topic Re: Getting Rid of Rebuilders in Credit Cards

Getting Rid of Rebuilders

Anonymous — Wed, 10 Feb 2021 21:23:41 GMT

Hi all. I now have 3 great cards, NFCU Cash Rewards, NFCU Platinum Visa, and Discover. What is the best way to start getting rid of my rebuilders without harming my credit?

Re: Getting Rid of Rebuilders

Anonymous — Wed, 10 Feb 2021 22:20:55 GMT

Make sure all rebuilders have a zero balance reported, and wait another billing cycle just to be safe from trailing interest. When a second statement cuts at zero, you are in the clear.

How quickly you close them depends on the balances on your keeper cards. If you have low/no balances, I'd close one per month. If you're carrying balances, try to work on them - each card you close lowers your aggregate credit limit, which will drive up your utilization percentage accordingly. Long as you have low balances, you should be fine.

Re: Getting Rid of Rebuilders

AverageJoesCredit — Wed, 10 Feb 2021 23:22:06 GMT

@Anonymous wrote:
Hi all. I now have 3 great cards, NFCU Cash Rewards, NFCU Platinum Visa, and Discover. What is the best way to start getting rid of my rebuilders without harming my credit?

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Re: Getting Rid of Rebuilders

Anonymous — Wed, 10 Feb 2021 23:53:49 GMT

@Anonymous , my new cards give me a higher balance than my rebuilders do so hopefully that helps.

Re: Getting Rid of Rebuilders

Anonymous — Thu, 11 Feb 2021 01:15:46 GMT

@Anonymous it definitely will help to mitigate any hit to your usage percentage.

Re: Getting Rid of Rebuilders

Anonymous — Mon, 20 Dec 2021 12:02:04 GMT

I am also confused and in need of light on this same issue.

Milestoneapply

Re: Getting Rid of Rebuilders

SUPERSQUID — Mon, 20 Dec 2021 12:49:01 GMT

I started closing some of my rebuilders as i got much better cards with higher limits, so far i closed - applied bank 300 cl, nex gen first digital 300 cl, reflex 1050 cl, then in november i closed, - valero gasoline 300 cl, big lots comenity 750 cl.

in february i plan to close ikea 750 cl and after mission lane 1050 cl.

I have a nice lineup with my last 5 cards and the headroom from the higher cl's on them allows me to close the rebuilders with minimal score change.

my new 5 , - Discover sl 3k 5 percent rotating cats, Cap 1 QS 1800 cl 1.5 cb, Cap 1 savor one 3k sl 1-3 pct cb, Comenity mastercard 1k sl 1.5 cb, and a big surprise Penfed PCR 7.5k sl 2 percent cb

Re: Getting Rid of Rebuilders

SouthJamaica — Mon, 20 Dec 2021 12:54:38 GMT

@Anonymous wrote:
Hi all. I now have 3 great cards, NFCU Cash Rewards, NFCU Platinum Visa, and Discover. What is the best way to start getting rid of my rebuilders without harming my credit?

1. Do it gradually.

2. Be sure you can maintain very low utilization on your keeper cards.

Re: Getting Rid of Rebuilders

pakratus — Mon, 20 Dec 2021 13:56:27 GMT

I'm curious what are your rebuilders and the age of them?

I have one CapOne $500 that i may get rid of but I wont make a decision on it until it hits 3 years old.

Re: Getting Rid of Rebuilders

SUPERSQUID — Mon, 20 Dec 2021 14:57:41 GMT

@SouthJamaica wrote:
@Anonymous wrote:
Hi all. I now have 3 great cards, NFCU Cash Rewards, NFCU Platinum Visa, and Discover. What is the best way to start getting rid of my rebuilders without harming my credit?
1. Do it gradually.
2. Be sure you can maintain very low utilization on your kI

I mistakenly responded to this.

Re: Getting Rid of Rebuilders

Junejer — Mon, 20 Dec 2021 18:19:01 GMT

@Anonymous wrote:
Hi all. I now have 3 great cards, NFCU Cash Rewards, NFCU Platinum Visa, and Discover. What is the best way to start getting rid of my rebuilders without harming my credit?

My opinion is that it depends on what you are looking to accomplish in the short run. A lot of MyFICOers are always concerned about the effect to the FICO score at all times. That's cool, particularly seeing which site we're on, right? The reality is that your FICO score isn't always the most important thing. If you're not going to app for any new cards in the near future, then do what's right for you financially and don't worry if your score temporarily drops a few points. You want to be in position to ready your score for increase when you are planning to app for more cards.

If these cards have served their purpose AND you have enough headroom with your new cards (sounds like you do) AND you can keep them (your new cards) under control, I'd give them all the axe without hesitation. But, that's just me.