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by Michael Bovee 24 Comments
If you find yourself unable to keep up with bills, and you get to the point where your payments with Credit One Bank are going to be late, it may be time to look into your options.
Credit One is closer to the sub prime credit card category. They are a great option for rebuilding or starting to build your credit. The credit limits they offer are generally on the low side, and the interest rates on the cards not as competitive. And for that reason, lets start with some conventional wisdom.
Can you afford to pay all of your monthly bills and still have enough left to apply $50 (or so) to your highest interest credit card? If so, look into using a debt snowball strategy to paying off debt quickly.
Getting Credit One to Lower Your Interest Rate
If you cannot apply the debt snowball method, what if you were to get Credit One to reduce your interest rate? In fact, you may want to look at your options for lowering your interest rates on all of your credit cards.
First off, you can call Credit one and talk to them about things getting tight and see if you qualify for a temporary or long term hardship repayment plan. Most banks will listen to your financial hardship and see if they can get you qualified for lower monthly payments for a few months, and all the way through paying the balance off over a 5 year period.
If Credit One cannot qualify you for any internal hardship plan while you are current with payments, they may offer one to you after you have missed a payment or two.
You can also get monthly payment reductions from Credit One by working with a nonprofit credit counseling agency.
Settling with Credit One Bank
If you have passed the point of no return with Credit One it may be time to look at your options to settle for less than what you owe. You can target your settlements with Credit One for less than 50% of the balance once you are more than 5 months late.
Credit One tends to offer lower credit limits. This can make it an easier path to raising the money you need to settle with them. If you are thinking of negotiating with Credit One on your own, be sure to check out my 10 part series about how to negotiate with your banks. If you would like to have a professional negotiate for you, I can help you learn more about that when you submit for debt help.
You may end up dealing with an outside debt collection agency that purchased the legal rights to your debt from Credit One. Currently, Midland Funding is purchasing unpaid credit cards from Credit One. Check out that page for options when dealing with Midland. They are one of the easier debt buyers to deal with, and they have a credit reporting policy like no other collection agency at this time (in a beneficial to you way).
If you have more than just Credit One to contend with, it may be better to submit for help and see how we prioritize your creditors. It is free to get a debt settlement summary, and it can be important to prioritize the money you have in order to settle for the best savings, or to eliminate collection risks. And that can mean Credit One, while being a smaller balance, and a quicker win, should be 3rd, or even later down the line for money.
About Michael Bovee
Michael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry. He is available to speak with you about your financial struggle and helps people resolve their debt problems daily.
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donna saysi have two accounts with credit one bank one is fine and the other one my payments were made but my account kept going negative and now over the limit. Do i qualify to file?
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- Michael Bovee says
Are you wanting to see if you can qualify for a payment hardship plan with Credit One, or something else?
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- Jennifer L Bistline says
I’m wanting to get my Credit One Status back up, by making payment arrangements?
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- Michael Bovee says
How late are you with your payments to Credit One?
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- Cynthia Smith says
My account has been closed so the remaining balance I would like a settlement option
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- Michael Bovee says
When did you stop making your minimum payments to Credit One?
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- T Grace says
First background. I live in Europe half the year with my husband and return to the U.S in the summer to take care of things at my moms home and again leave in December to be with my husband. My husband has never been to the U.S. and never intends to come here. I stopped payments on all credit cards and a loan since my brother passed away in September 2023. I was barely paying above the minimum when I could no longer work Uber due to vehicle failure and many visits to the E.R. and Doctor appointments. Now I have been in the U.S. over a year. I get approximately $2k monthly from my VA disability. My expenses and the credit card payments and loan payments are about 5k a month, so something had to give. I decided to file for bankruptcy but still would like to avoid this. Credit cards seem reluctant to settle for $0. If i could make the minimum monthly I would still be doing this. The bankruptcy lawyer wants $1700 before she can start filing the bankruptcy. I am very reluctant not only because it is a lot to give p when I have to help my mom. If I file for bankruptcy it would be at least two years before I can help my mom by buying her home for her from her soon to be ex-husband in order for it not to be sold. I really do not want to deal with these credit card companies over the phone. You always end up speaking to someone with no authority and I am afraid I will just blow up at them and hang up. Can I write a letter to all of them. I don’t seem to be able to find a hardship dept. for credit One or any of the other card companies.
