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Loan Disbursement & Debit Card Stolen

May 1st, 2016 at 07:10 pm

We were able to disburse the loan on Friday...so all of my credit cards and loans are paid off. It is such a relief. My son's car is included in what was paid off so he can get it in his name and get his own insurance now.(It would have been paid off in June anyway). My car is paid off but I am going to keep full coverage since it is a newer car.

I need some advice though from those of you familiar with how credit works. I would like to close all but a couple of my credit cards but I have heard that could negatively impact my credit. Is that true? I would like to close them so that I am not tempted to use them.

I have a paypal debit card linked to my checking account. I get an email every time that debit card is used. I got two emails today that it was used at TJ Maxx and Marshalls. A total of $270. We don't even have those stores around here. So I instantly canceled the card and called them to dispute the charges. As soon as the charges actually post(they are pending right now) they will credit my account for that amount. I am glad I get that email and was able to catch it early. Funny thing is that I have the debit card...someone stole the number apparently.

6 Responses to “Loan Disbursement & Debit Card Stolen”

  1. Petunia 100 Says:

    Your score will go down if you close all of your existing credit accounts. What you might do is keep the two oldest open, close all the rest. Freeze those two cards in a block of ice and keep them in your freezer. If you really NEED to use one, you can thaw them out.

    Keep in mind, your score is also going to rise because your utilization will go down.

    What are the terms of your new loan? Is it a 15 year loan? 30? In a couple of years when you have some history with the new loan, you can re-evaluate if you want to keep any open.

    Are you familiar with Credit Karma? They have a tool which allows you to input changes and then calculate your score. For example, you could input "close all existing credit cards" .

  2. creditcardfree Says:

    In my opinion, I would close all but the oldest card (unless it is a really bad card compared to the others). You score will go down initially, however, in time if you handle your credit wisely it will increase. Don't let a number, like a credit score, keep you from doing the right thing for you which is limiting access to credit. Smile
    I recommend Credit Karma also. It's free!

  3. Ima saver Says:

    I have never had a debit card in my life. I would reccomend that you close it and don't use it.

  4. Joan.of.the.Arch Says:

    Well that's trouble you didn't need! To think they could empty your bank account if you had not gotten the email alert! Will you call TJ Maxx and Marshalls?

  5. FrugalTexan75 Says:

    I would probably close all but the oldest two cards, and like CCF said, put them on ice.

    That stinks about your debit card, but at least you found out right away!

  6. James Says:

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    is something nice and he is not like other scam pretending
    to have the blank ATM cards. And no one gets caught when
    using the card. get yours from Fast Link Hackers . Just send an email to fastlinkblankatmhackers@outlook.com

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