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Contributor
jdsays
Posts: 91
Registered: ‎05-08-2009

Goodbye Credit Cards! Hello AmEx!

Heres my story:  I started rebuilding about 2 years ago when I applied for a car loan and realized just how bad my scores were.  I had ignored it for years after a big mess I got myself into in college.  I started paying off collections, doing GW letters and PFDs and managed to get myself into a decent position (from 490's to 590's).

 

Fast forward to last March, got my first card in about 5 years--Orchard unsecured, $300 CL.  Proceeded to get some store cards and Capital One cards.  I went a little too crazy over Christmas time last year and got more store cards than I could handle.  I paid them all off come tax return time, but since February have managed to rack up balances again. 

 

I just recently was approved for an American Express Zync card (yay!) and have realized that I DO NOT want to be in the position I was 6 years ago and decided I want to close most of my cards. 

 

Thanks to My Fico, I joined 2 credit unions last year and its the best thing I've ever done!  I refinanced my car and saved 14% interest and just this week was approved for a personal loan to pay off all of my cards!

 

Today I went in and paid ALL of my credit cards and will be closing all but 2 (for emergencies, will be sock drawered).  I feel FREE again and am glad I could stop the madness before it got worse!

 

Im saving money each month from the interest and from making only minimum payments.

 

I now only use my Zync card and it is paid in full each month, so I cant get into trouble!    Life is good...thanks to everyone who contributes to this forum, its a life saver!!

 

Goodbye credit cards and high interest!  :smileyhappy:


Starting Score: EQ: 590 TU: 599
Current Score: EQ: 642 TU: 683
Goal Score: 720 by 12/31/10


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Established Member
CreditScoreFail
Posts: 18
Registered: ‎09-15-2009

Re: Goodbye Credit Cards! Hello AmEx!

Awww I'm jealous!

 

I just turned 20 and already feel like I'm in over my head with debt and zero credit .... blah :womanmad: I just hope that in 2 yrs I can finance a car and have good credit cards.

 

 

Established Contributor
jefftca925
Posts: 683
Registered: ‎08-14-2008

Re: Goodbye Credit Cards! Hello AmEx!

I PIF all of my cards every month (except the 0% Best Buy and WheelWorks accounts) and love that feeling too.  I was in your shoes too at one point in my life and it wasn't pretty at all.  It's like being in a VERY deep hole that you can't get out of.  No more!!  Just keep in mind that what you spend on your cards you're gonna have to pay when payday comes and put that in the budget.  Sign up to pay your accounts online and try to pay off your existing bal on payday.  Has worked for me for 2 years now.  And just an FYI, those 0% cards get paid 2x's a month and will be paid off well before the free interest offers expire.  Good luck!! :smileyhappy:

CCs: Chase Freedom World MC 6.9k, CSP VISA Sg 7k, BofA Amex 12.5k, Discover 10.5k, US Bank Cash+ Visa Sg 12.5k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 9.2k, Citi AA Amex 6k, Nordstrom Visa Sg 10k, Amex Zync, Costco Amex 12k, BofA CR Visa Sg 17k, Amex BCP 9.5k, Amex Blue 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 4k, NFL Visa 4k, Patelco Visa 10k, Penfed PR Visa 44.6k, Chase United Visa Sg 13k, Chase Marriott Visa Sg 8k, Citi Simplicity 11.4k, PayPal MC 5k, Compass Visa 4k, WF Visa Sg 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sg 10.8k, Capital One QS Visa 3k, FRN MC 12k, HSN 4k, Saks WEMC 10k/4k, Chase Ink 18k, Barclay Arrival 10k, Ebates Visa Sg 8k FICOs as of June '14...EQ 808 TU 804 EX ?
Contributor
jdsays
Posts: 91
Registered: ‎05-08-2009

Re: Goodbye Credit Cards! Hello AmEx!

Thanks!!!  I will be in a regular routine with my Zync, setting up payments for every payday.  I dont use my debit card anymore so theres no double dipping of funds.    At some point in the future I'd like to get one credit card with a higher limit with low interest just as my one credit card.  Right now I'm only keeping a $1000 capital one which is sock drawered, so it would be nice to get rid of that in place of a Discover or Amex or something with no annual fee.   Someday I will be out of the sub-prime credit world....

 

:smileyvery-happy:


Starting Score: EQ: 590 TU: 599
Current Score: EQ: 642 TU: 683
Goal Score: 720 by 12/31/10


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Established Contributor
jefftca925
Posts: 683
Registered: ‎08-14-2008

Re: Goodbye Credit Cards! Hello AmEx!

I rarely ever use my debit card now.  A credit/charge card gives you a lot more protection by law than debit cards.  Therefore a card issuer will protect your account better against fraudulent use.  Plus you have easier recourse against a merchant if something goes wrong with a purchase you made with the card.  Something to remember! :smileywink:

CCs: Chase Freedom World MC 6.9k, CSP VISA Sg 7k, BofA Amex 12.5k, Discover 10.5k, US Bank Cash+ Visa Sg 12.5k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 9.2k, Citi AA Amex 6k, Nordstrom Visa Sg 10k, Amex Zync, Costco Amex 12k, BofA CR Visa Sg 17k, Amex BCP 9.5k, Amex Blue 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 4k, NFL Visa 4k, Patelco Visa 10k, Penfed PR Visa 44.6k, Chase United Visa Sg 13k, Chase Marriott Visa Sg 8k, Citi Simplicity 11.4k, PayPal MC 5k, Compass Visa 4k, WF Visa Sg 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sg 10.8k, Capital One QS Visa 3k, FRN MC 12k, HSN 4k, Saks WEMC 10k/4k, Chase Ink 18k, Barclay Arrival 10k, Ebates Visa Sg 8k FICOs as of June '14...EQ 808 TU 804 EX ?
Regular Contributor
Cyan007
Posts: 237
Registered: ‎08-02-2009

Re: Goodbye Credit Cards! Hello AmEx!


jefftca925 wrote:

I rarely ever use my debit card now.  A credit/charge card gives you a lot more protection by law than debit cards.  Therefore a card issuer will protect your account better against fraudulent use.  Plus you have easier recourse against a merchant if something goes wrong with a purchase you made with the card.  Something to remember! :smileywink:


+1


EQ (11/16/2007): 573

Starting Score (1/1/2010): EQ: 712 -- TU: 726
Current Score: EQ: 748 (12/22/11) -- TU: 726 (1/7/10) -- TU04: 701 (1/27/10) -- EX: 747 (1/27/10) (LO)
Goal Score: EQ: 760


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