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Home > 52 Week Challenge Progress and Pet Peeve

52 Week Challenge Progress and Pet Peeve

February 4th, 2014 at 03:02 pm

Well, I paid more on debt and want to report on a pet peeve of mine.

$608.86 Previous Balance of 52 Week Challenge

$7.00 Money Previously Allocated for Something We Wound Up Not Buying (saved money twice there!)
$20.00 paid to credit card #1
$11.97 rebate money paid to credit card #2

This brings my balance to $647.83!

Because my employer called off work today due to bad weather, I am probably saving money because I am not out buying something. But that's hard to calculate.

My pet peeve regards cc#2. I got it in 2005 about 4 months after the discharge of my chapter 13 bankruptcy. The company charges an annual fee to use the card. Of course, I could pay it off and cancel the card, but then I would be cutting off my oldest currently open credit line. Not good when I hope to refinance my house some day. So I will keep it and keep it paid off when I get it paid off.

Posted in Goals, Found Money, Debt Payoff Challenge, 52 Week Challenge | 3 Comments »

3 Responses to “52 Week Challenge Progress and Pet Peeve”

  1. creditcardfree Says:
    February 4th, 2014 at 03:11 pm 1391526712
    1391526712

    Great job on your challenge!

    What is the next oldest card? If it isn't that much older than it probably would be okay to cancel...especially if the refinance won't happen for a year or more. If there is a big difference than you might be right to keep it.

  2. snafu Says:
    February 4th, 2014 at 03:17 pm 1391527059
    1391527059

    Have you used your option to check your credit score with one of the well known reporting agencies? Would you consider calling CC #2 asking it to be changed from annual fee to no fee since it's more than 7 years since discharge. What's all important is your FICO score. I hope you'll run the numbers to see the difference lower interest affects your mortgage.

  3. crazyliblady Says:
    February 9th, 2014 at 10:55 pm 1391986534
    1391986534

    I don't want to cancel either card and I am not sure when the refi would happen. The next oldest card I got in about 2011 and the oldest one (my oldest open line) I got in 2005. I have called the company before before and asked about going to a no annual fee card, but was told they "don't do that." It is a company which is known to prey upon people with poor credit, so they feel free to do this. Thus, the reason why I was able to get a card so easy less than 6 months after discharge.

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