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Thread: I paid off a credit card!!!

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    Default I paid off a credit card!!!

    I just feel really good I paid off my rip-off Providian card yesterday and closed the account. They were charging me 28.9% interest!!! It was 18% but they raised it on me 6 months ago and I never really knew why becuase I was making my payments on time.

    The funny thing is, the girl closed my account in seconds, literally. Yet conveniently "forgot" that I said I wanted to pay the balance in full. It was like she was trying to get me off the phone so I could continue to make payments at that loan-sharking interest rate. And then, because my payment was due yesterday, she wanted to charge me an additional 14.95 phone payment fee. Refused to waive the fee for me (as has been done in the past when I requested) and then DID hang up on me when I asked to speak to her supervisor!

    Called back, spoke to a nice gentleman who DID waive the fee and took my $500.

    Now I just need to work on paring down the other ones. Those interest rates aren't nearly as bad though.





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    Default Re:I paid off a credit card!!!

    GOOD FOR YOU!!!!!! Credit card's are evil!! Good job!
    "The ultimate measure of a man is not where he stands in moments of comfort, but where he stands at times of challenge and controversy."

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    Default Re:I paid off a credit card!!!

    Thank you! This one was extra evil!


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    Default Re:I paid off a credit card!!!

    Oh yeah - I had a card with Providian. I tried to cancel it on the phone and the chick made me answer a billion questions as to why I wanted to cancel it and she kept going through her sales pitch over and over and (this is so embarrassing), I actually decided just to humor her and call back later to try to cancel with someone else. She was so intimidating. Then, up to a year after cancelling the card and closing the accounts, I was still getting phone calls and mail advertisements with offers to raise my credit limit, get default protection, apply for a low-interest loan with my credit card, etc. Providian is the worst. It's like all their different departments apparently operate out of different countries and never contact each other. It's so ridiculous. Congrats on paying off credit cards, though. That is sooo relieving!

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    Default Re:I paid off a credit card!!!

    wow! I'm surprised to hear you got a hard sell to not close. So that's kinda what I was experiencing, she closed it in a heartbeat but didn't want to take my payment! lol.


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    Senior Member missmolly's Avatar
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    Default Re:I paid off a credit card!!!

    Congrats! I just froze my credit cards(literally, I put them in a bowl of water in the freezer) and I hope to have them all paid off in less than five months. Credit is a pain in the ass!
    "It's hard to say that I was wrong, It's hard to say I miss you, since you've been gone I'm not the same"
    *MisS MoLLy*

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    Default Re:I paid off a credit card!!!

    haha I've heard of the freezing method. That way you still have them if you absolutely NEED them, but they're definately not as accessible.


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    Default Re:I paid off a credit card!!!

    I meant to also say good luck with your goal! It feels so good everytime you get that much closer!


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    God/dess Emily's Avatar
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    Default Re:I paid off a credit card!!!

    as someone who had for credit cards with balances totaling around $18,000, I know your joy....congratulations!

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    God/dess montythegeek's Avatar
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    Default Re:I paid off a credit card!!!

    WAY TO GO Saphire!!

    Minor notes. One thing you should ask on closing accounts is that they be noted as "Closed at customer request" so no one looking at your credit history thinks it was cancelled by them not you.

    Now the hard part. Take the amount you have been paying and save it. If you have been paying $400 a month, treat $400 a month as your "bill" for saving and pay it to a bank account until you have enough to broaden your investment options. Same with car loans once paid off-keep paying them, just to yourself.

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    God/dess Emily's Avatar
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    Default Re:I paid off a credit card!!!

    really...that suprises me that you'd say that Monty since she has other CC debt.

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    God/dess montythegeek's Avatar
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    Default Re:I paid off a credit card!!!

    Sorry for having disappointed you Emily. I had missed that fact. You are absolutely right, of course, that paying off the other cards comes first. (Me<= )

    Dang Emily, gorgeous smile, ferret-loving, and you pay attention. Wanna fool around? LOL

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    Default Re:I paid off a credit card!!!

    You may also want to send a registered letter to Providian requesting that they terminate the account and issue a report to the credit tracking services (TRW etc). Just because a credit card account is paid down to a zero balance and the card invalidated does NOT mean that the sponsor bank will actually close out the account and line of credit, does NOT mean that the sponsor bank can&#039;t use some angle to create new service charges or fees, and does NOT mean that the sponsor bank will report to the credit service in a timely manner. I agree that Providian, Capital One & other sponsor banks who specialize in "subprime" (i.e. high credit risk) customers pull some outrageous shit in regards to supposedly late payments, astronomical "penalty" interest rates etc. and &#039;good riddance&#039;.

    When you get all of your other credit cards paid down, make sure that you write the same sort of letter and have them cancelled also. Otherwise, even though you have paid off all of your credit cards, having accounts still open and unsecured credit still available may significantly reduce your credit rating. And don&#039;t worry about not having a credit card. Once your credit rating starts rising you&#039;ll start getting low interest rate platinum Visa card offers from reputable banks !

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    Banned Katrine's Avatar
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    Default Re:I paid off a credit card!!!

    Congratulations Sapph!! That&#039;s such a great feeling, isn&#039;t it!!!!!

    I paid off my 10k credit card debt with the $$$ I made over the Superbowl, it was badass!!!

