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BOA Credit Card with fee - To close or not to close

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tony46231
Contributor

BOA Credit Card with fee - To close or not to close

I have a BOA credit card that I've had for over 10 years that has a 59 dollar annual fee.  I'm wondering if I should keep this card or close it.  This is the only card I have that has been open since 2003 other than my Capital One card.  Should I keep the card open and contine to pay 4.XX/mo in fees?  My question is due to the fact that I'm looking to take on a home loan in the next couple of years.  The fee is very little, if closing the card is going to make a big difference in my credit score, but if it's not going to matter, I'd rather save the 4.XX per month.

 

Other than the BOA card I have the following ....

 

JC Penny Store Card - Open since 07/2008

 

Chase Amazon Card - Open since 05/2006

 

Capital One Card - Open since 11/2003

Starting FAKO Score: 08/16/13 - EX: 702 EQ: 694 TU: 702
Starting FICO Score: 08/19/13 - EX: ??? EQ: 700 TU: ???
Lender Pulls: 02/28/14 - EX: 736 EQ: 716 TU: 748
Closed on 04/25/2014 - Loving it!
Message 1 of 20
19 REPLIES 19
blk8
Regular Contributor

Re: BOA Credit Card with fee - To close or not to close

I would call and see if you can get PC to a card with no fees.



FICO: EX 662 | EQ 670 | TU 681
Message 2 of 20
tony46231
Contributor

Re: BOA Credit Card with fee - To close or not to close

What does PC mean?  I don't see a sticky with a glossary of acronyms Smiley Sad  Sorry for the stupid question.

Starting FAKO Score: 08/16/13 - EX: 702 EQ: 694 TU: 702
Starting FICO Score: 08/19/13 - EX: ??? EQ: 700 TU: ???
Lender Pulls: 02/28/14 - EX: 736 EQ: 716 TU: 748
Closed on 04/25/2014 - Loving it!
Message 3 of 20
myjourney
Super Contributor

Re: BOA Credit Card with fee - To close or not to close


@tony46231 wrote:

What does PC mean?  I don't see a sticky with a glossary of acronyms Smiley Sad  Sorry for the stupid question.


PC= Product Change There are no stupid questions here just help for all

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 20
coldnmn
Mega Contributor

Re: BOA Credit Card with fee - To close or not to close


@tony46231 wrote:

What does PC mean?  I don't see a sticky with a glossary of acronyms Smiley Sad  Sorry for the stupid question.



It's under helpful threads at the top of the page. Then go to helpful abbreviations. 

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 5 of 20
tony46231
Contributor

Re: BOA Credit Card with fee - To close or not to close

Thank you for that!  Glad to have been pointed in the right direction of that glossary.  

 

Will a PC show up on my credit reports at all?  Will my account number change if I do it?  

 

 

Starting FAKO Score: 08/16/13 - EX: 702 EQ: 694 TU: 702
Starting FICO Score: 08/19/13 - EX: ??? EQ: 700 TU: ???
Lender Pulls: 02/28/14 - EX: 736 EQ: 716 TU: 748
Closed on 04/25/2014 - Loving it!
Message 6 of 20
myjourney
Super Contributor

Re: BOA Credit Card with fee - To close or not to close


@tony46231 wrote:

Thank you for that!  Glad to have been pointed in the right direction of that glossary.  

 

Will a PC show up on my credit reports at all?  Will my account number change if I do it?  

 

 


In some cases a PC can result in a new account 

Call ask for PC and ask will it be a new account or will it keep the same number 

Pretty sure BofA PC's do not change account numbers tho...others will chime in 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 20
Beane
Regular Contributor

Re: BOA Credit Card with fee - To close or not to close

I asked for them to remove the annual fee on my BoA and they told me they couldn't do it.  Instead they changed my card to a Cash Rewards Signature card.  I figured I'd keep it until I get the limits on my 4 new cards up and then make another final pitch before closing it, but that will probably be in a year or so.


FICO EQ: 733 TU: 727 CS FAKO EX: 737                                                                                               In the garden since 5/9/13
Message 8 of 20
tony46231
Contributor

Re: BOA Credit Card with fee - To close or not to close

When they made the change for you to the Cash Rewards Signature card, did it in any way affect your credit report?  I don't want to switch products and see that one is closed that I have had for over ten years and a new one opened.  

Starting FAKO Score: 08/16/13 - EX: 702 EQ: 694 TU: 702
Starting FICO Score: 08/19/13 - EX: ??? EQ: 700 TU: ???
Lender Pulls: 02/28/14 - EX: 736 EQ: 716 TU: 748
Closed on 04/25/2014 - Loving it!
Message 9 of 20
myjourney
Super Contributor

Re: BOA Credit Card with fee - To close or not to close


@tony46231 wrote:

When they made the change for you to the Cash Rewards Signature card, did it in any way affect your credit report?  I don't want to switch products and see that one is closed that I have had for over ten years and a new one opened.  


PC's do not affect CR's unless it's a new account 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 10 of 20
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