This month I welcomed credit cards back into my financial mix. I hadn’t used my credit cards for months while trying to close on my house. I was relegated to my debit card for about 95% of all purchases. Well, last month I brought credit cards back into my life and it felt great. But the truth is I’m still in a holding pattern and it feels like my new norm.
Since I didn’t have any desire to go on a spending spree. I decided to start making the important financial tweaks that I wanted to make but couldn’t. The first thing on the To-Do list was to ask for a credit line increase on two of my three credit cards. It was really easy to do and I was instantly approved by both cards. Only one of the two card holders did a hard inquiry but the inquiry still caused my score to drop five points, which is why I couldn’t do it before I closed. But mission accomplished and I should have the points back by the end of the year.
My next order of business was finding a holding account for my new mortgage payment. I decided on the Fidelity Cash Management account because it requires no minimum deposit, provides free checks, ATM card, and all ATM fees are reimbursed at the end of the month.
It was very convenient but it didn’t work out the way I planned. I’m not really interested in expanding my banking territory. So, I guess my mortgage payment will have to sit in my checking account all month long until I figure something else out. I’m not worried about spending it. I just don’t like looking at it.
My last order of business was to go through my accounts and figure out how much I would increase or decrease the automatic deposit for each account in the new year. I wrote it all down and will make it official for January. As for my net worth update. Things are really, predictable at this point. For the most part, everything has increased across the board thanks to a stock market that just won’t quit and my automatic deposits.
October Net Worth Update
SEP IRA: $5,169.71
Stocks (taxable) $2,650.00
Investing fund $1,600.00
Credit Card: $7,000.00 @ 0%