A ratchet for use with a cord includes a pair of opposed tear drop shaped members defining a one piece housing for rotatably supporting a one piece ratchet spool, for supporting a pivotally mounted thumb release and for supporting an angularly displacable hook. Opposed circular cavities are disposed within the members to rotatably support corresponding bosses extending from opposed sides of the spool. A plurality of opposed interleaved non-radial ribs extend from opposed surfaces of the spool to frictionally grip a cord partially extending about the spool. A pair of wheels forming the spool are interlocked with and secured to one another through a key and keyway.