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Now that's a turn for the better!
Timothy wrote:I have $1500 a month going to savings that used to pay debt.
Cheapskate wrote:
7 cards? All relatively new? Pay them off and cancel them. 4 cards is plenty. What does anybody need 7 cards for? If they're new, your history will be so small that it won't make much difference. Your credit limits will grow over time with 4 credit cards that are paid in full monthly.
Heck, I just have 1 credit card. Personally 2-3 cards is the max I'd want to have to deal with. Simplicity is priceless.
Schoolbuskid wrote:i hear you guys i guess main thing is to STOP using them! I think about when i didnt have a credit cards and i was doing just fine, so i can definitely do without them for a couple of months or so. My plan is to pay the smallest to biggest. That is what seems the easiest for me. My mom has also said that she would help me get them down! I'll keep you all upadated!My scores now are TU-624 EX-607 EQ-602I have nothing bad on there except a med collection, which through hippa should be deleted!Thanks Guys!If you got along without them before , you can get back in that habit of cash only. Do NOT carry them with you at all. Put them in a drawer and dont use them for online purchases . If you don't trust yourself to not use them, ask your mom to hold them for you. I'm sure she'd be happy to help you not get more in debt. You don't want to get in a position of being cancelled, late pays and fees or worse yet......... defaulting. You CAN do this!
Cheapskate wrote:
7 cards? All relatively new? Pay them off and cancel them. 4 cards is plenty. What does anybody need 7 cards for? If they're new, your history will be so small that it won't make much difference. Your credit limits will grow over time with 4 credit cards that are paid in full monthly.
Heck, I just have 1 credit card. Personally 2-3 cards is the max I'd want to have to deal with. Simplicity is priceless.
@jmbfl wrote:
@Anonymous wrote:
7 cards? All relatively new? Pay them off and cancel them. 4 cards is plenty. What does anybody need 7 cards for? If they're new, your history will be so small that it won't make much difference. Your credit limits will grow over time with 4 credit cards that are paid in full monthly.
Heck, I just have 1 credit card. Personally 2-3 cards is the max I'd want to have to deal with. Simplicity is priceless.Don't do this. This is not sound advice.
@jmbfl wrote:
@Anonymous wrote:
7 cards? All relatively new? Pay them off and cancel them. 4 cards is plenty. What does anybody need 7 cards for? If they're new, your history will be so small that it won't make much difference. Your credit limits will grow over time with 4 credit cards that are paid in full monthly.
Heck, I just have 1 credit card. Personally 2-3 cards is the max I'd want to have to deal with. Simplicity is priceless.Don't do this. This is not sound advice.
@CodeMonkey wrote:
...I would respectfully disagree - what is good for FICO is not necessarily good for everyone's individual financial situations.
If someone feels they are unable to effectively manage X number of cards and want to cut down to Y, not doing so may cause far more harm than the few FICO points they lose due to util (and eventually age, 10 years down the road).
If you honestly don't have the willpower to restrain yourself from using available credit, removing your access to it entirely until you can overcome the issue is probably a wise option. Credit card debt can be very, very damaging - not just to your FICO score.