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Old 06-10-2013, 05:21 PM   #1006
AuroraRora
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Quote:
Originally Posted by pryncess527

I use a site called creditkarma.com to help me decide. You can enter what if scenarios and it predicts how that will affect your score based on your specific circumstances. And it's free!
Awesome tip, thanks!! I've paid mine off but I want to keep them (although they sit at the back of a drawer at home) for emergencies. I'm trying to follow Dave Ramsey's plan and he says the worst thing to do in emergencies is take on debt and it makes total sense, but as someone with an irregular consulting income it just scares me so much to not have that back-up.

I agree that snowballing really works - if I was just "paying what I could" extra, I know something would always come up and suck it up. But having a set amount that is budgeted as extra debt repayment means I don't even think about skipping it or spending it on something else, to me its just another "bill" on the calendar that needs paid.
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Old 06-10-2013, 07:20 PM   #1007
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I have heard that closing credit cards hurts your score, but I have closed lots of them in the past and I have an excellent credit score. So personally, I don't feel that closing them is a problem. Maybe just close one, or if you don't want to close it, just put the card away. If you think that you cannot keep it around because you might use it, just cut it up!
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Old 06-10-2013, 08:41 PM   #1008
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Originally Posted by gracie1 View Post
I have heard that closing credit cards hurts your score, but I have closed lots of them in the past and I have an excellent credit score. So personally, I don't feel that closing them is a problem. Maybe just close one, or if you don't want to close it, just put the card away. If you think that you cannot keep it around because you might use it, just cut it up!
Your score will be higher if your credit available is much higher than your balance. So if you close a card with $15k limit, and you only have a $5k card left but owe $3k, it will be a much higher percentage of credit used than if you left the other open.
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Old 06-10-2013, 09:27 PM   #1009
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Thanks for the replies. I will check that website too. First step is paying them off!
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Old 06-11-2013, 09:03 AM   #1010
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Thanks for the replies. I will check that website too. First step is paying them off!
Good luck!
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Old 06-11-2013, 09:57 AM   #1011
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Originally Posted by gracie1 View Post
I have heard that closing credit cards hurts your score, but I have closed lots of them in the past and I have an excellent credit score. So personally, I don't feel that closing them is a problem. Maybe just close one, or if you don't want to close it, just put the card away. If you think that you cannot keep it around because you might use it, just cut it up!
I've heard different things about this too. Right now, I've paid off a couple of cards and really want to close them, I don't want to be tempted to use them
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Old 06-11-2013, 09:59 AM   #1012
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I've heard different things about this too. Right now, I've paid off a couple of cards and really want to close them, I don't want to be tempted to use them
I say if your not comfortable closing them, and your afraid you would be tempted to use them, just cut them up and leave the account active. Some cc companies will close your accounts with inactivity past a few years.

I have closed as many as 12 - 13 cards at one time, and my credit score has never been affected.
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Old 06-11-2013, 10:45 AM   #1013
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I started financial peace class last night. DH won't go with me, but that's ok. I'm working on him.
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Old 06-11-2013, 10:51 AM   #1014
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Originally Posted by dansamy
I started financial peace class last night. DH won't go with me, but that's ok. I'm working on him.
DH may come around once he sees the change in you. Good luck!
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Old 06-11-2013, 11:36 AM   #1015
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I started financial peace class last night. DH won't go with me, but that's ok. I'm working on him.
How much are the financial peace classes? I've heard they do them at local churches and things?
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Old 06-11-2013, 11:49 AM   #1016
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How much are the financial peace classes? I've heard they do them at local churches and things?
They are generally around $100 for the 13 week (old) course and I think about $90 for the 9 week (new) course, but it may be $100. That may sound like a lot but once you go through it and see how much you save and the change it makes in your life, it's well worth it. Plus, it's a lifetime membership so you could always retake it if you need a refresher, be it because you fell off the wagon a bit and let debt build up, or you are at a different point in your life and the investment and retiring planning matters more. I've been through it a few times because my husband and I facilitate it at our church. I can't recommend it enough.
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Old 06-11-2013, 11:59 AM   #1017
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Originally Posted by ArielSparrow

They are generally around $100 for the 13 week (old) course and I think about $90 for the 9 week (new) course, but it may be $100. That may sound like a lot but once you go through it and see how much you save and the change it makes in your life, it's well worth it. Plus, it's a lifetime membership so you could always retake it if you need a refresher, be it because you fell off the wagon a bit and let debt build up, or you are at a different point in your life and the investment and retiring planning matters more. I've been through it a few times because my husband and I facilitate it at our church. I can't recommend it enough.
It was $85 through the church that is my homeschool covering.
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Old 06-11-2013, 12:03 PM   #1018
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DH may come around once he sees the change in you. Good luck!
He's struggling right now. He had some very severe health issues in January, with a 3 week hospital stay. (Including a "mild" stroke.) If he's still unable to return to work soon, we're gonna hit a critical level soon. He already has major depression disorder. This has definitely not helped his depression.
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Old 06-11-2013, 12:54 PM   #1019
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Originally Posted by dansamy

He's struggling right now. He had some very severe health issues in January, with a 3 week hospital stay. (Including a "mild" stroke.) If he's still unable to return to work soon, we're gonna hit a critical level soon. He already has major depression disorder. This has definitely not helped his depression.
I'm so sorry to hear that. Depression is so hard to get out of even when things are going well, and throw in some major life changes and I can imagine he must be having a really difficult time (and you, too).

Thanks for the financial peace info, much appreciated!
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Old 06-13-2013, 07:09 AM   #1020
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He's struggling right now. He had some very severe health issues in January, with a 3 week hospital stay. (Including a "mild" stroke.) If he's still unable to return to work soon, we're gonna hit a critical level soon. He already has major depression disorder. This has definitely not helped his depression.
Sorry to hear about your dh's health issues, and the possibility he may not be able to return to work soon. (((Hugs))) Hope things get better soon, or you are able to figure things out if they get to that critical level.
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