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Established Contributor
Posts: 674
Registered: ‎03-15-2007
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Re: I fired BoA last evening...

I think that cancelling a credit card is not as bad as we are making it out to be. I personally do not care about losing available credit, or the credit limit. I have seen credit scores in the 800's and over, with a couple of credit cards totalling $3K. And some people with credit limits totalling $100K, and still a fico score in the 800's.

 

It does not matter how much credit one is given, the score can only go so high. As long as you pay in full each month, make your payments on time, you will be fine.

 

So losing one credit card with a $25K limit is not murder to your credit profile. The majority of your credit score is base on payment history anyway. I agree, now you have one least credit card to kept track of. Saves you a headache of worrying about them cancelling the card due to inactivity, and gives you a peace of mind.

 

I have cancelled four credit cards in the past year. I've check my fico score yesterday, and it has increased 30 points.

 

Cory

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: I fired BoA last evening...

The Closing Credit CArds thread found stickied somewhere here is a great thread to read. Aside from mix of credit, there's no harm in closing a CC so as long as the utilization on the other CCs is in check. As you mentioned, large or small CLs don't determine how good a score is. I once saw a poster that had only $1k in total CLs (Target and a couple of small CCs) with FICO scores around 820. It is how you use the CLs you are given that counts.
Contributor
Posts: 93
Registered: ‎03-14-2009
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Re: I fired BoA last evening...

Banks also get money back from Visa/MC & Amex.  I know BOA gets 1% back from Visa/MC and 3% back from Amex.

Frequent Contributor
Posts: 351
Registered: ‎12-09-2007
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Re: I fired BoA last evening...

Update to original post:

 

This evening I called the BoA executive offices and spoke with a corporate CSR. Their phone number is 704-386-5687.  I explained the situation with my account - I was calm, polite, and professional.  I explained why I closed the account and I told her that my remaining CCs (Chase, Citi, Amex, and Discover) all have APRs below 10%  (true, except for Home Depot).  She said that she was surprised by this and that BoA aligned their APRs with the other major banks.  No, you are not.  She wanted me to send in statements as proof of my APRs.  Will you then lower my rate?  No, was the response.  Sorry, I will not send you my other statements.  Would you like to apply for a new card?  No, thank you. 

 

Sorry you feel that was, Ms Scout.  Goodbye.

FICOs as of 09/2009 - TU 813, EQ 811, last known EX 797
FICOs as of 08/2009 - TU 791, EQ 809, last known EX 797
FICOs as of 07/2009 - TU 806, EQ 809, last known EX 797
Epic Contributor
Posts: 24,316
Registered: ‎10-23-2007
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Re: I fired BoA last evening...

I think that takes a lot of nerve for a company to invade into your privacy with your other credit accounts to prove APR. Glad you stayed calm because I would have lost it.
Fico Scores: EQ- 670., TU 705 Sync, EX 700 (04/20/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
83 Cards and Counting :smileytongue:
Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: I fired BoA last evening...

They have no way of knowing what your other APR's are. I hate it when they make statements like that --"Ours are in line with other banks."
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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