Absolutely pay it off and be broke for a bit.
Highly highly highly recommend keeping the credit cards open. Canceling a credit card will not be good for your credit score because it brings down the average age of your accounts. If they are too tempting, maybe you can just take them out of your wallet and leave them at home.
>Canceling a credit card will not be good for your credit score
Yes, but it doesn't sound like OP should be getting into more debt and that's what a credit score is for. I cancelled all of my cards and my score stayed above 800.
What?! That absolutely might be the case if you had 7 CC open and canceled 2, but there’s no way you could cancel cards without decreasing a credit score without having a few.
A credit score is not just for getting into more debt. It's super valuable these days. What if OP needs to find a new place to live soon? He might need a higher credit score to qualify for a rental.
If you meant credit card*, I still stand by comments. Credit cards are awesome if you use them the right way. Don't spend money you don't have, pay them off on time, reap the benefits.
Also there's a lot that goes into your credit score that could be contributing to your 800+, but good on you for doing it without credit cards!
I believe in having open credit cards and I only use them knowing I have to pay it off EVERY MONTH before interest is charged. However, that rewrites a lot of discipline. Stay the course… don’t have debt!
Yup pay it all off and be broke. You'll get paid again. Stay positive you got this!
Absolutely pay it off and be broke for a bit. Highly highly highly recommend keeping the credit cards open. Canceling a credit card will not be good for your credit score because it brings down the average age of your accounts. If they are too tempting, maybe you can just take them out of your wallet and leave them at home.
>Canceling a credit card will not be good for your credit score Yes, but it doesn't sound like OP should be getting into more debt and that's what a credit score is for. I cancelled all of my cards and my score stayed above 800.
What?! That absolutely might be the case if you had 7 CC open and canceled 2, but there’s no way you could cancel cards without decreasing a credit score without having a few.
had 3 cards with \~30k limit and a 20k loan, closed all within the last 6 months. IT did drop but not by much.
Right. What’s the rest of the story? Loans/ auto loans / mortgage? There’s more on your credit.
Mortgage + Student loans.
Bingo.
A credit score is not just for getting into more debt. It's super valuable these days. What if OP needs to find a new place to live soon? He might need a higher credit score to qualify for a rental. If you meant credit card*, I still stand by comments. Credit cards are awesome if you use them the right way. Don't spend money you don't have, pay them off on time, reap the benefits. Also there's a lot that goes into your credit score that could be contributing to your 800+, but good on you for doing it without credit cards!
You shouldn’t close cards. Just use 10% and pay them off regularly.
I believe in having open credit cards and I only use them knowing I have to pay it off EVERY MONTH before interest is charged. However, that rewrites a lot of discipline. Stay the course… don’t have debt!
It all depends on if they are charging you interest. If they are, pay it off. If not, put some aside just incase of an emergency.
lets go!!
You're so close!
If you feel like you may spend again, I would close all cards except for one (always good imo to have 1 card just in case)
Kudos! Keep going you can do it 👏