Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

The Family Piggy Bank The Family Piggy Bank
I am so extremely pleased to say we started out with 9 credit cards. Today we paid off number 7. 2 more will take a few more months.

What do you do after they are paid off? We don't ever ever ever want to get in to debt like this again. So my thought was cut them up except the two we have left. We can keep those but what about the rest?

My husband is against it because he thinks it will hurt our credit if we don't use them and they get closed. But I would really rather not have any cards and pay with cash from now on. Sure we need credit to buy cars in the future or a home if we decide to do that. But will it really hurt us that much not to use those cards ever again?
Posted on CafeMom Mobile
by on Jun. 21, 2013 at 4:35 PM
Replies (11-18):
by Jocelynn on Jun. 22, 2013 at 8:38 PM

It was a year and a half after we paid all of our debt off except the very small mortgage that we inquired about a car loan,we are both 60 years old and have never had a low credit score, but I can only speak for myself...

by New Member on Jun. 23, 2013 at 1:52 AM

Take the cards and lock them in a lock box. You have these credit lines and you never know when you might suddenly need them. 

by Member on Jul. 21, 2013 at 1:58 AM

It will hurt your credit dont do it just dont use them !!!

by Member on Jul. 21, 2013 at 8:17 AM

Yes, they will close your accounts if you do not use them.  How long is up to the company. 

Once you get them paid off, I would keep 2, the ones you have had the longest, since the age of a credit line plays into your score too.  Close the others or let them close naturally, if you prefer.  Then use them for a little purchase twice a year.  Pay them off immediately.  This will keep your line of credit open, you have the bonus of having a long time of credit.  You don't want to have 9 cards opens and available.  Having too much credit available will also hurt your score.

If the two you have to pay off are not ones you are going to keep, you can always call the company and request that they don't close them (since you still owe on them) but that you don't want to be able to make new purchases with them.  That way you can get them paid down and then close them.

We have 2 cards with about $4k available.  My husband used both this last month, so we are good to go for six more months.

by on Jul. 22, 2013 at 7:57 PM

We have one credit card and we have a very high credit score.  We use it for internet purchases, etc. and we pay it off at the end of the month.  

by Bronze Member on Jul. 23, 2013 at 9:45 AM
1 mom liked this

 You have to remember who is a big reason that we even have credit scores today. The CREDIT CARD companies. They helped to design and set up the system. I got in trouble and closed all of my credit cards but one. My score may have dropped a little but I really didn't notice it. It was worth much more to me to know that the credit wasn't there to tempt me to spend in all of life's little "emergencies". I am still able to get car loans, personal loans and just refianced my mortgage for 2.9%! A lot of companies now look at what is available as well as the score. If you have a score in the 700's and have $50,000 available on credit cards that tells them you also have an easy chance to run up $50,000 in debt after you get a loan from them which many really don't like. My Credit Union actually told me my loan rates went down when I closed some of my accounts which I did just for my peace of mind.

by Member on Jul. 24, 2013 at 10:30 AM
you don't need a lot of credit to buy a house or car if you have the cash. that is why banks have casheer's checks...
pay them off, close the ones with the highest interest rates and only use the cards once in a blue moon and pay them off that month.
your score may drop, but as long as you save money and not spend it you should be fine.

why not put the cash you would have paid on the cards into an ing or papal or Christmas account? then you can see how much you were paying and (every six months) make a large payment on your mortgage or car loan or whatever. ir just keep rolling it over and see if you can make a sizable down payment on a car/ house?
by on Jul. 25, 2013 at 6:20 AM

i agree with you been there dne that worn the shame

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)