Hello all,
For those here who are thinking of closing revolving accounts, yes- you will take a hit, but it's worth it in the long run. At least it was for me. I am pretty disciplined now with credit, but in my 20's and early 30's the credit card companies had a field day with me. I got divorced last January and was 6K in debt. Missed some payments due to lack of communication with the ex, and my interest rates went through the roof. Although Citi made serious money off me on late fees and interest, they did lower my rate to 10% to help me get on track. Call your company if you need help-you just might get it. Short story is it took a year, but I paid off 3 cards, got to a zero balance and closed 2 accounts. Got an offer for a new card with a low balance and took that. So, 2 cards now, zero balance with two closed accounts, plus a closed car loan. You think, based on articles, that my credit would be a mess with all the closed accounts. In the last 11 months, my credit score has gone up 111 points. You really can improve your credit score. Cut up or take your credit cards out of your wallet. If you can't pay cash, you can't afford it. Period. Anyway, thought I would share a success story to the board. Good luck and be patient!
