Credit One Bank Card?

[stlrs]

Hi all,

I'm wondering if anyone on here has used this card as a way to build up credit a bit? I'm 1 year into my 13 and wanted to start rebuilding my credit a little bit. My Trustee has a policy of any line of credit under $500.00 is fine.

I'm seeing reviews online that this card is an absolute joke. I understand the high fees and all but some reviews point towards scams.

Any input would be appreciated.

Thank You

[IamOld]

It is a joke - and yes, I fell for it in my pre-bk life...I was...desperate, to find another Peter to rob to pay Paul. $8/mo in monthly fees, plus almost 30% interest, etc etc etc and a huge annual fee...

don't do it.

take my word for it.

just say no :-)

[stlrs]

Thank You for your reply, Iamold. I have 1 question if you happen to get back on here. Is that a seperate monthly fee than the annual fee or is that the annual fee broken down into monthly installments?

I'm actually doing well in my plan right now. I just had a baby 4 months ago so kind of just looking for a little security in case something pops up and also to bulid my credit a bit.

I guess I could go to my lawyer and request a decrease in my Trustee payment since my monthly expenses has obviously gone way up w/ the baby. I just figured that is a drawn out and difficult process.

[IamOld]

Thank You for your reply, Iamold. I have 1 question if you happen to get back on here. Is that a seperate monthly fee than the annual fee or is that the annual fee broken down into monthly installments?

I'm actually doing well in my plan right now. I just had a baby 4 months ago so kind of just looking for a little security in case something pops up and also to bulid my credit a bit.

I guess I could go to my lawyer and request a decrease in my Trustee payment since my monthly income has obviously gone way up w/ the baby. I just figured that is a drawn out and difficult process.

Long story here but spouse is (so we are) just starting out in a 13 - CONFIRMED (thank God) and 2 payments down..."only" 58 more to go!

Re Credit One- there is a $7.95 fee per month - PLUS there is an annual fee of about $60.

I mean look...if you feel better with it...ok, BUT keep in mind that even in a month you don't use it, there is the $7.95 billed AND if you're late paying that, $30 something late fee.

[stlrs]

First off, congrats on your confirmation...that's great, a big first step.

I think I will turn it down. I didn't realize there was the monthly fee just to have it on top of the annual.

[IamOld]

THANKS!!!!!!!!!!! (And thanks as always to everyone here!!!!!)

I think you may get better (or less bad) offers...! At worst, it's always "out there."

[jetsfan2010]

you can do better
Credit One and First Premier should be avoided at all costs.
I rather have a secured card by a "somewhat" reputable place like BOA or Cap1 on my credit file post BK

[stlrs]

Thanks Jetsfan. I'm kind of stuck. I have the card but haven't activated it. It's only a $300.00 limit just for emergencies. I don't know if I should activate it or let the activation run out. I think doing that hurts my score. That's the issue I'm having. I shouldn't have gotten it in the first place. I just wanted something to fall back on in case I needed something for the baby. BTW, good luck this upcoming season

[IamOld]

stirs, I would look at it this way - if you don't mind the annual fee and the $7.95 per month, then as an emergency backup...look the thing is, are you "ok" with paying them $7.95. If yes, if YOU feel better having it, than please do as say, NOT as I...did :-)

Set up an autopay to them from your bank - so that it gets there BEFORE the due date - for teh $7.95 fee and forget it - have it be on auto-pilot.

[Pandora]

T I just wanted something to fall back on in case I needed something for the baby. ...

Why not just set aside some extra $ every month for that purpose vs. paying extraordinary fees on a high interest credit card? While the $8 a month service fee may not seem like much - add it up over a 12 month span and you're talking nearly $100 spent in addition to any annual fees.

If you just had your baby (congrats btw ) then you should be adjusting your schedules to allow for the additional bundle of joy in your household Its not that hard to amend...

[IamOld]

You know stirs, I know where you're coming from...but I think Pandora's advice is sound. If you're going to pay about $60 to them plus $8 for the first month, that's $68 right there. So if you can squirl away $20/month, in a bit over half a year, you're there with your $300...

[jetsfan2010]

thats a 100 dollar annual fee - 100 dollars? for a 300 limit?
No way!