05-29-2009 08:05 AM
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.
05-29-2009 08:18 AM
05-29-2009 05:19 PM
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.
05-29-2009 05:37 PM
05-29-2009 07:33 PM