CreditOne is Awful, Don't Do It!!!
By Brandy Norton onWe have alot of debt, and was using three credit cards.I wanted to get the amount I paid every month down, so we could quit using the cards so much.Credit One sent us information through the mail.They sound like capital one (and I have heard alot of good things about them).So in my mind, I think this is a great opportunity.It sounded wonderful on paper too.So we gave our information to them and they told me the amount I would pay every month and for how long.It sounded good.I knew it was going to be 12%, but they were doing the math over the phone.I had everything in order.Then they called me back and it all changed, but the man on the phone sugar coded it.His math was wrong the first time, by alot.Stupid me!I didn't think about the changes and went through with the orginal plan.The first bill, was crazy.We paid about a $1,000 just for transfering the money.Every month, we were paying right at $350 in interest.Just the interest every month, would have paid for another car, good on gas.I finally worked it back the way it was, with lower interest rates on two cards, instead of three.But I figured it up, and for a $30,000 loan for 8 monthes, I paid right a $3,200 in interest and fees.And that was with paying $200 more than what I was suppose to.I put my experience level high, because after $3,200, spent for nothing, you get very experienced.Now, I am more in debt than I was before.That should be a tax write off, because I was just giving out free money.I'll say it again, I'm stupid, theres no denying it.But everyone else can learn from my mistake.Just Don't Do It!!!
bleargh! you should contact the FTC and every State Attorney General applicable about this. Explain what happened and how this company took advantage of you. If enough people make enough of a stink about how credit card companies are taking advantage of people like this things will HAVE to change.
I am sorry this happened to you. I have heard a lot of BAD and HORRIBLE things about Credit One also. You are not the first person I heard bad things about them. I sometimes get things in the mail from them and it goes in the trash right away (after I tear it up that is!)
Thanks for sharing this important information. People think these are a great way to get out of debt, but they often end up being just another financial nightmare. So sorry that you had to learn such a hard lesson.
I've heard nothing but bad things about these companies. Thanks for sharing your experiences here, hopefully you will save someone the headache of dealing with Credit One.
Aww Don't feel bad and call yourself stupid. You were in a bind and that is just what company's like this prey on. I agree with the other comments. Report them.
This is awfull, and i'm sorry for you, I agree with Froggy, Report them. (V)
Oh wow, I am sorry about your experience. I will make sure not to recommend them!
Oh goodness-this was a learning experience for you-don't doubt yourself & do not say that you are stupid, ok?
These companies take advantage of those who are desperate to reduce their debt from credit cards. I think it's terrible that they do some of the things they do. They need to be reported to the BBB!
How awful! Sorry you had to experience that! Thanks for sharing, I will be sure to tell people to steer clear of them!