Closing secured card, will it hurt me?

[Anonymous]

I bought my way into a better FICO score by dropping $5300 on a secured Visa with Bank of America. I want to close it, because I feel that I'm not getting anything for having my money in the bank. I'm a customer, they are the crappy business and should be more thankful that I have my money there. So I plan to pull out my $9K, which will hopefully help cause pain for them (that removes $80K+ in lending ability!).

Banks treat customers bad with fees, and people forget that they are in control and they are the customer. It's time to throw it in the banks faces.

But I'm wondering what effect it will have on my FICO score? Really I shouldn't care, because to pander to the FICO garbage is to pander to a company that sells lame computer modeled valuations of our personal data, then makes money from US as CUSTOMERS for their information being wrong (we pay to get credit reports to correct data... incorrect data on us is profitable to them).

[Anonymous]

How old is the account?

[Anonymous]

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bubbleboy wrote:
I bought my way into a better FICO score by dropping $5300 on a secured Visa with Bank of America. I want to close it, because I feel that I'm not getting anything for having my money in the bank. I'm a customer, they are the crappy business and should be more thankful that I have my money there. So I plan to pull out my $9K, which will hopefully help cause pain for them (that removes $80K+ in lending ability!).

Banks treat customers bad with fees, and people forget that they are in control and they are the customer. It's time to throw it in the banks faces.

But I'm wondering what effect it will have on my FICO score? Really I shouldn't care, because to pander to the FICO garbage is to pander to a company that sells lame computer modeled valuations of our personal data, then makes money from US as CUSTOMERS for their information being wrong (we pay to get credit reports to correct data... incorrect data on us is profitable to them).

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You are getting something for your money:  a higher FICO.  I would advise you wait until the card becomes unsecured before closing it.  If you close it now, it will forever say "emerging credit" on your CR, and on manual review lenders will know this was a secured product.

[niecey89]

But I'm wondering what effect it will have on my FICO score? Really I shouldn't care, because to pander to the FICO garbage is to pander to a company that sells lame computer modeled valuations of our personal data, then makes money from US as CUSTOMERS for their information being wrong (we pay to get credit reports to correct data... incorrect data on us is profitable to them).

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Bubbleboy, you have made this comment on more then one post. my question to you is :

why are you here if you are not happy with your results? The post are suppose to be positive and informative.

Message Edited by niecey89 on 09-30-2008 02:39 PM

Message Edited by niecey89 on 09-30-2008 02:39 PM

[Anonymous]

hi there ! i m just curious did you close you boa secured acct yet?

if so, how bad was that on your fico score ?