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Goodbye to "The Build Card"

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Regular Contributor

Goodbye to "The Build Card"

So I called just now to cancel my Build Card. I figured they'd try to keep me as a customer but they didn't really put up a fight. They asked why I was cancelling, I said the annual fee and also because I have other, better cards now. They were just like ok, and cancelled it. She said there would be no letter in the mail since I had no balance, said there was no confirmation number, just gave me her ID number. I was like hm....ok. Doesn't sound very official. Guess I'll shred the card now and watch the account to make sure they actually cancelled it and don't charge me another monthly fee. 

 

It's just another rebuilding card. It only had a $500 limit and I was just sick and tired of paying the monthly fee. The reason I cancelled it was the $72 annual fee that they split up and billed monthly. I opened it in May 2016 after getting a mailer for it. At the time that it was opened, I only had an Open Sky card and a secured Cap One card, so the Build card was my first unsecured credit card. Back then I didn't even know these forums existed, and I didn't think about the annual fee. Well now thanks to MyFico, I've gotten smarter. 

 

Since opening the Build Card in May 2016, I've opened alot of new accounts in this order: CareCredit $800, a couple of small loans from a local CU which were paid off within months, secured Discover card $200, Citizens bank card $1600 (offered to me in the branch as a preapproval and was a soft pull), JCrew $250 (SCT) just increased to $750 by the luv button, Overstock $500 (SCT) and just increased to $2000 by the luv button, Express $500 (SCT) and no luv from them since I've never used it, Williams Sonoma (SCT) $250 now $1750 by the luv button, a second Citizens bank card for $2300 offered to me in the branch as another preapproval so no HP, and finally my most recent and proudest moment, Amex ED $500!! 

 

Now after cancelling the Build Card, I still have Open Sky with an annual fee of $39. I don't want to cancel it because it is my oldest TL and I'm afraid it would impact my score. I know that Capital One will probably never unsecure because I opened it in August 2015 and apparently they don't consider unsecuring the older accounts. My 7th statement for Discover is next month so I'm looking forward to seeing if they unsecure it or not. 

 

I know now not to app for cards with an annual fee and not to get cards with subprime lenders! (Don't get me wrong, they serve their purpose in a rebuild but I think it's good to let go of them asap.) I still have a lot of medical bills in collections on my reports, TU 26 EQ 10 EX 9 so I'm honestly surprised that I've gotten this far in my rebuild. I started with a score in the 400s and now I'm hovering around 640-669 depending on the bureau. I can't do anything about the medical bills so I'm just waiting for them to fall off unforunately. Haven't contacted any of them to dispute because I don't want to poke the bear and they all belong to me anyway so there's no point in disputing.

 

I just wanted to share and say that it is possible to get here. I have no lates, no BK. Only medical bills. So maybe the credit companies don't see those as a high risk compared to other negatives on credit reports? I don't know. I just feel very grateful to have gotten this far and I couldn't have done it without reading this message board for hours on end. Thank you guys. I'm looking forward to the day when I have a clean report (gonna take many years for everything to fall off) but I feel like I've accomplished something, at least.

Message 1 of 21
20 REPLIES 20
Valued Contributor

Re: Goodbye to "The Build Card"

I would look at prequal for Cap One in the future.  You might be pleasantly surprised.

 

You might want to consider not opening up any more store cards also.

 

YMMV.

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $250k+ unsecured credit in 2019.

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Message 2 of 21
Super Contributor

Re: Goodbye to "The Build Card"

Closing credit cards will not hurt your credit score, even if it's your oldest card.  Closed accounts remain on your credit report for 10 years and continue to be factored into your AAoA.

 

I agree with the person above that you've got too many store cards going on in your profile.  I'd definitely not apply for more and arguably would close some down if you aren't spending at least a few hundred bucks a month on them.

Message 3 of 21
Established Contributor

Re: Goodbye to "The Build Card"


@Fthssn42 wrote:

So I called just now to cancel my Build Card. I figured they'd try to keep me as a customer but they didn't really put up a fight. They asked why I was cancelling, I said the annual fee and also because I have other, better cards now. They were just like ok, and cancelled it. She said there would be no letter in the mail since I had no balance, said there was no confirmation number, just gave me her ID number. I was like hm....ok. Doesn't sound very official. Guess I'll shred the card now and watch the account to make sure they actually cancelled it and don't charge me another monthly fee. 

 

It's just another rebuilding card. It only had a $500 limit and I was just sick and tired of paying the monthly fee. The reason I cancelled it was the $72 annual fee that they split up and billed monthly. I opened it in May 2016 after getting a mailer for it. At the time that it was opened, I only had an Open Sky card and a secured Cap One card, so the Build card was my first unsecured credit card. Back then I didn't even know these forums existed, and I didn't think about the annual fee. Well now thanks to MyFico, I've gotten smarter. 

