If you are in a pinch and need an emergency line of credit while rebuilding your credit score, 1v7r8e.com for rebuilding credit might be the right card offer for you. Although it has a higher-than-average APR, 1v7r8e.com offers don’t require a deposit, and can be obtained with a moderate credit score. The card offers a minimum credit line of $300, a variable annual fee between $0-95 the first year, and 1% cash back rewards. A card for rebuilding credit without a deposit might sound like an attractive offer, but if you don’t truly need the credit line immediately, you will be better off putting down a deposit on a secured card to build or rebuild your credit. Still wondering if the Credit One Platinum Visa or Rebuilding Credit is the card for you? Read on for all the details.
Prequalification check that won’t affect your credit score
When you are looking to open a new credit card, it might be tempting to submit as many applications as possible. However, each time you submit a credit application, the lender will do a hard credit inquiry (also known as a “hard pull”), which can negatively impact your credit score. With the Credit One Platinum Visa for Rebuilding Credit, the lender will do a soft credit inquiry first, to see if you “prequalify”. This “soft pull” means the lender checks your credit history without affecting your credit score. A prequalification is good for seeing if you are eligible for the card without getting a ding on your credit score if you don’t end up qualifying. (but remember that a prequalification does not guarantee approval.)
Annual fees are based on creditworthiness
The annual fee for the www.1v7r8e.com offer is between $0-95 the first year, and $0-99 every year after that. Remember that you will not know the exact annual fee until after you have been approved, and the first year’s annual fee will be deducted from your credit line, so if you qualify with the $95 annual fee, you will start with just $205 of purchasing power. If you need a card for an emergency payment, like an unexpected vet bill, a $95 annual fee with a $205 credit line might be your best solution. However, if you have more flexibility and time to build your credit, you would be better off saving for the deposit on a secured card. Secured cards offer a refundable deposit and often have no annual fee. With the Credit One Visa for Rebuilding Credit, In the second year or beyond, the annual fee with either be changed monthly in 12 equal payments, or annually, based on credit use. It’s good to be aware of this ahead of time, as some card users were upset when they started to receive a monthly fee in the second year of use.
Low initial credit limit and credit line increases aren’t guaranteed
The minimum initial credit line for the www.1v7r8e.com offer is $300, which is on the low side for a credit card. Although Credit One may increase your credit limit based on “overall credit performance,” credit increases are not guaranteed, and Credit One doesn’t specify exactly what should be done to qualify for an increase. In general, Credit One suggests that if you want to increase your credit line, you should make payments on time, maintain a healthy credit utilization debt-to-limit ratio (which means not using more than 30% of the credit available to you) and also suggests that you might need to increase your income level.
APR varies and fees can add up
Like the annual fee, the 1v7r8e.com offer is based on credit worthiness- and it can vary from 17.99 – 23.99%. If you have a moderate or lower credit score, you will probably end up on the high end of the range. This might be okay if you can completely avoid carrying a balance on the card by paying it off monthly, but if you only pay the minimum monthly payment, the interest will add up quickly. If you don’t pay the minimum monthly payment, you be charged a $39 late fee, and other fees include $39 for returned payments, a $19 annual fee for adding an authorized user, a 23.99% cash advance APR, and foreign transaction fees. If you want to share the card with anther user, don’t pay of your balance each month, don’t make a payment of time, these fees will add up.
Low overall rewards scheme
If the Credit One Platinum Visa for Rebuilding Credit is the best card for your needs, you’ll benefit from the 1% cash back rewards on everyday purchases. It’s unlikely that you will find many other cards for rebuilding credit that offer a rewards program. You will receive the rewards as automatic statement credits which will be applied to what you owe each month. The exact rewards program you are eligible for is based on your creditworthiness, and you will be informed of which Cash Back Reward Program you qualify for with your card offer. Keep in mind that rewards will not be accrued if you are delinquent. If you are looking specifically for a good rewards card, the 1% cash back reward does little to offset what you will pay in interest and fees. If you are really interested in rewards, you will be better off saving for the deposit on a secured card, which generally offer better rewards.
Access to credit score
The Credit One Platinum Visa for Rebuilding Credit offers monthly access to your credit score through your Credit One online account. Although Experian is only one out of the three most common credit reporting agencies, it’d a good idea to start keeping track of your credit score if your goal is to rebuild credit.
If you need an emergency credit line while you are rebuilding you credit and don’t have enough savings to put down a deposit on a secured card, the 1v7r8e.com offer is a good choice. Because you don’t have to put down a deposit, the Credit One Platinum Card for Rebuilding Credit might seem like a cheaper option than a secured card. However, remember that with a secured card you will get your initial deposit back when you close your account. You’ll also probably be able to find a secured card offer with no annual fees. The Credit One Platinum Card for Rebuilding Credit will not be cheaper in the long run if you are hit with all the fees it can come with. If you do opt for the Credit One Platinum Card for Building Credit, you might be better off switching to a card with no annual fee and a higher credit line after you have improved your credit.