Reply
Regular Contributor
Posts: 155
Registered: ‎09-01-2008
0

Cutting Up Credit Cards

In an effort to manage my debt, I am cutting up (not closing) a few of the credit cards that I have balances on in an effort to reduce my debt. I must say I get tempted to buy things, especially this holiday season. 

 

This method has worked for me with my Orchard Mastercard. I will continue to keep my NFCU cards; however, this is just a method that I prefer.

 

Is there anyone else out there that has done this that would like to share?

Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
0

Re: Cutting Up Credit Cards

Years ago I didn't cut mine up, I put the ones I wanted to resist in a safe deposit box, so I had to think before I could swipe.

 

Recently a friend (with stellar credit even) has told me he was afraid to transfer a balance for lower interest (he's been getting 0% offers in droves, 18+ months) in that he was afraid he might run up balances on the freed up cards. I told him some tricks to avoid it. One, like above, the safe deposit box route. Another, put them in a ziplock, remove as much air as possible, then put that in an ice cream container half full of water, stick in freezer, freeze, then fill with more water to about 2 inches from the top, freeze again and to use them you have to get them out of the ice, melt and chip etc (a note saying "DO NOT MICROWAVE-SEVERE DAMAGE" might not be a bad idea lol). The urge will be gone probably before you can get to them. Or another, wrap in sturdy plastic, wrap that with half a roll of duct tape, before you can get through the tape, the urge will probably fade.

 

I didn't have too much of a problem with self restraint back then, nor now. I still carried cards with me, just fewer so I had to plan better (traveling for sales and marketing at the time).  I've only recommended the scissors route to someone who was really worried they'd go a bit wild with them (we all have impulses and it's easy to forget sliding a card is peeling cash from a roll of bills and fast).

Established Contributor
Posts: 961
Registered: ‎12-21-2010
0

Re: Cutting Up Credit Cards

Guess I am lucky, I alway have the want for a new card, but never to use them.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Frequent Contributor
Posts: 351
Registered: ‎09-23-2011
0

Re: Cutting Up Credit Cards

The credit card in the freezer...sound like some wild Soprano marfia hit, i like it, i like it...

11/15/13 EX 685(MY FICO) EQ 657(MY FICO) TU 659 (MY FICO).
Valued Member
Posts: 35
Registered: ‎10-13-2011
0

Re: Cutting Up Credit Cards

My method is just to put them at the top of my closet ... i'm only 5'1'' so the thought of even having to try and get them turns me off lol i'm too lazy to go through the work of getting up there ... haha...

Frequent Contributor
Posts: 351
Registered: ‎09-23-2011
0

Re: Cutting Up Credit Cards

Serious Quinn 5'1...that is hilarious...

11/15/13 EX 685(MY FICO) EQ 657(MY FICO) TU 659 (MY FICO).
Valued Member
Posts: 35
Registered: ‎10-13-2011
0

Re: Cutting Up Credit Cards


birjest wrote:

Serious Quinn 5'1...that is hilarious...


5'1'' and a HALF :smileyvery-happy:

Valued Member
Posts: 40
Registered: ‎06-11-2011
0

Re: Cutting Up Credit Cards

i have used the freezer trick myself. helps with impulse buys, sucks when you need for emergency car repairs :smileyhappy:




Starting Score 12-2011: EX 640 FAKO TU 550 FAKO 6-2011
Current Score 3-2012: EX 635 TU 603 myFICO 3-2012 EQ 670 MyFICO
Goal Score: 720


Take the FICO Fitness Challenge
In the Garden, trying to avoid the Christmas temptation. Last app 9/2012
New Contributor
Posts: 75
Registered: ‎04-04-2008
0

Re: Cutting Up Credit Cards

[ Edited ]

I just give mine to my wife. Talking her into giving it back is worse then waiting for ice to melt. She hates using credit.

Might not be a good solution for everyone though...

 

Set em up with something small and automatic like hulu plus, make sure you can pay them online [set up account], make sure you you dont have them on a store account like amazon, then shred em.... best way imho.

700 Club
Amex Gold PR, Main card, Role: rewards
Chase Amazon Visa, Role: Amex backup
Pen Fed Promise, Role: low APR, balances
Amazon Store Card, Role: 0% financing
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.