I canceled my most of credit cards with balance.

[CreditMagic7]

What's done is done. OP it's necessary to get more aggressive now in paying off the closed/outstanding accounts and study up heavy in between in these forums to help guide you toward a more deliberate and better approach so you don't feel run over like this again.

There's plenty of knowledgable folks here to assist but the most important matter right now is to focus on resetting your entire strategy.

[murat]

I dont trust my self.I might use them.I owe 10000 and I still have some cards.my total limit is 11000.I have to pay them off first.I want major cc not crapy one.

[Dw4250]

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@murat wrote:
I dont trust my self.I might use them.I owe 10000 and I still have some cards.my total limit is 11000.I have to pay them off first.I want major cc not crapy one.

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Hi Murat-  

So do you owe $10000/11000 CL, or do you owe $10000, but still have $11000 CL remaining on your existing cards?

[murat]

I had 11000 credit line but I used 10000 of it so I owe 10000 of 11000.

[murat]

Time to start paying them off even it takes forever.

[yudeology101]

While OP has done something big, let's try to find some different routes here.  I know this may be near impossible thing to do, but why don't you call all of your lenders first and see if they can reinstate your accounts? If this can happen, like Starry had mentioned CUT UP ALL YOUR CARDS and aggressively start paying down your balances.

[Dw4250]

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@yudeology101 wrote:

While OP has done something big, let's try to find some different routes here.  I know this may be near impossible thing to do, but why don't you call all of your lenders first and see if they can reinstate your accounts? If this can happen, like Starry had mentioned CUT UP ALL YOUR CARDS and aggressively start paying down your balances.

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This would be the best possible outcome (assuming your CC companies will have you back).

Here's how I would look at it...grand scheme of things $10,000 is not that bad.  The main thing, OP, is you have to stay ahead of the interest.  $10000 at say an avg interest rate of 20% is $2000/year (or $167/month).  So in order to make any kind of headway, you will need to pay (in my opinion) at least double this amount.  If you do so, you'll have it paid off in 3-4 years, if not sooner.  

The more aggressive you are at paying this off, the better.  Interest compounds, but it also works the other way too (the lower the principle, the less interest will accrue).

[Creditaddict]

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@murat wrote:
I dont trust my self.I might use them.I owe 10000 and I still have some cards.my total limit is 11000.I have to pay them off first.I want major cc not crapy one.

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This is key... who cares about your credit score simply because of util because everything is closed but still has balances... that will change as you pay it down and if you have not missed payments and don't ever miss payments you will come out with steller credit on the other end but you said it yourself you closed them because you don't trust yourself... what do you need good credit for if you can't stop yourself from using it.

I think based on you wanting to get out of debt and you don't think you can do it with open credit you did the right thing... stop focusing on the credit score since you don't want credit currently!

geesh everyone, lets start OP's journey to being debt free with a little more positive spin!!

[pdog661]

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@starry1 wrote:

I'm sorry, but that was a pretty big mistake.  Your best option would have been to cut up all of your cards if you didn't have the willpower to stop spending.  Cutting them up would have prevented use while you paid them down.

Now you're in for the long haul on rebuilding.  As your balances start to come down, you will need to get more cards to build positive history.

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I wouldn't even cut them up....... Freeze them in a 4 inche block of ice!!! If your really really need them you can get to them, but the hour or two worth of work to get them out will over power even the worse impulse buyer.

[CreditMagic7]

Yes OP. As overwhelming as it really is for you right now, take it on as a personal challenge to yourself and not keep feeling boxed in by it. We all at sometime have got in over our heads and headed straight for the exits, but that's just one single passage in a group with other routes better suited for you to regain your confidence again.

I would also first follow the above suggestion to call and explain you acted in haste but rather would prefer to have them reinstated (if possible).

Remember: Take this up as a challenge to yourself and not something to escape from.

Do you have any latest on any of them? If not, it's a matter of chipping away at the balances, of course it will require extra time & dedication but IT CAN BE DONE more then you think.