Cancelled another credit card - 5 to go!

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iVillage Member
Registered: 11-09-2004
Cancelled another credit card - 5 to go!
10
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


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

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished

iVillage Member
Registered: 05-09-2005
Fri, 05-26-2006 - 10:27pm
Hi Lindsey -- Good for you!! It is nice to see those accounts disappearing!!
Megan
iVillage Member
Registered: 04-26-2006
Sat, 05-27-2006 - 9:08am
Thats great! It's just the boost you need to help with plugging away at the next card. Well done, you are a real inspiration to me to keep going too.
Love
Anne:O)
iVillage Member
Registered: 03-27-2003
Sat, 05-27-2006 - 3:27pm

Congratulations Lindsey! Hearing about someone else's progress goes a long way in motivating the rest of us. Keep up the good pace!

Heather

iVillage Member
Registered: 05-09-2005
Sat, 05-27-2006 - 3:31pm
Hey Lindsey -- just wondering -- do you think there is any problem with cancelling credit cards -- generally speaking I mean. Do you think it will affect your credit rating at all?
Megan
Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Sat, 05-27-2006 - 10:51pm

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

iVillage Member
Registered: 12-12-2004
Sun, 05-28-2006 - 9:17pm
Hi, Lindsey---Wow, congrats on your discipline! Q--when you cancel a card, does that hurt your credit rating at all? Whiz.
iVillage Member
Registered: 01-06-2005
Mon, 05-29-2006 - 11:15am

Lindsey, that is such great news!!!

 

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Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Mon, 05-29-2006 - 7:06pm

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

iVillage Member
Registered: 06-23-2005
Tue, 05-30-2006 - 11:10am
Congratulations on paying off and cancelling those accounts Lindsey!! You're doing awesome! I'm keeping a few of our cards open until we decide to buy/build a new home in a few years- but after that they'll be TOAST :). You did good- and Dave would be proud!
iVillage Member
Registered: 03-25-2003
Tue, 05-30-2006 - 11:31am
Great job Lindsey! Your progress and commitment is inspiring to me. : )



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