Credit One Credit Card?

[buffetbuster]

My wife received a Credit One Credit Card offer in the mail today. I'm not having any trouble obtaining new credit, but we can't seem to get her approved for a Capital One (Secured or Unsecured) or Orchard Bank Card.

Credit One seems to have high fees and interest rates (which doesn't matter since we aren't going to carry any balances)

Has anyone had a Credit One card? Do they report all 3 bureaus? Is it free to pay online with them? What experiences have you had, good and bad?

Thanks for any input.

[Rozi]

I am just like your wife. I can't get a Capital One card or an Orchard Bank card. I finally got approved for a Credit One card and it just arrived in the mail yesterday. My credit limit is $300.00 but thanks to the $75.00 mainteance fee it has been reduced to 225.00. I have read that this card does report to the credit bureraus and that it's a good card to help rebuild your credit. I have heard that once your credit is rebuilt then you can get rid of the card. I don't plan to use it but it looks like if I call and activiate the card I will have to start paying the 8.75 a month maint fee next year. I hope my credit is built up by then and then I can toss the card. I guess we have to start somewhere right?

[IBroke]

Has anyone had a Credit One card? Do they report all 3 bureaus? Is it free to pay online with them? What experiences have you had, good and bad?

I'm having an account with them since discharge and I'm quite satisfied - keeping in mind that it is a subprime-card. They do report to all 3 and paying online is free if you don't need the funds available the next day (usually, they will be available a week later).

[df04527]

You don't plan to use it? if you are trying to rebuild your credit you will need to use the card. Over time you will build history that other potential lenders will see and your score will slowly rise as a result. Inactive cards will do nothing for your credit. Remember you need to show lenders, over time, that you are once again credit worthy. Use it then pay it, every month, without fail.

[jst4f]

It has been our experience that the longer you wait to get a credit card the better the deals they offer. If at all possible wait for a better deal.

[buffetbuster]

You don't plan to use it? if you are trying to rebuild your credit you will need to use the card. Over time you will build history that other potential lenders will see and your score will slowly rise as a result. Inactive cards will do nothing for your credit. Remember you need to show lenders, over time, that you are once again credit worthy. Use it then pay it, every month, without fail.

Let me clarify. LOL We're going to use it, just pay it off full every month. I do that now with my Orchard and Cap 1. I meant we aren't concerned with the interest rate since we aren't going to carry a balance, because we'll pay full every month.

[DesdemonaB]

Hey BB

Have you tried to add your wife as an Authorize User on your account for a couple of months? I assume you checked her reports for errors - maybe there is something that isn't reporting correctly. Maybe being an AU on your accounts will help push her up past Credit One, just my 2 cents.

[jetsfan2010]

I have had my cap one card a few months now, and can say I am very happy with them. I had thought about credit one if I didnt get this card, but honestly, after doing research, you are better off waiting, or going to a local CU to do a secured card.

[buffetbuster]

Hey BB

Have you tried to add your wife as an Authorize User on your account for a couple of months? I assume you checked her reports for errors - maybe there is something that isn't reporting correctly. Maybe being an AU on your accounts will help push her up past Credit One, just my 2 cents.

We went over her credit report with a fine toothed comb and fixed all innacuracies. I did add her as an AU on my Cap 1 card. I haven't check her credit report since, but I'm assuming it's reflecting she is an AU. How does being an AU on an account weight. Does it carry the same weight on a credit report as being the primary account holder?

[df04527]

Yes it does if it is reporting. Do you know it is?

[DesdemonaB]

Hi BB

Yes she will see your credit limit and payment history on her reports the only difference would be that the account will be listed an AU not individual. Keep in mind your usage and debt to credit limit ratio will have an effect her reports just the same as it does you.

I was an AU on my EX's Discover card (Sam's Club members) I was working on paying down my debt, he was in the balance transfer game he transfers over 15K to his Discover and my score nose dived as that balance transfer put me over 100% on my debt to credit limit ratio. I had to ask be removed as an AU and ask Discover to stop reporting to my reports. I lost all the benefits - 7 years perfect payment history and his 20K limit my scores never recovered.

I would hold tight for a little while longer, she has a couple of inquiries from the declines let those age, allow her AU status to get some history on her report then re-apply to Cap-One.

Good Luck

[Logan]

Put your wife on your cards as an authorized user and do NOT get any cards with ridiculous fees. $35 a year is ok if you can't get a free card but anything else is not acceptable.
I am an AU on my wife's cards and everything is reported on my credit report. If your married an AU is virtually no different than having the card in your own name(reference FICO.com for that info).

[buffetbuster]

Thanks for all the advise everyone! I don't think we're going to take Credit One up on their offer.

[Amy26]

Is your wife opt'd in? If so, or if you want to go ahead and opt in, you can obtain WFNNB store credit cards without a hard pull on your credit. They aren't as snazzy as a major credit card but it would be a positive tradeline. Basically, WFNNB does prescreened offers for those that are opt'd in. When you go to their website, register an account and then either at registration or upon going through a checkout process (you don't actually have to make a real purchase), it pops up with a "congrats you're preapproved for a $XXX.XX Card". If you accept it, you just automatically get the card with no hard pull.

If she is currently opt'd out, then it might take a little while for the pre-screeners to pick her up. There is a thread on another forum that has the entire list of the various stores that do this...but here are a few off the top of my head that I know:

J.Jill
Brylane Home
Victoria's Secret
The Avenue
King Size Direct
One Stop Plus (this one actually has a VISA and a store card)
Value City Furniture
Buckle

I have used these to establish credit for my husband a few years ago. I got him one stop plus (visa), king size and victoria's secret in this manner. Personally, I actually wanted a J.Jill card and I actually applied with a real application and I was denied for bankruptcy. However, a month later I had the "congrats you're preapproved" and was able to get the card that way.

Another plus, you can get credit limit increases on these cards pretty regularly without a hard pull. You can request an increase from your online account management and they do it with a soft pull. I usually can get increases ever 2-3 months. They aren't huge...but could be quite useful to someone that can't seem to get credit other places.

Also, if you would like the link to the forum that has the actual thread, please let me know in PM.

[IBroke]

When I want to my recent "score-pushing'-project for my new auto-loan, I also applied for a card with "Rooms To Go" - and they approved me - CL $8,000. Not bad...

We need some new furniture and they are currently offering no interest until 2016.