 

Since opening the Build Card in May 2016, I've opened alot of new accounts in this order: CareCredit $800, a couple of small loans from a local CU which were paid off within months, secured Discover card $200, Citizens bank card $1600 (offered to me in the branch as a preapproval and was a soft pull), JCrew $250 (SCT) just increased to $750 by the luv button, Overstock $500 (SCT) and just increased to $2000 by the luv button, Express $500 (SCT) and no luv from them since I've never used it, Williams Sonoma (SCT) $250 now $1750 by the luv button, a second Citizens bank card for $2300 offered to me in the branch as another preapproval so no HP, and finally my most recent and proudest moment, Amex ED $500!! 

 

Now after cancelling the Build Card, I still have Open Sky with an annual fee of $39. I don't want to cancel it because it is my oldest TL and I'm afraid it would impact my score. I know that Capital One will probably never unsecure because I opened it in August 2015 and apparently they don't consider unsecuring the older accounts. My 7th statement for Discover is next month so I'm looking forward to seeing if they unsecure it or not. 

 

I know now not to app for cards with an annual fee and not to get cards with subprime lenders! (Don't get me wrong, they serve their purpose in a rebuild but I think it's good to let go of them asap.) I still have a lot of medical bills in collections on my reports, TU 26 EQ 10 EX 9 so I'm honestly surprised that I've gotten this far in my rebuild. I started with a score in the 400s and now I'm hovering around 640-669 depending on the bureau. I can't do anything about the medical bills so I'm just waiting for them to fall off unforunately. Haven't contacted any of them to dispute because I don't want to poke the bear and they all belong to me anyway so there's no point in disputing.

 

I just wanted to share and say that it is possible to get here. I have no lates, no BK. Only medical bills. So maybe the credit companies don't see those as a high risk compared to other negatives on credit reports? I don't know. I just feel very grateful to have gotten this far and I couldn't have done it without reading this message board for hours on end. Thank you guys. I'm looking forward to the day when I have a clean report (gonna take many years for everything to fall off) but I feel like I've accomplished something, at least.


I agree no more store cards because they keep you in that sub-prime bucket. Might be better to use a VISA/MC for those purchases. You're doing great so keep it up. 

Message 4 of 21
Valued Member

Re: Goodbye to "The Build Card"

Is there a factor in the credit scoring where they look at available credit compared to total revolving credit? If so, and especially for those of us without a whole lot of credit to begin with, won't closing an account hurt your score?

Message 5 of 21
Super Contributor

Re: Goodbye to "The Build Card"

Yes, assuming your other lines of credit aren't maxed out and the account wasn't helping your utilization ratio, then closing it won't hurt your score. IF the closed account increases your credit utilization ratio, then yes, you could see a drop in your credit score. An account stays on your report for ten years, even after it's closed.





Message 6 of 21
Regular Contributor

Re: Goodbye to "The Build Card"

Yes I know I have 4 store cards....I went a little crazy with the SCT. I like williams sonoma, but Jcrew I only used to buy some cool socks and a wallet...overstock I used to buy an emergency kit for my car but I never really shop at overstock.....and express, well if I need a suit I might use my card there but I don't really need one at the moment. In retrospect I could have gone without some of those cards but oh well.....I definitely don't intending on opening any more. I got the SCT pop up for buckle the other day when I was playing around but I was like no, I don't need this card and I don't really shop here....now is the time to garden and let my new cards grow.

Message 7 of 21
Regular Contributor

Re: Goodbye to "The Build Card"


@BrutalBodyShots wrote:

Closing credit cards will not hurt your credit score, even if it's your oldest card.  Closed accounts remain on your credit report for 10 years and continue to be factored into your AAoA.

 

 

But won't closing my oldest account hurt my AoOA? Or Is AoOA not factored into any score model?

Message 8 of 21
Regular Contributor

Re: Goodbye to "The Build Card"

Yes closing your oldest card will absolutely harm your score.  Your AAoA will go down and thats a factor for your score.  So I wouldnt close it until you have all the credit you want for a while.  

Message 9 of 21
Regular Contributor

Re: Goodbye to "The Build Card"


@Fthssn42 wrote:

@BrutalBodyShots wrote:

Closing credit cards will not hurt your credit score, even if it's your oldest card.  Closed accounts remain on your credit report for 10 years and continue to be factored into your AAoA.

 

 

But won't closing my oldest account hurt my AoOA? Or Is AoOA not factored into any score model?


My understanding is that the average age of open accounts is a metric only used by the Vantage scoring model, not by FICO; FICO uses the average age of accounts metric.

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Message 10 of 21
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