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Established Member
ECHOBOI4U
Posts: 53
Registered: ‎03-01-2008

Past Credit Addict...Working now towards freedom...

My partner and I have had credit cards for years with a good long history.  We have just come to the following conclusions and do not care about a "ding" in our credit score temporarily as "credit is not a big need anymore."

 

-We are more than 3 quarters paid off on most of our credit cards.  We will continue to pay them down and close a bunch of them with any fees (AF, monthly fees, payment fees, etc...)

- We will be closing all but 3 credit cards between us both.  1 with a good limit (APR not a factor - pay in full by statement cut) each and 1 in a lockbox (used occasional for activity) for emergencies.

 

We realized that credit cards are weighing us down emotionally and just plain suck in this economy right now.

We would rather take our hard earned money, sock it away for retirement and forget these stupid petty companies.

 

We have our home.  We have our cars.  We have each other and a good nest egg so far.  Why add any more stress to our lives.  We only have 1 to live together.  Make the best of it.

Established Contributor
KingAdrock
Posts: 656
Registered: ‎07-17-2007

Re: Past Credit Addict...Working now towards freedom...


ECHOBOI4U wrote:

We realized that credit cards are weighing us down emotionally and just plain suck in this economy right now.

We would rather take our hard earned money, sock it away for retirement and forget these stupid petty companies.


Is it really the credit cards, or the credit card debt that is weighing you down? Do look at the thread Closing Credit Cards before you get rid of your cards.

 

By all means be debt free, and be happy. For that you have my support 100%. But once the debt is gone, there generally isn't much reason to get rid of the credit as well. Credit is a useful tool you can utilize. Once you're out of debt (and stay out) credit can work for you, as opposed to the other way around.

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Past Credit Addict...Working now towards freedom...

If you're going to drastically reduce the number of cards you have, make sure that they are from different lenders. You don't want to be at the mercy of one or two lenders.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007

Re: Past Credit Addict...Working now towards freedom...

I kinda agree with what you're doing because I plan on working my way down to 2 to 3 CC's. I was talking to my aunt and uncle and they decided that they would get 1 card in her name and 1 card in his name and they both have perfect credit. You mentioned You and your parner have your house and your cars and will keep 3 cards. Sounds like a good plan to me.
Advice is what we ask for when we already know the answer but wish we didn't.
Regular Contributor
scorerise
Posts: 150
Registered: ‎05-26-2009

Re: I need some help with Massive Credit Repair.

[ Edited ]

I am down to 3 revolving accounts. 2 CCs and 1 store card. I let 1 report a $5 balance each month. I will never have more. It works for me and things are simpler now.

 

edit to add: I don't care if they want to rate jack me because I carry no balance. I don't care if they CLD because my utilityat $5 is stiil 0%. I use them for my convenience and to build my score. I do not NEED them to pay my bills. It is a huge weight off my back.

Message Edited by scorerise on 06-15-2009 09:30 AM
Established Contributor
Itsmeagain
Posts: 832
Registered: ‎01-16-2008

Re: I need some help with Massive Credit Repair.

Good for you scorerise . . . CONGRATULATIONS . . . :smileywink:

 

Making credit work for you instead of the other way around is good, sound fiscal management.  I'd be willing to bet that in the coming months we're going to see much more of the same here, as interest rates skyrocket and credit lines wither.


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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