Do you know what credit cards you have? What about the ones you never use? Could there be some still open that you thought were closed?
These are a few of the questions I asked myself as I started trying to get my financial life in order. To help answer these questions I used AnnualCreditReport.com to pull my credit history from all three credit reporting companies. Another option is CreditReport.com, I haven’t used this site. These are free reports and you can get this information for free once a year, if you aren’t doing this make sure to do this.
I made a Credit Card Spreadsheet to track all of my cards along with their information. First going through my drawers to find any existing credit cards I was or wasn’t aware of to input on the spreadsheet. Then I began going through each of my credit reports finding what accounts were still open and putting that in the sheet.
Cut those credit cards up! I really loved this part of the whole process. Once I found a credit card that was already cancelled or I cancelled the card I had a great time cutting those dang things up. There was such a relief and pure joy from doing that, even to this day I can still feel how great it was to do that. So, I have a confession to make about a credit card. I still have one in my wallet, well it won’t work as it has been cancelled, but the fact remains I’ve been to lazy to take it out and cut it. Maybe there is some emotional tie to it or something. No! I’m just lazy and forget about it 🙂
Make a plan to get rid of those bad boys. I haven’t gotten rid of all mine yet as they still have balances but once the balance is gone I cancel the card and get rid of it. Even if you only cancel one card that is better than nothing. Use the credit reports to help you clean up any old accounts and check them each year to make sure someone else isn’t opening accounts in your name.
Another reason to get all your credit card information gathered up is if your wallet gets stolen you have a way to cancel them.
I felt 100% better after getting my finances organized and its made everything I do easier.