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Cancelling rebuilder

New Contributor

Cancelling rebuilder

I just called to cancel a rebuilder card, one I've had for almost 4 years. The first company to extend me credit after my credit mishap that a great many of us go through in our teenage years. CreditOne Bank: charged me 24.99% interest, $6.95 a month for annual fees, and $7.95 a month to do an ACH transfer. All of which is certainly understandable for a rebuilder CC. What I don't understand is, why I have such mixed feelings about having just called and cancelling the account. On paper I definately made the right choice, but I still feel funny about ditching my oldest open account.
Message 1 of 9
8 REPLIES
Moderator Emeritus

Re: Cancelling rebuilder

Maybe it's time for a hot cocoa.  Smiley Wink

 

What other cards do you have?

 

btw - love your moniker!

Just puttin' syrup on something, don't make it pancakes.
Message 2 of 9
New Contributor

Re: Cancelling rebuilder

Good idea about the cocoa, I think I am too loyal at times.

Household Bank, Chase (old WAMU card), and I app'd for a Discover More card 12/31 (to replace CreditOne)

 

The moniker is a truth about some things, a reminder about others. There is always more knowledge.

Message 3 of 9
Valued Contributor

Re: Cancelling rebuilder

I felt the same way but you gotta do it.  I just closed Merrick because after 5 years they wanted to charge me an a/f
Message 4 of 9
Valued Contributor

Re: Cancelling rebuilder


Not2Savvy wrote:
I just called to cancel a rebuilder card, one I've had for almost 4 years. The first company to extend me credit after my credit mishap that a great many of us go through in our teenage years. CreditOne Bank: charged me 24.99% interest, $6.95 a month for annual fees, and $7.95 a month to do an ACH transfer. All of which is certainly understandable for a rebuilder CC. What I don't understand is, why I have such mixed feelings about having just called and cancelling the account. On paper I definately made the right choice, but I still feel funny about ditching my oldest open account.

((((((( group hug )))))))

 

It'll be OK. Really....we're all here to help with your journey...and you should be proud that you have confidence enough in yourself to say bye-bye to your rebuilder card.

 

Think of it this way...now your credit line will go to someone else who is a few steps behind you on their rebuilding journey.

 

 

Message 5 of 9
Valued Contributor

Re: Cancelling rebuilder

Awwwwwww!!!!!

 

It will still report for I think 7 years as a good account.

Message 6 of 9
New Contributor

Re: Cancelling rebuilder

Thanks for the support and the group hug y'all

 

:smileyhappy:

Message 7 of 9
Senior Contributor

Re: Cancelling rebuilder


casinoannie97 wrote:

Awwwwwww!!!!!

 

It will still report for I think 7 years as a good account.


 

Ten years.
IAALBNYL
Message 8 of 9
Highlighted
Valued Contributor

Re: Cancelling rebuilder

thanks.
Message 9 of 9