YMC
January 27th, 2008, 12:36 am
I'm proud to say we consolidated what few bills we had and now have but one bill aside from our house and of course the usual bills everyone has every month like insurance, utilities , etc.
Here's something I found out the hard way after consolidating these few bills
When I paid these few bills off I made the mistake of closing these accounts which left me with no credit card
I was so caught up in the moment of being so excited about having these bills gone I didn't think of how it's not a bad idea to have at least one credit card for emergencies.
Well, about a month goes by after this consolidation and my car had some unexpected and expensive repairs I didn't have the cash for since I'd just refinanced the house as well which pretty much drained us of reserve $$$
Anyway, I call the place we did the consolidation with for a few more $$$ and guess what they tell me
Apparently my credit rating went from excellent to average all because I closed these accounts I paid off
If I knew this would happen I sure wouldn't have closed these accounts
But why in the heck didn't these people who work in this industry tell me this?
I don't quite get it
My credit goes down because I pay off my bills and close the accounts
I thought it would be the other way around
Lesson learned
More... (http://lincolnparkforums.com/showthread.php?t=15458&goto=newpost)
Here's something I found out the hard way after consolidating these few bills
When I paid these few bills off I made the mistake of closing these accounts which left me with no credit card
I was so caught up in the moment of being so excited about having these bills gone I didn't think of how it's not a bad idea to have at least one credit card for emergencies.
Well, about a month goes by after this consolidation and my car had some unexpected and expensive repairs I didn't have the cash for since I'd just refinanced the house as well which pretty much drained us of reserve $$$
Anyway, I call the place we did the consolidation with for a few more $$$ and guess what they tell me
Apparently my credit rating went from excellent to average all because I closed these accounts I paid off
If I knew this would happen I sure wouldn't have closed these accounts
But why in the heck didn't these people who work in this industry tell me this?
I don't quite get it
My credit goes down because I pay off my bills and close the accounts
I thought it would be the other way around
Lesson learned
More... (http://lincolnparkforums.com/showthread.php?t=15458&goto=newpost)