Hi everyone!
The money from the loan I took out was finally made available today so I got busy. I paid off cards from PenFed, Navy, two Discover cards, FNBO, Merrick, Lowe's, Home Depot to go with a WalMart MasterCard, Meijer store card, Kohl's and Firestone that I paid off last week. Also, I had four months left on a DCU Quick Loan so that got paid off. All that will save me around $400 a month in interest and minimum payments of around $800 a month I think, though I was actually paying around $2,000 a month towards those...or, pretty much the majority of my check lol.
I wasn't finished yet though, I closed an Amazon store card (haven't had Amazon prime in years so no benefit there), two WalMart MasterCards, Union Plus MasterCard, Meijer store card, and a Jared store card. I have a Sony Visa that is reporting a balance from June and was paid off in August so I disputed that. If it ever updates that card is getting closed. The Merrick statement should come out around the 27th so I'll settle up with them and close that account. And, finally whenever I pay off Value City that card will be closed out as well.
I still have left:
Citizen's Pay - $37 a month, no interest, $700 balance. I'll keep it for awhile for the tradeline but it'll be closed by summer.
Value City - I owe $1,450 with an $1,850 credit limit so the utilization is high but there's no interest for another eighteen months. I have enough money to pay it off but part of me wants to pay and close it and another part of me wants to keep it open out of spite for Synchrony...I know, not the best of ideas lol. I'll try for a CLI though when my scores update.
Firestone - I paid off what I owed from some brake work done on my car. A couple of weeks ago my step-daughter ran over a concrete saw that was in the middle of the road around 10pm. Turns out a saw doesn't need to be running if an object is moving instead...the saw got all mangled up but not before slicing the bottom of the bumper cover, an air shutter, and both radiators (yes, a Ford Fusion has TWO radiators), and bent up a crossmember a little bit. I put it on my card because DD needs her car (actually it's her mom's/my wife's car) and I would pay it off but she's adament about paying that bill. I told her there's no interest for six months and the payment will be around $280 a month. I am going to put the money aside for this just to see if she's serious about it. I think she'll pay it, otherwise I wouldn't do it but it's good to know for the future.
I was playing around with the simulator at AmEx and it shows taking out a loan and paying off all my cards will give me a 115 - 130 point boost...I would be esctatic if I got that big a boost from this reverse spree but I'll happily settle for even a 40 point boost lol.
And, I'm off to the garden!
Peace
Starting Score: ~670
Sounds like you had a plan and took action. Congrats.
; Everyday 3% CB: 
; Everyday 5%: 
; Retired to sock drawer after AOD: 
; On my radar: 
; No hope: 
Great way to close out the year. Good luck on the next move up!
I did the same a couple of years ago. Took out a 20k loan (that I mistakenly paid off after 7 months) paid off all my credit cards and saw a 100+ point boost. A very good day it was.
