Cancelled another credit card - 5 to go!
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Cancelled another credit card - 5 to go!
| Fri, 05-26-2006 - 10:10pm |
Hello,
Two weeks ago, I paid off a credit card (#2). I checked online for the latest statement and it shows a zero balance. So, I called today and cancelled!
I paid off another card today (#3) and a small personal loan (#4). The paid off card will be cancelled next week when I receive a zero balance statement. The loan will close on it's own after my next statement.

My remaining debts are:
Unsecured:
Personal Loan - PAID OFF
Providian - PAID OFF - Cancelled
Chase #1 - PAID OFF - Cancelled
Two weeks ago, I paid off a credit card (#2). I checked online for the latest statement and it shows a zero balance. So, I called today and cancelled!
I paid off another card today (#3) and a small personal loan (#4). The paid off card will be cancelled next week when I receive a zero balance statement. The loan will close on it's own after my next statement.

My remaining debts are:
Unsecured:
Personal Loan - PAID OFF
Providian - PAID OFF - Cancelled
Chase #1 - PAID OFF - Cancelled
Chase #2 - PAID OFF - Will cancel on Monday
Credit Union Visa: $7,565
Discover: $8,455
AAA Visa: $9,800
Citibank: $12,622
Secured:
Auto Loan: $12,000
Mortgage: $86,836

Megan
Love
Anne:O)
Congratulations Lindsey! Hearing about someone else's progress goes a long way in motivating the rest of us. Keep up the good pace!
Heather
Megan
Hello,
To answer Melissa's question about cancelling cards, I honestly couldn't care less about my credit score. We have a great mortgage (5.5% 30 year fixed) and qualified easily for a low interest auto loan (4%) refinancing our truck loan, but once these debts are paid off, I hope to have a ZERO credit score because we will have *no debt*.
Honestly, the card I just cancelled had a $500 credit limit, compared to the Citibank card, which has a $25,000 limit (and $12000 balance on it). So cancelling that $500 card will not effect my credit score too much.
Now, if we were just about to get a new mortgage or needed our credit score to be at a certain level, I would simply keep the paid off account open until the mortgage or loan had gone through closing, *then* cancel it.
In general, I *always* cancel credit cards that are paid off, regardless of how my "debt to credit" ratio changes, because I will eventually
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
Lindsey, that is such great news!!!
Hello,
Regarding my credit score, I don't think that cancelling this $500 credit limit card will hurt my credit score significantly. Perhaps it will be lowered briefly, but I doubt it. Honestly, I could care less. The only time my credit score will affect me is if we refinance our mortgage (which at the 5.5% fixed rate we have, isn't likely) or if we need an auto loan. In any case, this credit card was in my name only, so my husband's credit score will not be affected by closing it.
I have already cut up all of my credit cards, so when I cancelled this one, there was nothing to "destroy" afterward. =)
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
"Once we discover how to appreciate the timeless values in our daily experiences, we can enjoy the best things in life."
Harry Hepner