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  1. 10-22-2011, 09:12 AM #1
    Cedar
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    Default Bye Bye credit card!

    I'm usually just a lurker on these boards, but today I took a big step in my frugal lifestyle journey that I just had to share. I closed my one and only credit card account!

    My story is pretty typical. I got the card at the urging of my parents when I first left for college, for emergencies and other such things. I always just assumed having credit cards was a normal part of adult life, you know? I discovered FV a while back and it has really helped me get a different perspective.

    So far this year I've established my BEF, got rid of the small debts I still had, and now have almost completed my FFEF. I'm on track to fully fund that by December 31st. I've got a wonderful job, a healthy savings account, I even started looking after my health a lot better. The only shadow of the past still following me around was that credit card!

    Well I just closed it! Take that credit companies! I have to admit that I really fretted about it, picturing all of these horrible scenarios that could happen where that credit card would save me. (Talk about out of touch with reality, the card only had a $750 limit. How much would that have been?) And then I woke up this morning and suddenly realized...I have a credit card that holds up to $750...but a savings account of almost $10,000! Duh! I don't need this card for anything! So I closed it down. Gotta tell you all, it feels so good!
    Cedar’s Challenges

    2012 Change Jar Challenge - $59.36

    2012 20 Wishes Challenge - 0/20

    Little Successes

    Baby Emergency Fund Complete! 5/7/2011
    Be Gone Debts! 9/27/2011
    No more credit cards for me! 10/22/2011
    Fully Funded Emergency Fund! 12/31/2011


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  2. 10-22-2011, 02:26 PM #2
    frugalfranny
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    Way to go!
    Travel light. The baggage of the past can only hold you back.

    January Book List
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  3. 10-22-2011, 03:27 PM #3
    mango
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    Congrats cedar, WTG!!!!
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like."

    Will Rogers (1879) as quoted on Becoming Minimalist, 1 April 2011
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  4. 10-23-2011, 06:26 AM #4
    sinopa27
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    awesome!! Keep it up! Thanks for the encouragement!
    Step 1 $207/1500
    Step 2 Student loan $160.00 monthly
    Schewels paid
    Step 3 $252/$15000
    Step 4
    Step 5 1 child in college graduates 12/12
    2 child $50.00
    Step 6 $70,761/$93,000
    Step 7 Build wealth & give.
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  5. 10-23-2011, 07:25 AM #5
    homemaker66
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    CONGRATULATIONS!!!!
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  6. 10-23-2011, 09:06 AM #6
    Darlene
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    Great news, Peace of mind is priceless! You really are rocking things in an awesome way. Go you!
    ~*Darlene*~
    Live Well~LaughOften~Love Much

    "Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around."
    Leo Buscaglia

    2012 Challenges
    Books Read: 43
    :



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  7. 10-23-2011, 01:53 PM #7
    HappyMama
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    Congratulations!
    *Angel*

    Dave R. Plan
    Step one - Done
    Step two-Done
    Step three-Done
    Step four-Done
    Step five- Working on
    Step six- almost done
    Living debt free except the mortgage and working on that !!!

    Be content with what you have;
    Rejoice in the way things are,
    When you realise there is nothing lacking,
    the whole world belongs to you.

    -Lao Tzu

    Have Courage
    “Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires…courage.” Ralph Waldo Emerson

    "I've learned that you shouldn't go through life with a catcher's mitt on both hands; you need to be able to throw some things back..." Maya Angelou

    "Choose a job you love and you will never work a day in your life." (Confucius 551-478 BC)
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  8. 10-23-2011, 03:00 PM #8
    DaveP
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    Congrats!!
    His Excellency President for Life, Field Marshal Al Hadji, Doctor DaveP, Lord of the Beasts of the Earth and Fishes of the Sea and Conqueror of the British Empire in Canada in general and Nova Scotia in Particular, uncrowned King of Antarctica .
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  9. 10-23-2011, 04:31 PM #9
    bunnys
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    Congrats!

    That's a really big deal.
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  10. 10-24-2011, 07:41 AM #10
    Cedar
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    Thanks everyone! I've gotten some grief from friends over this decision. They are of the "you have to have a credit card to build your credit score and live" mindset. But I feel free now. So glad I made this decision.
    Cedar’s Challenges

    2012 Change Jar Challenge - $59.36

    2012 20 Wishes Challenge - 0/20

    Little Successes

    Baby Emergency Fund Complete! 5/7/2011
    Be Gone Debts! 9/27/2011
    No more credit cards for me! 10/22/2011
    Fully Funded Emergency Fund! 12/31/2011


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  11. 10-24-2011, 09:04 PM #11
    Palooka
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    Congrats! You are doing awesome!
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  12. 10-25-2011, 07:05 AM #12
    khaski
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    Good for you! It sounds as if your are financially healthy enough to not need to worry about how a $750 cc impatcs your credit score!


    May:
    Coupon/drug store rewards:$15
    $ Spent accumulating coupons: $5.99

    YTD totals:
    Coupons/drug store rewards: $759.04
    $ spent getting coupons:$92.70
    2011 total savings:$2068.18 2010:$1066.58

    Meatless dinner: 13/52
    Weight loss challenge:1.4/35
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  13. 10-25-2011, 07:46 AM #13
    Cedar
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    Lol, probably poorly. Since it was my only cc, no doubt closing it will hurt my credit score. But I realized that I don't really care. As DR says, its just an "I love debt" score. I sure don't want to have a high score in that category!
    Cedar’s Challenges

    2012 Change Jar Challenge - $59.36

    2012 20 Wishes Challenge - 0/20

    Little Successes

    Baby Emergency Fund Complete! 5/7/2011
    Be Gone Debts! 9/27/2011
    No more credit cards for me! 10/22/2011
    Fully Funded Emergency Fund! 12/31/2011


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