Reply
New Contributor
Not2Savvy
Posts: 50
Registered: ‎10-19-2009

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.
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Cancelling rebuilder

Maybe it's time for a hot cocoa.  :smileywink:

 

What other cards do you have?

 

btw - love your moniker!

Just puttin' syrup on something, don't make it pancakes.
New Contributor
Not2Savvy
Posts: 50
Registered: ‎10-19-2009

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.

Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

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
Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009

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.

 

 

Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

Re: Cancelling rebuilder

Awwwwwww!!!!!

 

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

New Contributor
Not2Savvy
Posts: 50
Registered: ‎10-19-2009

Re: Cancelling rebuilder

Thanks for the support and the group hug y'all

 

:smileyhappy:

Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009

Re: Cancelling rebuilder


casinoannie97 wrote:

Awwwwwww!!!!!

 

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


 

Ten years.
IAALBNYL
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

Re: Cancelling rebuilder

thanks.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+