My Credit Card Loves Me | I've Paid For This Twice Already... http://www.paidtwice.com/2007/11/28/my-credit-card-loves-me/#comment-6359 harry Wed, 28 Nov 2007 16:56:25 +0000 http://www.paidtwice.com/2007/11/28/my-credit-card-loves-me/#comment-6359 A credit score is exactly this: a score used to loan you MORE credit. Since you are trying to get out of debt, what do you care what your score is? Plus, creditors look at your report to see how much available credit you have already. Since you were just increased another $2000 in available credit, the banks know you have the POTENTIAL to use all your available credit, so your score has probably been lowered already. If you are worried about future events, thus the reason why you hold onto your credit cards, you should up your emergency fund (even if that means only sending in minimum payments for a while) and then close out your accounts. Or, just keep one credit card open for emergencies and close the rest. You should also get those cards OUT of your wallet. Never mind the excuses. Lock them away in a vault or freeze them in your freezer. Your son can't get to them in there, now can he? I am sorry Paid Twice, but until you get rid of those cards you are just fooling yourself (and your readers). Those credit cards are walking time bombs. Like an accident waiting to happen. You would be amazed at how differently you would think and act once they were really, really gone. (but you could hold onto one until your emergency fund makes you feel secure) Once those cards are paid off and you never use debt again, you can sock so much money into a savings account, retirement funds, college funds......you would be living a better and more wealthy life! A credit score is exactly this: a score used to loan you MORE credit. Since you are trying to get out of debt, what do you care what your score is? Plus, creditors look at your report to see how much available credit you have already. Since you were just increased another $2000 in available credit, the banks know you have the POTENTIAL to use all your available credit, so your score has probably been lowered already.
If you are worried about future events, thus the reason why you hold onto your credit cards, you should up your emergency fund (even if that means only sending in minimum payments for a while) and then close out your accounts. Or, just keep one credit card open for emergencies and close the rest. You should also get those cards OUT of your wallet. Never mind the excuses. Lock them away in a vault or freeze them in your freezer. Your son can’t get to them in there, now can he?

I am sorry Paid Twice, but until you get rid of those cards you are just fooling yourself (and your readers). Those credit cards are walking time bombs. Like an accident waiting to happen. You would be amazed at how differently you would think and act once they were really, really gone. (but you could hold onto one until your emergency fund makes you feel secure)

Once those cards are paid off and you never use debt again, you can sock so much money into a savings account, retirement funds, college funds……you would be living a better and more wealthy life!

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