Finally paid off my smallest credit card after 14 months of chipping away

I had this store card with a $600 limit that I maxed out on a new mattress two years ago. Took me way longer than I thought because every time I'd pay $50 down, I'd end up using it again for gas or groceries. Last week I sent the final $78 payment and now it's zeroed out. Has anyone else struggled with keeping a card closed after you pay it off?

2 comments

2 Comments

samward10d agoTop Commenter

Cut the card up physically as soon as the zero balance shows. I'm serious, like with scissors. Then close the account through the website or a phone call. Leaving an open line of credit with zero balance is too tempting when you're short on cash. I've got an old Best Buy card that's been paid off three times now because I kept it open. Finally just closed it and tossed it. Your credit might take a small hit from closing it but that's way better than running it up again.

ivanlewis9d ago

But isn't keeping that card open actually better for your credit utilization ratio long term?