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I called and after 2 years I told them I would not pay there monthly fee anymore and she put me on hold and then told me she would not waive the fee so I closed the account.
They did not try to save it or anything, she told me that I needed it for rebuilding, I was like after 2 years I think the rebuilding part is over... not completely but like I'm going to discuss that with her.
The $650 CL does nothing for me.
that was the last of my "rebuilder" cards I had.
and since Bank of America felt like I was good enough today by graduating my card and giving me CLI I felt like it was time to get rid of them.
@Creditaddict wrote:I called and after 2 years I told them I would not pay there monthly fee anymore and she put me on hold and then told me she would not waive the fee so I closed the account.
They did not try to save it or anything, she told me that I needed it for rebuilding, I was like after 2 years I think the rebuilding part is over... not completely but like I'm going to discuss that with her.
The $650 CL does nothing for me.
You did the right thing, even if you do take a minor ding. It will be worth it in the long run because their is so much better cards out there.
Congrats CA . . .
I have been seeing your posts and am thrilled that you have come so far. It wasn't long ago that I was in a similar situation and opted to close three cards; Walmart 300; Crap 1 600; and Orchard 500. I took a small score hit for that but they were going nowhere and were expensive. After those, I started with store cards; Macys and Best Buy. My first big CL was Hooters Mastercard - 2800. After that I got the Macys Visa and Best Buy Visa. Then it was just a matter of a few short months and I qualified for Discover, BoA Platinum rewards, and Amex Gold Rewards. My total CL's are now over 50 K and I can qualify for whatever I want (but I'm out of the game until they all have their 1st birthday).
Bottom line . . . . I never regret closing those starter cards and never looked back.
Good luck,
IMA
I plan on closing my rebuilder cards as well, after I close on my house. I know by doing that it'll increase my overall util, but I don't care. They charge AF and the APRs are outrageous. The only thing holding me back is that of course they happen to be my oldest cards @ 3.5 years. But the sooner I close them, the less effect it will have on my score. I think I'm through looking for new credit anyway. It'll report for 10 years, by then my AAofA will be 6-7 years, so its not that big of deal, I hope
BTW, the rebuilder cards are Cap 1(two of 'em) and an HSBC.