How do you cancel a credit card without losing a lot of good credit record?
magicbob_10 asked:
I have a Bank of America Credit Card and they just double the interest rate to 28 percent even to all good customers. I know by canceling it hurts my credit history.
I have a Bank of America Credit Card and they just double the interest rate to 28 percent even to all good customers. I know by canceling it hurts my credit history.
Credit history stays on your report even if the card is cancelled. Active credit counts MORE, but who cares? Make your financial decisions based on financial issues, not some arbitrary score. Quit worrying about your FICO score.
First, I would call them and ask why your rate changed. It may be in error. If you still unwilling to use the card, don’t cancel it. Either put it away somewhere safe or cut it up.
Its okay to have a closed credit card as long as it is in good standing and closed by you not them for bad pay history. Just make sure it is paid off and then cancel it. It actually is not bad.
are you sure about this?
I have a bank of america card and the interest is NO where NEAR 28%.
Please call them. It sounds like they got a payment late from you. If your payment is not 30 days late it wont show up on your credit report but it will show up on their system as a violation of the terms of the lower interest rate!
Either way, no need to cancel the card, just pay it off and put it some place. Every 4 months or so use it to buy something at mcdonalds (so you can pay it off right away!)
You cant. The age of your credit cards is a large part of your score. close the account – your credit will suffer. Why not just pay it off, leave it open and cut it up?
I recently heard that B of A was doing that. How horrible!! Even if you cancel the account it will still reflect your pay history on the credit report. Only underneath it will state “closed by consumer”. Most people in the credit biz will understand why. Not a problem.