You should ask them if you are eligible for the bonus before deciding. It will hurt your AAoA since it will show on your Reports.
I would call and ask if BOFA would honor the promotion you saw vs reapplying.
Average age of accounts
@destine2grow wrote:
I would call and ask if BOFA would honor the promotion you saw vs reapplying.
+1 Chase has been known to do this so maybe Bank of America ?
My score jumped 25 points going from a 4 year AAoA to 5years. If you close accounts it will slow your AAoA by any math. Also the more credit cards you open the lower the AAoA.
Length of credit history (15%)
Your FICO Score takes into account:
•how long your credit accounts have been established, including the age of your oldest account, the age of your newest account and an average age of all your accounts (AAoA)
•how long specific credit accounts have been established
•how long it has been since you used certain accounts
Sadly, I just had to close my Bank of America Cash Rewards today, it was my oldest of 2011 to avoid the annual fee of $39. I would have LOVED for them to waiver the $39 fee or remove the annual fee permanently, but they said they couldn't do it..
The rep had me sign up over the phone for a new 1,2,3 card (now 2014) that was instantly approved. Since the old one is being canceled anyways, couldn't I cancel the new one?
Really sad to hear about the AAoA.. I'm not sure when I opened up my next CC, probably over a year later. I opened 3 cards in the past year 1/2 so I'm guessing my average isn't that great, but then I guess the length of history drops. 
If only I got a Amex!
The BoA Credit card rep I spoke to about the $100/$500 thing said she placed an application to someone higher up in the BoA office for approval. She said it's no guararantee that it'll be approved and that'd I would get a call or mail of their decision. I had this strange feeling that she was just trying to make me feel better..
@Anonymous wrote:Sadly, I just had to close my Bank of America Cash Rewards today, it was my oldest of 2011 to avoid the annual fee of $39. I would have LOVED for them to waiver the $39 fee or remove the annual fee permanently, but they said they couldn't do it..
The rep had me sign up over the phone for a new 1,2,3 card (now 2014) that was instantly approved. Since the old one is being canceled anyways, couldn't I cancel the new one?
Really sad to hear about the AAoA.. I'm not sure when I opened up my next CC, probably over a year later. I opened 3 cards in the past year 1/2 so I'm guessing my average isn't that great, but then I guess the length of history drops.
The BoA Credit card rep I spoke to about the $100/$500 thing said she placed an application to someone higher up in the BoA office for approval. She said it's no guararantee that it'll be approved and that'd I would get a call or mail of their decision. I had this strange feeling that she was just trying to make me feel better..
They might decline you even if you cancel this one and personally I think the risk outweighs the rewards here and isn't worth losing a CC over $100 imo. If you have a file as old as 40 years I would say go for it but for newer ones i wouldn't risk it