Increase Credit Score Using Credit One Bank Card

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I have had this Credit One Bank card for almost a year, and haven’t had any problems. Most of the complaints I’ve read regarding the fees and rates are a little silly to me-they explained all of this before you activated the card. It’s not really anybody’s fault if you don’t read the print, the fees/rates are high, but this is a card for bad credit and you’re not going to get the same treatment as somebody with a standard card.

I say, use for as a long as need be, then when the time is right (which will happen soon enough as long as you pay on time and keep your balance low) go ahead and apply for that Discover or whatever other card you want. This is a great way to rebuild your credit as long as you do everything responsibly! Also, I’ve only had to call a few times-I’ve never had any issues with my card, so need to call- and the reps were ALWAYS helpful. I definitely reccomend this to anybody who needs a boost with their credit score.

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Credit One bank : Option To Rebuid My Credit

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This has been a good option for helping to re-build my credit. This option is not the cheapest; however, it beats offers from First Premier Bank and other sub-prime lenders. The point of this card is the fact that it is for sub-prime borrowers who have little, no, or poor credit history. I happened to have poor credit history, and I can say that this card has really helped in terms of building up my credit history.

I have been able to obtain an auto loan with a reasonable rate as a result, have been approved for two additional credit cards with great terms and perks, in addition to a better F.I.C.O score and everything that comes along with that. I’ll dump this card in a couple of more years, but it is worth having when you’ve had blemishes in your credit and you want to re-build. If you have good credit already, this is not the kind of credit card that you want to have in your wallet. Yes you pay $8.25 monthly fee(after first year) is reasonable in comparison to alternative loan options(i.e. payday loans).

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Credit One Bank Card is Great Card To Rebuild Credit

I obtained this card several months in an effort to rebuild credit. My credit score was in the 590s. I was given a limit of $1,000 and Credit One Bank has extended it to $1,150.00. This card is helping me rebuild my credit so that I can hopefully qualify later this year to purchase a home. My score is currently in the low 600s but steadily increasing every few months.

That it takes a few days for CreditOneBank to credit a payment is a minor inconvenience compared to the benefits of rebuilding your credit.

As others have said, this is not a card you use to fund a vacation or some other extravagant purchase. The APR is very high. So if you already have good credit, this is not the card for you.

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Using Credit One Card to Build Credit

CreditOneBank.Com  approves people with relatively low credit scores, rewards good payment history with regular credit line increases, online payment free, and most importantly – they give you FREE MONTHLY ACCESS TO YOUR EXPERIAN CREDIT FICO SCORE. This is the ONLY place I’ve found to get that FICO (not a FAKO as far as I know). You can get the other two via myfico.com, but not that one. Even the product you buy from Experian themselves is a FAKO not your FICO.

They update the score monthly.

They were upfront and honest about all fees charged.

I’m very satisfied with my experiences with this card, when rebuilding is necessary.

Yes, their fees are high, but (as I asked on a different review) – when you’re rebuilding, if someone offered you a LEGAL way to pay $xx for a YY increase in your FICO score, and the option to pay the $xx over time, wouldn’t you be interested? I know I was. And their customer service has been friendly and helpful, when I’ve called.

The ONLY complaint I have is that they charge $9.95 if you want your payment credited in one day instead of 3 to 5. But as long as you keep track and pay your bill a few days before the due date, it’s all good.

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Credit One Bank reviews

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When we started our research to write this article on Credit One Bank, we noticed that for every 1 good Credit One Bank review, there were over 160 complaints or bad reviews.

At the end of our research, however, we were very surprised to find out that some of the complaints and bad reviews were not really the fault of Credit One Bank.

Indeed Credit One does have a lot of issues for its customers to complain about, but at the end of the day the firm’s Platinum Credit card does provide great benefits to those who are looking to reestablish or build credit.

This article addresses the pros, cons and best ways to use Credit One’s Visa card so as to avoid some of the issues that others have complained about.

This Credit One Bank review article is broken down as follows:

  1. Card fees and rates
  2. Why use a Credit One Visa card?
  3. Pros and Cons of using Credit One Bank’s credit card
  4. Best ways to use the firm’s visa card to minimize issues
  5. Should you get a Credit One credit card?

1. Credit One Visa card fees and rates

First year annual fee (introductory period) $75
Annual fees (after first year) – billed monthly at $8.25 a month $99
Annual Percentage Rate – rate varies based on the market 23.9% – 26.9%
Initial credit line $300 – $500
Late payment Up to $35
Returned payment fee Up to $35
Credit increase fee Up to $49
Cash advance fee (waived the first year) 8%

2. Why use Credit One’s Visa card?

A lot of people sign up for a Credit One Visa card to build a good credit history or to rebuild a bad or mishandled credit history. Your payment history is frequently reported to the three major credit bureaus, and making your payments on time will reflect good standing that helps you improve your credit.

3. Pros and Cons of using Credit One’s Platinum Credit Card

  • High approval rate
Despite a poor or fair credit history, you have a high chance of getting approved
  • Credit line increases
Your credit line increases over time based on your overall credit performance (for example, your $300 initial credit limit may be raised to $500, then $700, 1200, etc.
  • Credit score tracking
Free online monthly credit score tracking
  • Build good credit
Monthly updates to major Credit Bureaus
  • No over the limit fee
No fees even when you go over your credit limit
  • Pre-approval process
Credit One allows you to get pre-approved without affecting your credit score
  • Auto rental / travel insurance coverage
No need to get auto insurance when renting a car, as the card comes with an auto rental collision coverage. It also provides travel accident insurance
  • User friendly website
Online account and website is easy to use

Cons/Compliants/Issues – Top Consumer complaints

  • Predatory lender
Harassing calls, mostly when your payment is late
  • Poor customer service
Outsourced call center, rude staff, calls getting disconnected without warning, multiple call transfers (getting the “run around”), etc.
  • Suspended account
Without any warning or notification
  • $75 First Year Annual Fee
A lot of complaints on the $75 fee. Although this fee is noted on Credit One’s website, a lot of people forgot or did not read the fine print and were very surprised when they received their first statement
  • Unavailable payment
When you make a payment, the payment is not immediately available
  • Payment fee
Paying your monthly fee with another credit card incurs a charge of $9.95
  • High interest rate
The firm’s high APR was a major point of discontent with a lot of users

4. Best ways to use the visa card to minimize issues

While using credit wisely can help you to build good credit, being late in your payments or exceeding your credit limit can have a negative impact on your credit rating.

Ensure that you pay your monthly fee on time. If possible, make sure that you pay off any outstanding balance on a monthly basis.

As with a lot of things, the higher the risk, the higher the possible rewards. That is the same business model being used by Credit One Bank. With more flexible approval policies than other banks, the firm charges a high APR to compensate for its very high consumer default rate.

5. Should you get a Credit One credit card?

Ultimately, you as the current or future Credit One Platinum card holder have to determine whether the benefits of opening or maintaining a Credit One credit card outweighs the numerous issues that past and current customers are experiencing. Depending on your need to establish or rebuild credit, you might find that the firm’s Platimun credit card perfectly meets your needs. CreditOneBank.Com

If your credit is in good standing and / or if you have many options available, you might decide that the issues outweigh the benefits.

Do you have a Credit One credit card or looking to get one? Let us know in the comment section below what you think about Credit One.

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