Credit Card Center Advertiser Disclosure

Established Contributor
Posts: 736
Registered: ‎03-15-2007
0 Kudos

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.



American Express Blue Cash Everyday; American Express Everyday; Barclay's AAdvantage Aviator World Elite MasterCard; Citi Thank You Premier World Elite MasterCard; Citi Double Cash; Navy Federal cashRewards Visa Signature Card.
Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
0 Kudos

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.
Posts: 93
Registered: ‎03-14-2009
0 Kudos

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
0 Kudos

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: 29,448
Registered: ‎10-23-2007
0 Kudos

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.
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0 Kudos

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

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.