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    Default Re:I paid off a credit card!!!

    thank u all for the back pats and additional words of advice. Mel, that was a good suggestion considering the $50 I have in their "savings" account will be transferred to my card account (even tho I closed it ??? ) at which point I can request it be mailed to me. I thought that sounded strange but now I know why. And Monty, I never thought about that angle ensuring that they note I requested the account be closed. Thanks again.


  16. #16
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    Default Re:I paid off a credit card!!!

    wow sapphire.. GREAT!!! I love paying off debt!

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    Default Re:I paid off a credit card!!!

    Awesome Sapphire!

    By the way, MBNA tried hiking my rate from 12.99% to 24.99%! I called to ask WTF since I never made a single late payment, and they said it was because I didn&#039;t make enough money to qualify for the lower rate!

    I gave them a story that I was a student until recently and made 60K a year and they lowered the rate again to my norm. Unreal! It pisses me off that if you&#039;re poor you get stuck with this higher loan-shark mafia rate. No wonder so many poor people get caught in a cycle of poverty. And all of this is totally legal. The credit card lobby has sooo much power in DC.
    "She has written so well, and marvellously well, that I was completely ashamed of myself as a writer...But this girl, who is to my knowledge very unpleasant and we might even say a high-grade bitch, can write rings around all of us who consider ourselves as writers"

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    Default Re:I paid off a credit card!!!

    I agree that financial services companies have HUGE leverage with government - without them government couldn&#039;t finance its huge budget deficits !!!

    While I totally agree that many banks which sponsor credit cards use loan shark tactics whenever they can get away with it, in fairness this isn&#039;t totally based on greed. The "subprime" credit card customers have defaulted on a ton of credit card debt, leaving banks stuck with the loss. It&#039;s unfortunate that the banks are trying to recoup these losses on the backs of people who pay regularly and are good customers, but they really have nowhere else to turn.

    The real problem is that banks granted "subprime"customers credit card accounts in the first place. In the "old days", the only place such people could borrow money WAS from a loan shark ! At least the loan shark focused collection efforts on the person responsible, and didn&#039;t try to make good his losses on the back of every other customer.

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    Default Re:I paid off a credit card!!!

    Wow congrats to you girly girl!!!!!!! Sounds like you are on your way to debt free living!!!

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    Featured Member sadbuttrue's Avatar
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    Default Re:I paid off a credit card!!!

    Sometimes it&#039;s fun to transfer the balance to another credit card plus a few bucks, so they have to go through the pain of having to send you a bill for -$3 or so for many months.

    >>>Sad<<<

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    Default Re:I paid off a credit card!!!

    LOL thanks for the laugh Sad. I&#039;ll keep that in mind for sure.

    I&#039;m pretty close to getting another one down to 1/2. I wonder if it&#039;s better to carry a small balance on my cards or once I get them paid off to just make charges and pay it in full each month?


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    God/dess Emily's Avatar
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    Default Re:I paid off a credit card!!!

    Pay them off and keep them paid off!

    It&#039;s such a nice feeling to be debt free...

    I just finished paying off my student loans this weekend after finishing my credit cards last year. It&#039;s feels SO awesome. I&#039;m not debt-free yet, but I imagine when I&#039;m there, it&#039;ll be bliss. I don&#039;t know what I&#039;ll do with all that money that I was just sending away each month.....actually, yes I do (new house!!!)

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    Default Re:I paid off a credit card!!!

    Quote Originally Posted by Sapphire link=board=6;threadid=9867;start=msg121919#msg1219 19 date=1087188973
    LOL thanks for the laugh Sad. I&#039;ll keep that in mind for sure.

    I&#039;m pretty close to getting another one down to 1/2. I wonder if it&#039;s better to carry a small balance on my cards or once I get them paid off to just make charges and pay it in full each month?
    Sad&#039;s technique is always fun since it costs them $0.50 to send a bill saying do not pay.
    As for the Saphire question, only carry a balance on the card with the lowest interest rate and save yourself postage by zeroing out seldom used cards. Look only at the APR and never pay 18% for no reason. If you have a higher rate card make that a card you never carry a balance on (no matter what). Use it for gasoline etc. Get down to a maximum of 3 cards ASAP and put the other ones in a drawer at home for emergencies only.

    If you have an evil one paid off have it closed at your request. Three to six months afterwards try to open a card with a real low rate with a balance transfer at a low rate. Close 3 and open one. Move up the food chain to a more favored card!

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    Default Re:I paid off a credit card!!!

    Congrats Sapphire! I love reading these kinds of posts! So many people are just STUCK in credit card debt. I love that we can be free....you ladies that have bought houses on your income though, you have my total admiration. I am not in that league yet.
    Let your indulgence set me free. - Shakespeare

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    Default Re:I paid off a credit card!!!


    Unreal! It pisses me off that if you&#039;re poor you get stuck with this higher loan-shark mafia rate. No wonder so many poor people get caught in a cycle of poverty. And all of this is totally legal. The credit card lobby has sooo much power in DC.
    Boy, is this me, unfortunately. Having to live off cc&#039;s so I don&#039;t totally deplete what I have left, meawhile diggin a deeper hole. To help support a spcl needs person. I&#039;m glad to hear the gd nws about the payoff. congrats. What mel. said is so right on, you&#039;re very intelligent, girl.


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