Hi, all, I have about $50K in CL across a few cards. I have a BofA card that had the limit cut back in 2008 from 6K to 1K. With all of my other cards having limits exceeding 10K, I was thinking about closing this account. Also, the reward program sucks and the APR is close to 26% that hasn't changed, so I don't use it a whole lot. Any thoughts on how this might impact my FICO? I only have 1-2 HP between each of the CB, my CU is about 12%.
Thanks
Starting Score: TU 620 EX 535 EQ 615
@pennccrn wrote:Hi, all, I have about $50K in CL across a few cards. I have a BofA card that had the limit cut back in 2008 from 6K to 1K. With all of my other cards having limits exceeding 10K, I was thinking about closing this account. Also, the reward program sucks and the APR is close to 26% that hasn't changed, so I don't use it a whole lot. Any thoughts on how this might impact my FICO? I only have 1-2 HP between each of the CB, my CU is about 12%.
Thanks
Zero FICO impact for the next 10 years (until it falls off your report), though TBH assuming you're on one of their current $0 AF crop of cards, not certain I see much upside to closing it unless it's just irritating you.
There's something to be said for keeping $0 AF national bank cards forever, and BOFA almost certainly will come out with a new product which is more attractive from a rewards perspective in the future that you might be able to product change into. I know I'm not giving up the original BOFA secured card that I started with that is now sitting at a barely used, comparitively low limit $0 AF card.
They also have a dedicated APR reduction number that you could try before closing.
1) Keep it open.
2) Try to get a CLI.
3) Try to get an APR Reduction
4) Call about PC to a different product with more rewards
In that order 
BofA rocks in my book, so my advice is to work with them.
I also went through CLD on both my BofA cards, and other banks. However BofA did not change terms, so I kept my 7.9%APR on my AMEX, and 11.24%APR on the MasterCard. The limits are usable still, and they recently gave me a $3k auto CLI on the AMEX, and BT offers every month like clockwork.
Are you using the card for PIF spend? Highly recommended. APR is irrelevant for PIF.
@NRB525 wrote:1) Keep it open.
2) Try to get a CLI.
3) Try to get an APR Reduction
4) Call about PC to a different product with more rewards
In that order
BofA rocks in my book, so my advice is to work with them.
I also went through CLD on both my BofA cards, and other banks. However BofA did not change terms, so I kept my 7.9%APR on my AMEX, and 11.24%APR on the MasterCard. The limits are usable still, and they recently gave me a $3k auto CLI on the AMEX, and BT offers every month like clockwork.
Are you using the card for PIF spend? Highly recommended. APR is irrelevant for PIF.
Thanks, for all the advice. I actually got this card before BofA bought MBNA, so this card was actually a Wachovia card, issued by MBNA (if anyone is old enough to remember them!) So it's a pretty older reporting card (but not my oldest) and likely helps out my AAoA. NRB525, I do PIF my BofA cards so your right, APR isn't really an issue. Honestly, its more the CL than anything else, since I can't really spend more than $300 without getting dinged for utilization. Also, I live in San Francisco where $300 doesn't get you very far ! 
I think it just comes down to remembering to use it since I have two cards with AF with really great rewards, so I like to put the bulk of my charge volume on those.
Think I will call them up and see if they can offer anything substantial, so thanks everyone for this. I feel honored to be surrounded my many credit enlightened ppl ! One final question, with BofA I haven't really updated my income profile in close to ten years. Think that's worth mentioning since its increased a fair amount since I initially started working?
Cheers !
@pennccrn wrote:
@NRB525 wrote:1) Keep it open.
2) Try to get a CLI.
3) Try to get an APR Reduction
4) Call about PC to a different product with more rewards
In that order
BofA rocks in my book, so my advice is to work with them.
I also went through CLD on both my BofA cards, and other banks. However BofA did not change terms, so I kept my 7.9%APR on my AMEX, and 11.24%APR on the MasterCard. The limits are usable still, and they recently gave me a $3k auto CLI on the AMEX, and BT offers every month like clockwork.
Are you using the card for PIF spend? Highly recommended. APR is irrelevant for PIF.
Thanks, for all the advice. I actually got this card before BofA bought MBNA, so this card was actually a Wachovia card, issued by MBNA (if anyone is old enough to remember them!) So it's a pretty older reporting card (but not my oldest) and likely helps out my AAoA. NRB525, I do PIF my BofA cards so your right, APR isn't really an issue. Honestly, its more the CL than anything else, since I can't really spend more than $300 without getting dinged for utilization. Also, I live in San Francisco where $300 doesn't get you very far !
Think I will call them up and see if they can offer anything substantial, so thanks everyone for this. I feel honored to be surrounded my many credit enlightened ppl ! One final question, with BofA I haven't really updated my income profile in close to ten years. Think that's worth mentioning since its increased a fair amount since I initially started working?
Cheers !
Thanks for sharing your story. Please let us know the outcome of your inquiries.
Just an update:
Called BofA to get some better terms on this card, I left with more questions than answers:
1) Got transferred to the retention department, rep was nice but was very confused b/c per her own admission this account was in "excellent" standing and why the APR was so high- even went on to throw a balance transfer offer for me (don't really need it, but thanks). I proceeded to tell her I live in San Francisco and 1K wouldn't even get me through two weeks of living expenses ... haha.
2) The CSR was perplexed on why I would have a 13% APR on one card and a 28% on this card, told her that I forget to use this card with a small limit. Told her that I avoid using this card because of the APR (not really true but just to put a little pressure) and the low CL.
3) Chatted a bit about merging merging this CL with my other card, which would be best - although the outcome of this was that it would take three days to be reviewed by a "credit analyst"
Anyway, didn't really make any headway. My initial impression is that this really an annoyance and a waste of my time - but I'll stick it out to see what this analyst has to say. Thoughts?
@pennccrn wrote:Just an update:
Called BofA to get some better terms on this card, I left with more questions than answers:
1) Got transferred to the retention department, rep was nice but was very confused b/c per her own admission this account was in "excellent" standing and why the APR was so high- even went on to throw a balance transfer offer for me (don't really need it, but thanks). I proceeded to tell her I live in San Francisco and 1K wouldn't even get me through two weeks of living expenses ... haha.
2) The CSR was perplexed on why I would have a 13% APR on one card and a 28% on this card, told her that I forget to use this card with a small limit. Told her that I avoid using this card because of the APR (not really true but just to put a little pressure) and the low CL.
3) Chatted a bit about merging merging this CL with my other card, which would be best - although the outcome of this was that it would take three days to be reviewed by a "credit analyst"
Anyway, didn't really make any headway. My initial impression is that this really an annoyance and a waste of my time - but I'll stick it out to see what this analyst has to say. Thoughts?
It sounds like they do need some time to catch up to the account, to figure the possibilities. As long as they are just working through their procedures, my opinion is to just let it flow. Pestering a bureaucracy is not terribly productive
After you get a final response, then decide what to do.
Good luck!