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lizard310

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Closing credit cards?
I have several credit cards. I have a bad habit of spending the money I don't have...how can I effectively consolodate this debt so I can pay it off without adding to it? If I have the card, I use it, so keeping them is really not an option at the moment. My husband and I are trying to buy a house, but can't because neither of us have good credit...we're even having problems renting because people check credit.

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1.  If you are gettting offers for credit cards, you can put a stop to that by calling 1-888-567-8688 to request the credit bureaus to stop selling your name and address to lenders.  This way you won't see those tempting offers come through the mail.  This is good for 2 years.

2.  If you order through catalogues and/or website; cancel them, delete them from your browser so you won't be tempted.  

3.  Place the cards on ice - literally.  Put all the cards in a ziplock baggie and in a container.  Add water & put in freezer.  Don't make it easy on yourself - really put them in the center of the ice.  If you try to melt them in the oven or microwave, you may destroy the cards.

4. Consolidate all the cards into one lowest interest card, but make sure you don't use ANY of  your cards after that point, or you will just be digging a bigger hole.

As a last option, close the cards.  The problem with closing the cards is that you will lose your credit history with them.  Without reviewing your entire credit report, I don't know if your credit score could take closing all those accounts.  

In addition, make sure both you and your husband educate yourselves about credit and budgeting.  Credit Karma is a good start.  I would also check out credit.about.com; it's a great resource as well.

Good luck on your journey!

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