BOA HUGE CLD 👎 Keep open or close?

[Anonymous]

You mentioned that one of the reasons cited by BofA for their adverse action is " too many accounts with balances."  Closing your account will have a negative effect on your FICO scores by increasing the percentage of accounts with balances vs total number of accounts unless you also pay off other accounts.  For some credit profiles and credit bureaus, the penalty occurs when one-third of accounts have balances, for others it occurs when one-half of your accounts have balances.

[Anonymous]

I agree with keeping it open, while at the moment it may feel insulting, you might as well keep that 12 year history. That's worth considerable weight alone since you can't gai n that back as quickly as a CLI. Also what would losing the current CL do to utilization, it's probably bad enough as it was losing the $20K. 

Look on the positve side, BoA does SP for CLI now. 

Plus in time they may even restore it as the economic situation changes. 

[chrisw1968uk]

I think it would be wrong to close it as if you were throwing a tantrum, let's face it here, they don't give 2 "squits" whether you close it or not - but if it makes you feel better.....................

[AverageJoesCredit]

Ill be honest, ive closed 2 credit cards out of spite or being upset and after some time to reflect , wish i hadnt done it. Sure they were never going to grow but they werent bad cards and i had at least an in with those lenders. 12 years though in this myficoing age is hard to come by. You cant buy that on Amazon

[Anonymous]

If it happened to me,  I'd keep it open and assume the problem is me. Then I would work to put a huge dent in the debt and request a CLI. If I got it, then I'd know it was me.

[Anonymous]

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@Remedios wrote:

That's why it's important you dont make any decisions while this is upsetting 

You'd only hurt yourself of utilization goes up even more

Let the card simmer in SD till you secure replacement then decide.

I'd personally keep it out of spite and because of age

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All of this, but especially the age of the account.

Ah, good old Bank of A-Holes! LOL! 

Please keep the account in a sock drawer for its age. You will not regret it. My oldest acct is with BofA and it was closed when I had my financial disaster last year. It really bothers me to know that all that age is down the toilet. At least it'll stay on my report as a closed account for a while longer... but it makes me so sad.