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    #1

    Credit One Bank

    I did a search before posting this topic, but all the results were pretty much anything with "credit" in the title.

    I am just curious about this bank. Any comments?

    I was offered this card in the mail and I accepted. Today the card arrived but I have NOT activated it as of yet. I would be charged $60 something dollars (one time fee) to activate this card, billed to me in monthly installments.

    Today I was looking online and found this forum, so I thought I would ask about this bank before activating.

    It has been 12 months since I filed bankruptcy and this would be my 2nd card. My other card is a non-secured Platinum Capitol One Visa which I have had since this June.

    Thanks for the help
    Tags: None
    #2
    Is this it??

    http://www.creditonebank.com/

    If so, you can read up on them on the "About Us" tab.

    They are FDIC insured. That's somewhat reassuring.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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      #3
      Local CC - better?

      A lot of questions seem to come up about the kinds of credit card offers post-bankruptcy filers get in the mail (for us, they started streaming in 4-6 a week when we first filed, now we're down to about 1-2 a week three years later).

      Most of them have low limits and multiple high fees, which if you actually need the revolving credit can be a disaster in the making (for instance one card someone talked about in another thread the other day has a $250 limit to start, and with all the fees on the first bill you're only left with something like $72 available credit). Over limit = huge fee, which puts you even more over limit, then they cut you off, and then you just have to pay and pay until you've paid them everything you "borrowed" (mostly fees) ... and your credit isn't any better than it was before!

      So I thought I'd share the strategy that was suggested to us by one bank.

      Instead of following up on any of the card offers that come in the mail, put a small amount of cash into an account that will secure a VISA or MC for you through a local bank. And by local bank I mean really local -- a credit union, small regional bank, etc. The interest rate will be lower, and you can probably rebuild your credit more quickly.

      I'm saying "probably" because we haven't actually tried this yet! Other than student loans, we've done without credit entirely since our discharge, until just recently. Sometimes when we've been short of cash, those credit card offers from the mailbox can sound tempting -- but I really haven't wanted to get involved with those, because when you read the terms they are so favorable to the creditors' interests. I think they are designed to set people up to fail who aren't careful with their money.

      tess
      Filed: August, 2003
      Discharged: Thanksgiving Eve, 2003
      Total Consumer Debt Granted Since BK: $6,100
      Total Consumer Debt Left to Pay Off: $1,300 (Plus $50K+ in Student Loans ... )

      Comment

        #4
        SinkingFast, thats them. tess_bk, thanks for the info. I think I will take a trip to my bank and see what they can do for me.

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