Tuesday, September 14, 2010

Where things stand!

So, I've been dying to get back on here with an update of where things stand. Here it is:

Credit Card #1

$19,624.15 - But honestly, this one is in flux... Due to the upcoming nuptials, this balance may actually increase a bit. I am literally cringing as I write it, but I want to be truthful. I'm still putting a couple of things on it, so that we can have some flexibility while on our honeymoon.

Credit Card #2

$19,063.37 - This one is not going to increase. Stupid Chase! Actually, I take that back. It's probably in my best interest that this one won't increase. Technically, this account is "closed". Not sure exactly what that means or how it will effect my credit score. (My apologies if I should have used affect instead, I still get those confused!) Anyway, the story with this one is that I was waiting on a large deposit to clear my bank before paying my card one month. I had the minimum payment in the checking account already, but wanted to be good and pay extra. So, instead of paying early, as I normally due, I waited until a few days before it was due and until the deposit hit the checking account. I then made a large payment to Chase and patted myself on the back for doing so.

Unfortunately, a few days later I got an email from Chase that my payment didn't clear and they were charging me a fee for the "missed payment" and for the item not clearing! Then I got an email from my bank as well, letting me know that they were charging me a fee for overdrawing the account! Aggghhh, I was so angry. I chastised myself for not just making the minimum payment earlier, since I had it in my account. Turns out that the bank places holds on large checks for several days. It looked as though it had cleared online, but actually hadn't. Oh well. Lesson learned, I thought. Turns out that Chase took that opportunity to jack up my interest rates to double what they were! I had been a card holder for about 15 years by then, without a single late or missed payment. I called to complain but they said it was their right since I "missed" a payment. The only option they gave me was to "close" out my account and retain the current interest rates while I paid it off. I selected that option and I really look forward to paying this off and being done with Chase.

Car Loan

$21,868.20 - This is a new one to join the club! As you may have read in a previous post, I recently bought a new car. For the first time in my life! I've never really had a car payment, besides $50 a week when I was a teen for a couple of months. Otherwise, it's been used cars, bought in cash - all the way. I have to admit that I'm loving my new car! It fits me. I know I won't be loving 60 months of car payments, but it was a necessary evil.

Grand Total (drum roll, please)... $60,555.72

All I can say is, "Wow".


  1. Well, since you brought it up...

    Affect is the verb. So, in your case, you should have used affect. Effect is a noun. So you would say, "Closing a credit card account has a bad effect on your credit score."

    Not trying to be picky. I love that you admitted to not knowing! Many bloggers I know have grammar issues that they pretend don't exist. (It is so confusing to me that people get then and than confused!)

    I'm actually not sure what effect it has on your credit score to close an account with a balance on it. I've had stores close accounts for me, so I know THAT'S not good! ;)

  2. To confuse things further, "affect" can be a noun and "effect" can be a verb. It would be like this: "My friend's affect changed when she realized that her late payment effected a rate hike on her credit card. She didn't realize the effect a tiny mistake would have and that it could affect her standing with the credit card company so quickly and so severely."

    Chase is known as "the devil" in some of the credit boards that I read. I don't trust them at all. I have a card that once had a $4,000 limit on it, and I was not especially close to my credit limit, but then I charged some dental work (what can you do when you need a root canal and they say "That'll be $800" as you stand at the front desk?) and it brought my balance up to $3,778. Guess what they did? They lowered my credit limit to $3,788."

    Strange, huh? I now have a Chase card with a limit of $3,788. I feel pretty sure that the minute I pay that card off they will close it. And I've done nothing wrong in the history of having the card.