charge $8 to pay online? Isn't it because when you pay by mail they can take an unknown amount of time to actually get your check so they can then charge you late fees?

    Let's see, they give you a $200 credit limit and they charge $58 a year and $6.50 a month. I think that is $136 a year to have their card. Is there also a charge for opening the account in the first place? If so, that's right up at the limit to start, one late and you are over into overlimit fees, just like the companies you think this company isn't like.

    I didn't really think that was worth it.


    But this would actually be safe and you could really use the card.

    Do they charge a monthly fee? Do they charge a yearly fee and a fee to open the account in the first place? Is it really $58? Isn't it more like $39 a year?


    I'm not convinced. I think you should wait and make sure you aren't doing anything to stall a change in your credit score fortures, like by going over limit or paying late.
     
  17. apexcrsrv

    apexcrsrv Well-Known Member

    Bob is Bob and I like it . . .
     

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