So, I did something pretty dumb the other day on a whim. I have pretty dismal credit (fico score of 620 and credit karma score of 658) but I have improved it a bit over the past year with my Barclays card that I have. I love my Barclays card and have never had a problem with them so far. I currently have a $1500 limit and don't over utilize it too much to keep my credit utilization down and so i don't over extend myself obviously so i don't have a big bill to pay off every month.
Been paying that on time for a while now and the other day I decided that I wanted to increase my available credit and credit card portfolio so I applied for some cards. I used to have a capital one secured card with a 600 dollar limit but wanted that deposit back so i closed that card. (probably not the best idea for a person trying to improve their credit rating but whatever, its done)
I looked around at some cards for fair/bad credit and applied for the discover IT card and was promptly denied. I thought ok, now what. So, I saw this other card by credit one bank for people with bad credit. (after reading a little about these cards and their apr and what not on creditcards.com) I applied for the credit one card and was approved. Didn't read reviews on it before applying...something I obviously should have done.
Now I've been reading reviews on this credit one card and I don't want anything to do with this company or credit card. Been reading reviews people saying the company is a scam and they nickel and dime you to death and charge you for almost everything you do with the card. I'm well aware it's a card for people with bad credit and with bad credit you're obviously going to pay out to the ass with interest and whatnot but this company just sounds awful. They even charge you if you pay your bill early or if you decide to use their expedited option to get your payment to go through in a day. Also been reading about fees if your credit line is increased. Also read that they will call you two weeks before your payment date and harass you about it. Seriously, wtf is that? I've never heard of such things. Oh yeh, customer service from India? No thanks. No offense to any people from India.
Their logo even looks like the capital one logo.
seriously go look at it....
www.creditone.com Does that not look like the capital one logo?
I applied for the card I think on friday and on their page, they have this place where you can check the status of the application. All mine says is "approved" and that status will update to say the card has been mailed once it has, etc.
What's my best course of action? I realize I've agreed to their terms and all that but I don't want this card after all. I'm obviously not going to activate the card when it comes and I'm going to be calling customer service to say I don't want the card after all and they can just close it.
Discover...the other card I applied for, I was already hit with an inquiry on my credit which is fine, I expected that. I applied for this credit one card the same day, on friday, and still nothing has showed up on my credit. No hard inquiries yet or anything. I'm wondering if this credit one company will even bother to report this account that I plan on closing immediately.
I've tried looking on the website, but would I be responsible for the outrageous annual fee if I never open the card? i think it's something like 75 to 99 dollars initially. If I have to pay the annual fee, I'll just suck it up and pay it I guess. I just want nothing to do with this credit one company after reading these horror stories online about it. From now on, i'll do some better research that's for sure.
Last edited by AUGUY55; 04-29-2014 at 11:48 PM.