Goodbye, Credit Card #1!

September 30, 2011

Today is pay day. It’s also the first pay day where I haven’t had to give a single penny to the ‘rents for school. School is 100% paid for now, so it’s time to tackle the ~$6,500 I have in credit card debt.

With a couple clicks of my mouse, and a few taps on my keyboard, I logged onto my online banking this morning and paid off Credit Card #1. Ok, the balance was only like -$480, but still! It’s done. Gone. Goodbye. See you never!

Seriously, see you never. I cut it up into probably 30 or 40 pieces, last night. Am I going to cancel it? Not right now, because I want to have some available credit (in case anyone is checking my credit rating). But once Credit Card #2 is down to 50% of it’s available limit, I will be cancelling CC#1.

So, what card was it? A CIBC Classic Visa Card, to be exact. At 19.99% interest with no annual fee, it is the second credit card I was approved for, at the young age of 19. (Hmm, maybe I should be calling it Credit Card #2…) Over the years, CIBC increased my limit more and more until I had $14,500 of it. I obviously couldn’t handle that, so I lowered it to $500 and have used it as my credit card for making online purchases ever since.

While I have always been happy with CIBC, I really just don’t need this card. And with that, #5 is crossed off of my On a Budget list! Onto #6…

  • Niki September 30, 2011 at 5:39 am

    Congratulations! That is great news. You’re already having such a great day. Isn’t nice to cross something off your list?

  • Britt September 30, 2011 at 5:54 am

    Yay!! That’s the best feeling ever!

    As far as credit score goes, as far as I understand you have to be actively using the credit in order to build up your score. Because you’re making regular payments on credit cards, I’m sure your credit is building no problem. I always go to for that stuff :) She’s a genius!

  • anintentionalife September 30, 2011 at 6:16 am

    CONGRATULATIONS! That is awesome :)

  • laura @ no more spending September 30, 2011 at 9:24 am

    Yay! That’s great!

  • addvodka October 1, 2011 at 7:16 am

    I’m so excited for you! That’s wonderful. It feels SO good to have a big chunk of debt gone. I can’t wait to hear more about financial bootcamp!

  • Sonia October 2, 2011 at 1:42 pm

    Awesome!! Congrats!