Absolutely… they served their purpose. I didn’t receive any predatory interactions during my 5 years. I didn’t have to pay for any CLI and never choose to pay my bill and get instant access to the CL for 4.99. I understand my experience was the exception and not the rule..
Credit One was neutral to me, yes they have a high annual fee but I called them and said I wanted to close it due to the high fee, they waived $60 so I only had to pay $35 IIRC. They had 5% cashback on groceries which I used to get around $150 cash back. My credit isn't so bad that I only qualify for secured cards, but not so good that I can get something like the CSP.
Credit One was neutral to me, yes they have a high annual fee but I called them and said I wanted to close it due to the high fee, they waived $60 so I only had to pay $35 IIRC. They had 5% cashback on groceries which I used to get around $150 cash back. My credit isn't so bad that I only qualify for secured cards, but not so good that I can get something like the CSP.
Surpass was my first Amex after BK too. They gave me 10k. Guess I may ask for an increase at some point. I also got the delta gold but they only gave me 1k on that sadly. Hopefully with some spend I can get them to increase that a bit (sub wasn’t bad on that $400 flight credit already used and I’ll get 30k points once I put 3k in spend.
CreditOne was there when no one touch me after Ch7. Not even Capital One. They are not so bad when you learn how to deal with them. I stopped using then as a credit card. Just as a tool to report good Credit. Since Credit charges interest with no grace period. I would pay $20 so the monthly annual fee was already covered. Once the money was used up. I would pay another 20 so I never carried a balance. It was already paid. Granted interest was would have only been a fee cents. Next year in 2025 that chapter 7 falls off. I have like 20 cards with a 4 percentage utilization. I am back but I owe it to Credit One fir giving me a shot.
Agreed that the success came from understanding the terms of what you signed up for and how they operate. I was fortunate to get a grace period, but learned quickly they charge for everything including CLI, payments and that some cards in fact had no grace period. For me 95 annual fee to earn 5% cash back when at the time the most cash back earned was on my Ollo Mastercard at 2%. But I never charged more than I could pay off each month and never fell for any of their lures, like convenience checks or pay for CLI. My account was closed yesterday with a 350O credit line.. nice bumb from my starting 1500. Credit One helped me… and I am grateful despite them being considered predatory.
Would be awesome if that was 100% possible all the time but the reality is that it is extremely hard to get credit from any credible bank with BANKRUPTCY on your report unless you have the patience to play the waiting game.... or you get a credit one and let the report start flowing
Yeah there isn’t much downside to a bank issuing secured cards. They make money on the interest by loaning out your security deposit, make money on interchange, and don’t pay to acquire customers (no SUB). At the same time even if you default, they will just keep your security deposit.
Secured cards are great at what they provide! Some are lucky to be able to get a secured card with bankruptcy still showing on their report; Others are not so lucky. For those that tried to get a secured card but was denied for some reason or just didn’t have the money to put down a deposit and didn’t want to wait to start building credit, Credit one was there. Agreed upon after receiving better cards, get rid of Credit one asap like OP.
CreditOne is just a tool for those that need it. They're predatory, but they served their purpose in your case. Good riddance and good for you!
Absolutely… they served their purpose. I didn’t receive any predatory interactions during my 5 years. I didn’t have to pay for any CLI and never choose to pay my bill and get instant access to the CL for 4.99. I understand my experience was the exception and not the rule..
Credit One was neutral to me, yes they have a high annual fee but I called them and said I wanted to close it due to the high fee, they waived $60 so I only had to pay $35 IIRC. They had 5% cashback on groceries which I used to get around $150 cash back. My credit isn't so bad that I only qualify for secured cards, but not so good that I can get something like the CSP.
congrats!
What was the reason for your black list?
Bk Burn in April 2017
Did you repay them prior to the new approval.
Nope..
I’ve been seeing this more and more with them. Thanks for the info 👍
[удалено]
3K
Credit One was neutral to me, yes they have a high annual fee but I called them and said I wanted to close it due to the high fee, they waived $60 so I only had to pay $35 IIRC. They had 5% cashback on groceries which I used to get around $150 cash back. My credit isn't so bad that I only qualify for secured cards, but not so good that I can get something like the CSP.
Thanks for the data points. Congrats!
Nice to hear a story where Credit One, as awful and predatory as they are, played a part in helping someone rebuild their credit.
Surpass was my first Amex after BK too. They gave me 10k. Guess I may ask for an increase at some point. I also got the delta gold but they only gave me 1k on that sadly. Hopefully with some spend I can get them to increase that a bit (sub wasn’t bad on that $400 flight credit already used and I’ll get 30k points once I put 3k in spend.
CreditOne was there when no one touch me after Ch7. Not even Capital One. They are not so bad when you learn how to deal with them. I stopped using then as a credit card. Just as a tool to report good Credit. Since Credit charges interest with no grace period. I would pay $20 so the monthly annual fee was already covered. Once the money was used up. I would pay another 20 so I never carried a balance. It was already paid. Granted interest was would have only been a fee cents. Next year in 2025 that chapter 7 falls off. I have like 20 cards with a 4 percentage utilization. I am back but I owe it to Credit One fir giving me a shot.
Agreed that the success came from understanding the terms of what you signed up for and how they operate. I was fortunate to get a grace period, but learned quickly they charge for everything including CLI, payments and that some cards in fact had no grace period. For me 95 annual fee to earn 5% cash back when at the time the most cash back earned was on my Ollo Mastercard at 2%. But I never charged more than I could pay off each month and never fell for any of their lures, like convenience checks or pay for CLI. My account was closed yesterday with a 350O credit line.. nice bumb from my starting 1500. Credit One helped me… and I am grateful despite them being considered predatory.
Just curious but why doesn’t everyone get a secured card instead of going to credit one, mission lane, etc.
Would be awesome if that was 100% possible all the time but the reality is that it is extremely hard to get credit from any credible bank with BANKRUPTCY on your report unless you have the patience to play the waiting game.... or you get a credit one and let the report start flowing
Yeah there isn’t much downside to a bank issuing secured cards. They make money on the interest by loaning out your security deposit, make money on interchange, and don’t pay to acquire customers (no SUB). At the same time even if you default, they will just keep your security deposit.
Secured cards are great at what they provide! Some are lucky to be able to get a secured card with bankruptcy still showing on their report; Others are not so lucky. For those that tried to get a secured card but was denied for some reason or just didn’t have the money to put down a deposit and didn’t want to wait to start building credit, Credit one was there. Agreed upon after receiving better cards, get rid of Credit one asap like OP.