ONE Credit Builder Review (2024)

FAQs

Is Credit One a good way to build credit? ›

If you're focused on improving your credit score, the Credit One Platinum could be a short-term solution, but a secured card can be a more sustainable, less costly choice for achieving a better credit score.

Credit One is an FDIC-insured institution, so you don't have to worry about the safety of your money. However, the bank does consistently bring in poor customer service ratings for its credit cards, which can be a drawback for customers who run into any issues.

No, our experts don't recommend Credit One Bank because of its fees and predatory practices. The annual fees that Credit One Bank charges are expensive for what its cards offer. It tacks on fees for services that are free from reputable credit card companies, including express payments and credit limit increases.

Credit Builder is a zero-fee, zero-interest program offered to One Deposit account customers with Plus status designed to help you build credit by setting aside just $1 per month¹ for 12 months, which you'll get back at the end. One will report your on-time payment every month to each of the three major credit bureaus.

All Credit One cards start off with a credit limit of $300 to $500. You can be considered for a credit limit increase with a history of consistent on-time payments.

Make timely payments on other loans and accounts

Your payment history is one of the most significant factors that go into calculating your credit scores. So you'll want to ensure you're making timely payments on any existing debt, such as mortgages, student loans and car loans.

Some Credit One credit cards are hard to get because they require at least good credit, which means you need a credit score of 700+ for good approval odds. Other Credit One credit cards are easier for people with lower credit scores to get approved for, so it's important to choose wisely.

MINIMUM CREDIT LINE: $300 and Future credit line increases may be granted based on your overall credit performance. ANNUAL FEE: The Annual Fee of $75 will be billed to your Account when opened. It's refundable as long as you cancel your Account and have not made any transactions.

But Credit One and Capital One are not related or part of the same company, and overall there is a significant gap in the quality of each bank's credit cards. Capital One's cards generally have better perks and fewer fees than the cards from Credit One — although as such, Credit One cards can often be easier to get.

How much does Credit One increase credit limit? ›

While it does happen that a bank will double or even triple your credit line, you'll have better chances requesting a 10% to 20% increase. You also need to be sure you're not asking for more than you can pay back to avoid the risk of accumulating too much debt.

Chime Can Help Build Credit History, but It's Not for Everyone. Chime reports account activity to all three credit bureaus. Cardholders looking to build better credit can establish on-time payment behavior and lengthen their credit history. (Note that late payments can still negatively affect a credit score.)

If you make regular on-time monthly payments, credit-builder loans are a good opportunity to improve your credit scores. Higher credit scores mean you'll have a better chance of being approved to take on important future debt, such as mortgages and auto loans.

ONE is an online banking platform and approved accounts are FDIC-insured by Coastal Community Bank for up to $250,000 per depositor. You'll have free access to 55,000 ATMs in the Allpoint network. ONE doesn't charge overdraft fees. Instead, ONE has overdraft protection that allows you to overdraw up to $200.

History isn't instant. If you haven't used credit before, it usually takes at least six months to generate a credit score – and longer to earn a good or excellent score.

Credit One might automatically increase your credit limit after six months, or you can request a Credit One credit line increase online or by calling (877) 825-3242. For the best odds, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Credit One has on file.

Will two credit cards build faster credit than one? Yes, assuming you use your cards responsibly. If you do, then having additional cards will generate consistent spending information for the credit bureaus each month, increasing your total credit limit and keeping your credit utilization rate low.

Whatever your reason for wondering how long it takes to get a credit score, you can generally expect it to take about six months – and usually longer to get into the good-to-exceptional credit score range.