End of the week celebration post come early

[jamethiel]

Comment on this post with what you've achieved over the past week! Let us know what you're going to do over the next week!

I just made the last payment on my credit card. The balance is $0. I am aware that I might have to pay a couple of dollars interest to close it, but that sucker is GONE!

\o/
Before next week, I will: Cancel the credit card

Comments

[bewize]

Congratulations!

A quick warning - closing a credit card can negatively affect your credit because it reduces your credit to income ratio. Just something to think about before you close it.

I'm so jealous!

[jamethiel]

*nods* But it charges a yearly fee and the card I am going to use in place of it doesn't. I figure after paying off a maxed out card, I've earned myself enough points to take the hit.

Also, in Australia I think they calculate it differently. Because while having NO credit is bad, if you have too much credit, even if there's no balance owing, the banks see it as a risk. When I put in my credit card limit as $5000, ING was prepared to loan me significantly less than when it was $2000. *wry face* Life would be so much easier if banks would just TELL us outright what will negatively affect our loan applications. :S

And your turn will come! Keep working at it.