@black_citi wrote:
@HiLine wrote:
@Anonymous wrote:Personally imo not a wise idea. With time comes limit increases and the BOA Cash Rewards card is a top tier card. 400 more limit on a card not as good. Why didn't you just sock drawer it and wait?
Yup, canceling a no-AF credit card is almost never a good idea. In fact, Bank of America is one of the most generous credit issuers with credit limits. Most, if not all, of the 5x or 10x CLI's reported on this forum have come from Bank of America. Usage is the key.
Do they like when you pif each month? With an initial limit of $500 I can only go so far. I tried asking for a cli on my 4th payment but was declined. I used about 95% of my limit for the first 4 months and pif each month.
I always paid in full, usually before the statement closed so that I would not be considered a risky consumer. I don't know how long you'd have to do this to qualify for a large credit limit increase though, honestly. I didn't apply for more limit with them until the 10th month. Worth the wait.
In general though, I totally understand people's desire to close credit cards they do not use or need. I view this as the same thing as throwing away stuff that you no longer use; at this point anything becomes trash. Having more makes people stressful. The OP has a fine credit history, I'm sure. Closing this one card is not going to do his credit any harm.
After being on this forum for a while, you can get the illusion that everyone has perfect credit or needs or wants to have prefect credit. You can become obssessed with making your credit perfect and helping people get perfect credit. The truth is, this process takes a lot of will power and personal attention; it takes away the time and energy you could spend somewhere else. For the vast majority of people, 3-4 credit cards is all they need and want and feel comfortable managing. Anything beyond this can cause stress.
I really never thought about this until I started my blog and tried to step in my readers' shoes. I have also tried to talk my friends into getting their 2nd credit card, and listening to their reasoning made me realize how uncomfortable it is for most people to step into this credit territory. If managing 2 credit cards sounds that uncomfortable, how would the general population feel about handling 5 or more credit cards?
Most of the time, squeezing a couple of extra points of credit score just isn't worth the effort for most people.
@juggar wrote:
@MarineVietVet wrote:
@juggar wrote:You dun goofed OP, like really bad....
BoA is highly generous, in fact, they have always approved my humble CLI request.
@I maxed the card at $3,500 when buying a car (for that 1% cashback, paid off the card next day with HELOC @ 3% APR)
two days from then I asked for a $1500 increase, they approved it immediately, I now know I should have asked for MUCH more now. Oh well, its a siggy now.
Hope you learned form your impaitent mistake.
Not exactly a friendly, supportive, or respectful post.
We can disagree with the actions of someone else and forcefully voice that disagreement but we need to do so in the proper manner.
I'll ask once again who among us has not regretted a decision we've made?
I was just explaining to him that it was not a wise choice to cancel one of his best credit cards because " they wont give me an increase" and " im scared of fraud...(really???)".
His reasons are vague and dont make much logical sense.
If I came off a rude or disrespectful then I am sorry but people need to hear the truth and not be told what they want to hear.
If OP thinks he made the right decision then good on him.
My reasons for cancelling my card are not vague as you put. Its your opinion and you're entitled to it but I didn't ask for anybodys imput on my decision. I just gave my personal reasons for why I did what I did just like everyone else. I'm 100% percent convinced you've made some rather stupid mistakes that I would consider dumb and illogical but since it has nothing to do with me, I don't care.
@Involver wrote:LOL the classic "People have no right to judge things I post publicly on the internet" response.
I am well aware that when things become public people judge and when that judgement is returned back to them they get offended. However what I did was a personal decision without anyones imput and why some are having a difficult time understanding that is beyond me.
