Hello! So I’ve been addicted to shopping and have maxing out my credit cards because of it. I’ve maxed out 2 credit cards twice within a year (I know it’s bad), but I was wondering if I could fix all this by: finish paying off the cards, not spending on it so I can pay it off faster, and then closing the cards after they’re paid off.
I used to have a credit score or 735 but now I’m at 661 (just went up from 585), and for 1 card the APR is 27.49% while the other is 25.24% which I’m assuming isn’t great. I just don’t want to screw myself over more by closing it after paying them off if I shouldn’t be doing that. I don’t understand how all this works. I just want decent credit.
Posted by Ren10Toes
6 Comments
Yes. Stop spending money. Pay off ur debt. And then close the cards if you can’t trust yourself.
Credit is important but not drowning is more important. You can keep them open but only if you create a system for yourself to prevent this from happening again. If you have the will power to avoid spending on them while you pay them off, you can probably modify your behavior long term. Take them off your tap pay on your phone, remove them saved from any of your favorite shopping apps, and when you go out leave them all at home.
Completely understand. Closed 6 cards in the past 12 months.
If you pay off the cards your score should go up. Cancelling the cards won’t effect the root problem; you need shopping and spending self-control. easier said than done. I buy a lot of stuff and send it back, that’s my coping mechanism 😉
Going forward, commit to paying your balance in full. Less interest paid -> more money to spend on goods
closing cards wont affect your credit score because they stay on record for like the next 7 years or so but you wont have anything that keeps ur history growing (to improve ur score)
Credit cards are not for you. Pay them off ASAP and get rid of the accounts.