Credit One Bank

Hello! New to the forum and I'm currently in the process of repairing my credit. I recently opened my first secured credit card with Capital One Bank two months ago....limit is $300. I've used it quite a bit, but I always make sure to pay off the full balance before it's due. Today, I received an offer from Credit One Bank. I've heard that the majority only get approved for $300 upfront. I'm quite skeptical about the fees (23.90% APR and the $75 annual fee) Is this a good card to add? I have about $1,300 in debt, 8 derogatory accounts that have zero balances which expire in 2016/2017, 1 paid judgement from 2011 and 2 closed accounts in good standing. My FICO score sits in the 620s with all 3 credit unions. Should I focus on paying down my debts vs. opening another credit card? Or move forward with both? Like most, I'm hoping to purchase a home, so I'm ready to get this ball rolling. Any advice is appreciated!

LionessQn wrote:
Hello! New to the forum and I'm currently in the process of repairing my credit. I recently opened my first secured credit card with Capital One Bank two months ago....limit is $300. I've used it quite a bit, but I always make sure to pay off the full balance before it's due. Today, I received an offer from Credit One Bank. I've heard that the majority only get approved for $300 upfront. I'm quite skeptical about the fees (23.90% APR and the $75 annual fee) Is this a good card to add? To be quite honest - No. They are considered by most here to be a predatory lender. You would be much better off getting another secured card from someplace like SDFCU. I have about $1,300 in debt, 8 derogatory accounts that have zero balances which expire in 2016/2017, 1 paid judgement from 2011 and 2 closed accounts in good standing. My FICO score sits in the 620s with all 3 credit unions. Should I focus on paying down my debts vs. opening another credit card? Or move forward with both? Both, without a doubt. Like most, I'm hoping to purchase a home, so I'm ready to get this ball rolling. Any advice is appreciated! Get a second secured card. Once it reports you will get a score boost. Then go apply at Capital One for an unsecured card.

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Taoron wrote:
I closed my first post-BK card today, the Credit One card. They tried hard to get me to stay, but bottom line was they couldn't or wouldn't waive the AF so I told them good bye. 1st offer> Reduction to 18.75% APR for 6 months. (ummm... declined..)2nd offer> Reduction to $24 AF for 6 months. (ummmmm... declined.) She finally closed it after 3 "close account" statements. I feel liberated to be free from Credit One!!Wow what great offers. Seems they could do a lot better than just temporary apr and af reductions. Can't blame you at all. Congrats

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