I know I intended to move my financial stuff to a separate blog back in January, but it turns out, I’m not as motivated to write an entire money blog as I originally thought I would be. For awhile there, it was THE thing to do to separate every topic you wrote about and make separate blogs. Except then I felt so spread thin that I spent no time on any blog, and that’s just not useful! They’ve all died a painful death, so now I am stating my intent to bring everything back here.
BUT the purpose of this particular post is my July Financial Update. As you can see, I made some big progress this month! My Chase card is the debt I have been focusing on, and it will likely be paid off when I get paid next, on August 14th. It stands at $535 right now, with a pending payment of $300 that should post on Thursday. When I get paid next week, I’ll make the final $235 payment. There will likely be a small interest charge from the balance this month, but after that I’ll be free of that credit card forever!
And I have to laugh… as soon as I got within striking distance of paying off that credit card, Chase got ticked that they’re not making money off me anymore, and closed my card. They gave me several reasons, but I firmly believe they are bogus (i.e. those reasons have been true since the day they (well, WaMu) GAVE me the card several years ago). The only reason they closed my card is because it’s apparent that I am paying it off, and they won’t be making money off me anymore.
I’m not too upset because it’s not my oldest card, and I never intended to keep it anyway. But I’m still not happy about the ding it will cause on my credit report. Not only is it a closed account, it removes a $3,000 buffer in my credit/debt ratio. I don’t plan on applying for credit anywhere until it’s time to apply for a mortgage though, so hopefully my credit score will have time to recover before then.
Now that I’m so close to paying off the first card, I’m starting to think about where to focus next. It will likely be the Capital One card because it has the next highest interest rate out of the list. Another option, though, is paying off my laptop, which is not represented in the table above. It has the lowest interest rate, and a no interest deal for a few more months, but it’s also a Chase card, and I’m not the happiest Chase customer these days. The interest rate will probably win out over the company though, unless they do something else to screw me over!