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Apology and closing credit cards

September 23rd, 2011 at 05:07 am

Seems I haven't had too much time to blog or read anyone's blogs here, and I do apologize. I really do love SA and feel like you are all friends and I am truly interested in what is happening in all your lives.

As for mine, well it was out of control busy and I needed to get a rein on it, which I am currently doing.

I am still plugging away at my debt, without incurring any more while building my savings at the same time. My goal, which I have stated many times in the past, is to be debt free (other than my mortgage) within the next couple years, but realistically, my snowball, which I am paying just over the minimums on each debt, while putting any extra towards the Discover, says I will be debt free in 4.5 years, and that is okay also. Although, I know it will be sooner, because of adding the little extras to the Discover and I use my income tax return to help each year.

I have also been calling and closing some of my credit cards that have just been lingering around, like a Lowe's credit card and Micro Center. I have 4 different visa cards, two of them with balances. I am wondering if I should close the two visa credit cards I do not use. One is the first visa I opened and one is a more recent card from Amazon.

I know that my credit score will take a hit, but probably only for a short period of time. I just think it looks crazy to have so many open accounts, even though they aren't being used, with that much available credit. Any opinions?

4 Responses to “Apology and closing credit cards”

  1. creditcardfree Says:

    If you don't expect to take on new debt or apply for new credit you should not worry about your credit score taking a temporary hit.

    I'd close them. But that's me!

  2. MonkeyMama Says:

    I don't keep old accounts open - my FICO score is in the highest range. I don't see that it affects score much - if you already have a high FICO.

    My oldest credit card is less than 2 years old, though I have had credit cards for almost 20 years. Good credit stays on your report for 10 years - so that offsets closed accounts. I've got 10 years of perfect credit - so who cares that my only open credit is pretty new? FICO doesn't.

    (I still need a good FICO score for employment in the financial industry, good insurance rates, and ability to apply refinance home, etc. I think there are reasons to worry about FICO, even if you don't intend to borrow any money).

  3. ceejay74 Says:

    I'm with you--I feel a little incomplete when I'm not fully engaging in the SA community, but I always check in and try to keep up on everyone's blogs when I'm super busy and scattered (as I have been this month). The great thing is you could disappear for two years and still be welcomed like family when you pop back in. Smile

  4. Jerry Says:

    I think it is great that you are weeding out the cards that you no longer use, and I don't think that it will lead to any long term adverse effects on your score. The main thing is that you have the insurance that you are keeping an eye on your credit, and that you are managing it responsibly. Nice going!
    Jerry

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