Good for you! Yes, those types of card serve their purpose - at the time.
I actually received a bill from one of my "rebuilding" cards today for the annual fee of $75.00. I thought, that's it - I am going to close the 3 subprime cards that I have. All three of them started out with a SL of $300.00 - and all three of them now have limits of approx. $2,300.00.
I called to cancel the first one - and to get me to keep it open - they eliminated the annual fee. Ok, with no annual fee, I will keep them.
I will not pay annual fees - I have worked hard over the past 3 years to get my score to where it is now. And even if my score dipped from closing the three cards with a total limit of just under $7,000.00 - that's OK. I have total revolving credit of 150K - with a 3% utilization.
And I am not after any new credit anway - I truly am in the garden! Almost done with month one!
And my credit is frozen - that feels good!
You are doing the right thing, conejoechapin!