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- Michael Bovee says
You can write to Credit One, but getting them to agree to zero out your debt is highly unlikely.
Calling Credit One and asking to speak with someone about your hardship should direct your call to the department that handles payment plans they offer. That goes for other banks as well.Reply
- Kristi. Davis says
Credit one bank offered me a settlement. Unfortunately I can’t come up with the total amount by Nov
12. Is there an extension I can get?
I would like to talk to a person. Can someone call me at xxx-xxx-8046. ThanksReply
- Michael Bovee says
This is a debt help and information site. We are not affiliated with Credit One in any way. You would need to call them directly to talk about how long they would let you pay a settlement.
There are instances where I see Credit One allow only 90 days to pay a settlement, and times where they would give much longer than that.Reply
- Martha Espy says
I’m deaf! I’m on low incomes. Sue me for credit one 2,000 ! I donnt work I’m on ss check monthly. Wonder if I can pay you 25 months instead go court! Pls reply me back
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- Michael Bovee says
You will need to contact the law firm suing you for this debt in order to discuss payment options.
This is a debt and credit education site and not affiliated with lenders or collectors in any way.Reply
- Genie miranda says
Can’t touch your SSI money as long as it’s direct deposited,They wount even take you to court the judge can’t touch your SSI
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- Colleen Davis says
I just got a call from credit one and they said I could set up payments for $25 a month. So they definitely work with you to avoid court.
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- Natasha Copenhaver says
Is there a hardship program I can apply for to help me pay off my credit debt of $422.00. I am currently not working.
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- Michael Bovee says
I would call Credit One directly about anything they may be able to offer on your account.
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- John Anderson says
My account balance is 613 but I want to settle this and pay off the debt. I’m out of work but is there anyway I can pay the original balance of 300 to settle and remove this off my credit?
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- Michael Bovee says
How late are you on payments to Credit One bank?
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- Chris says
Good Evening Michael,
We corresponded a month or so ago regarding my delinquent Credit One account and the best way to attempt to resolve it. A collector from Credit One called today and informed me that my account is 106 days late and that I owed approximately $1,500. I think the account originally had about a $1,250 limit.
He offered to help me settle the account for $1,250 if I paid it all off by 05/15/22. I told him I was at about $500 but would see if I could scratch more together. He said they will not be able to go below the $1,250 because they can waive interest/fees, but nothing else. Per our earlier discussion, I think you said to target around 50%. I am hoping we will start seeing more flexibility out of them by 120 days? In terms of realizing the most savings, is it best to have them sell my debt to a collector, or settle directly with them?
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- Michael Bovee says
I would be looking to settle with Credit One closer to 180 days late.
Settling with 3rd party collection companies they send the account to would likely be at the around the same savings rate.
When collection law firms get accounts the settlements tend to be higher.Reply
- Alex says
Credit One recently closed my account due to non-payment. When I called to inquire on what options I have left, they offered a settlement amount. I received the stimulus and wanted to apply some of it towards the balance. When I called again to follow up on the offer and request it in writing, I was told by 2 different account reps, one supervisor, and one manager, that this is not possible. This is my first time with debt settlement and I’m cautious accepting their offer without it in writing first. I’m not sure how to go about this and if I should just accept so I can save myself the money I never really had to begin with. Any help would be greatly appreciated.
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- Michael Bovee says
Are they asking you to set up the settlement payment first before you get the letter?
There are times where people can record the call they have when agreeing to settle a debt as an alternative to the settlement letter.
I would tell them I am recording the call.
There are free apps, and you can go old school on speaker phone.
My experience would be to not trust Credit One.Reply
- tom says
Can stimulus bw taken for 30 yr old child support im on ssi
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- Michael Bovee says
From the details I read when the stimulus was announced, yes, you can still have it take for child support. You may not get your stimulus check, or it may be smaller.
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