We took a little Disney vacation, but we’re back and I’m canceling credit cards!
I just cancelled 5 credit cards within 30 minutes. No questions asked. All cards with medium spending limits that haven’t been used in quite some time, but accounts in good standing that the creditors had no desire to keep. I didn’t even get a 0% balance transfer offer.
I’ve read mix opinions on how closing accounts effect credit scores, but my take is that lowering my available cash to something more reasonable makes me more dependable and more likely to be able to cover all of my debts in the eyes of a potential lender.
We have a new car on order to be delivered this spring and want to be a house by 2010, canceling those rarely used credit cards now and dealing with the a potential credit score hit now will pay off in the long run, and I think we’ll actually improve our standing.
[...] Another two days with no holes burned in our pockets! If we can keep this up until next payday, we’ll have enough money left over from last payday to make a double credit card payment! I recently closed credit card accounts and my credit score took a hit, so I’m looking forward to increasing my available credit so that my score goes back up. addthis_url = ‘http%3A%2F%2Fbrokeasaspoke.com%2F%3Fp%3D1062′; addthis_title = ‘October+29+thru+30′; addthis_pub = ”; [...]