Will Credit One Platinum Improve My Credit?

Can the Credit One Platinum Improve My Credit Score?

Much like any credit card targeting people with low credit scores, the Credit One Platinum card can improve your credit if used properly. As you make your payments on time, there are continuous automatic credit line reviews. This means that as you build your credit, the amount you are able to spend increases as well. 

Additionally, there is a $300 credit minimum and a $500 maximum, which allows cardholders to restrict their spending to their limited credit line amount. This further enhances the likelihood of making payments and therefore increasing your credit score.

How to Increase Your Credit With This Card

Some things that credit issuers look for when deciding whether or not they will improve your credit score, and, if so, by how much are:

• Whether or not you pay your bills and pay them on time
• If you keep your credit utilization ratio at a manageable level (ratio of utilized credit to available credit)
• Stay on top of your account activity
• Whether you monitor your credit report

If you as the cardholder do all of these things while using the Credit One Platinum card, your credit will be improved.

How Misuse of the Card Can Hurt Your Credit

However, there are some key features of the card that potential cardholders should take note of. There is a relatively high APR of 17.99% to 23.99% (variable). This means that it is crucial for cardholders to make their payments on time because if not, not only will their credit score decrease but they will face high interest on their remaining balance.

Additionally, there is an annual fee of anywhere between $0 and $99. Since there is a credit limit of $300, if you are charged an annual fee of $99 this is roughly â…“ of your credit line, which is a considerable amount. Additionally, you will not know which fee you will be charged until after submitting the card application. 

For those who anticipate a lower annual fee then end up being charged a higher one, this can take a hit on their finances and eventually, their credit score.