out of 5
Recommended for those rebuilding their Credit.February 14, 2012
If you have good credit, this card is a terrible 1 star. This card has high annual fees, they will nickel and dime you, the interest is high, they don't credit your account immediately upon payment, etc. If you're rebuilding your credit after a personal financial disaster or bankrutcy, this card is 4 stars as a a temporary stepping stone to a good card and a road to good credit. People recommend secure cards, but honestly, That's putting down your own cash(that you may not have) to have the right to pay an annual fee and pay interest on your own money? This is a better option, they report to all credit bureaus and give you free monthy tracking on your credit score. Keep this card for a year, keep it paid down to below 30% of the available credit, and after one year from a bankruptcy or other disaster, your score will be around 650 and be able to qualify for a good card with lower fees and interest, then you close this account. It's a stepping stone to a better card. This card is better than First Premier which you should avoid, but inferior to Orchard Bank(which offered me a 14.9% card with $750 limit and $29 annual fee with decent customer service just 2 months after filing for bankruptcy. Keep in mind that rebuilding credit has a lot to do with paying on time, and also a low percentage of available credit. If your score is below 600, opening a new account may increase your score by lowering your debt ratio on unsecured cards. The trick is not to carry more than 30% balance on any card, and if you do carry a balance, keep the overall debt ratio below 30%...and for gods sake, don't charge what you can't afford to pay! The free credit tracking service at Credit One doesn't report the details but will tell you what you owe and how much unsecured credit and the ratio you have as well as good tips on improving your score.
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