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Please tell me I did the right thing...

New Contributor

Please tell me I did the right thing...

Good evening all!

 

I am in the process of rebuilding my credit after a divorce.  I was recently approved for Capital One, HSBC, BB Reward Zone, Speigel and Newport News.  (I doubt if I will ever use the Speigel or NN, just opened them to help re-establish my credit.  I also was approved for a Credit One Visa.

 

So I just called and cancelled the Credit One card because of the fees. (Annual fee of 5 dollars and change every month)  I do not plan on using any of these cards except to rebuild with.  I will make small purchases every three months or so and PIF.

 

Did I do the right thing by closing this card?  If I am correct, I only need 1 or 2 credit card to rebuild with...  I am starting to have regrets...I thinkSmiley Indifferent

 

Thanks in advance!


Starting Score: 540
Current Score: 704
Goal Score: 750


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4 REPLIES
Super Contributor

Re: Please tell me I did the right thing...


butterfly3303 wrote:

Good evening all!

 

I am in the process of rebuilding my credit after a divorce.  I was recently approved for Capital One, HSBC, BB Reward Zone, Speigel and Newport News.  (I doubt if I will ever use the Speigel or NN, just opened them to help re-establish my credit.  I also was approved for a Credit One Visa.

 

So I just called and cancelled the Credit One card because of the fees. (Annual fee of 5 dollars and change every month)  I do not plan on using any of these cards except to rebuild with.  I will make small purchases every three months or so and PIF.

 

Did I do the right thing by closing this card?  If I am correct, I only need 1 or 2 credit card to rebuild with...  I am starting to have regrets...I thinkSmiley Indifferent

 

Thanks in advance!


In your case yes...you did the right thing. There's no need to have a card that charges a fee. But you still may have suffered a hit on your FICO scores for applying for the card.  But you do get on free inquiry per year. Your credit must not have been that bad to get approved for all those cards.  Congrats!. 

Established Member

Re: Please tell me I did the right thing...

no annual/monthly fee card are better...

 

It's ok.

New Contributor

Re: Please tell me I did the right thing...

Thanks DI,

 

I feel a lot better now!  After I hung up the phone I was asking myself "What did you just do!!" but it turns out it was the right thing to do.  I actually have between 3 to 6 baddies across all of CR's.  I have only have one auto loan reporting as a positive TL since April of 08.  I was shocke that I received these cards as well...maybe the banks are feeling a little bit of the holiday season.  Smiley Happy


Starting Score: 540
Current Score: 704
Goal Score: 750


Take the FICO Fitness Challenge
Super Contributor

Re: Please tell me I did the right thing...


butterfly3303 wrote:

Thanks DI,

 

I feel a lot better now!  After I hung up the phone I was asking myself "What did you just do!!" but it turns out it was the right thing to do.  I actually have between 3 to 6 baddies across all of CR's.  I have only have one auto loan reporting as a positive TL since April of 08.  I was shocke that I received these cards as well...maybe the banks are feeling a little bit of the holiday season.  Smiley Happy


Welcome to the forums.