Closing the OLDEST CC?!?

[islandchild82]

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jmbfl wrote:

If you have a closed account with a balance the balance counts toward the util calculation but the reporting CL does not - is that correct?

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Yes, that's right. So it's probably a good idea, when you have the option, to pay it off then close it.

[marty56]

What is your current util.  I lost 16 points on EX when an account that was a $0 was closed by the CCC.  My util wasnt bad to begin with.

If BofA wont convert you to a unsecured account and you really want to close it, make sure your total util is bellow 10% of your total available credit mnus the limit added by the secured card.

People who know me here know that I hate BofA but some companies wont offer you another card if you have closed one of their accounts in the past.  I dont know if BofA does this or not.

[haulingthescoreup]

OP, please read the initial post on "Closing Credit Cards" --it's stickied up at the top of page 1 of this Credit Cards board.