Question
Should I close this credit card account?
I am a 19 year old college student and I have 3 credit cards. I never carry a balance on any of them. The cards are: Citi Student Rewards Card $5300 credit line, opened 03/08, no annual fee, 11.24% APR TD Bank Cash Rewards Card $2000 credit line, opened 11/08, no annual fee, 18.99% APR Bank of America "Platinum" card $1000 credit line, opened 7/08, $29 annual fee, 16.24% The Bank of America card was originally a partially-secured card, but has been converted to an unsecured card. It had become unattractive to me because of the annual fee, the relatively high interest rate, and the fact that it earns no rewards. So my question is, should I close this account? I am really trying to build a very strong credit score and I don't want to damage it by closing the account. Is there any way that I can get a different BOA card and convert the account without it showing as closed on my credit report?
6 months ago - 4 answers
Best Answer
Chosen by Asker
You should close the Bank of America card if you're not using it . You have other cards which is enough. Make sure when you close it you get in writing.
Source(s)
Retired bill collector 35 years
by stan c
6 months ago
Asker's Rating: 
Other Answers
Call BOA and tell them that you want to close the account because of the annual fee and they will waive it. That said, if you don't need three credit cards then you should close one of them.
by Harbinger- 6 months ago
I am not sure what's the practice of BOA where you are concerning annual fee but back here in Singapore you can ask the bank to waive the annual fee if you've been spending money on the card. The bank usually agrees. Why not try that. By the way, I heard over the BBC radio that BOA is in some trouble with its finance and may need government help. So just tell them you'll leave if they don't waive the annual fee - for that matter why should there be an annual fee when you're spending money on the card and the bank is earning interest from the merchants? Ha. best of luck!
by Frankis L- 6 months ago
Wao that scare me. I just call BAO to see if that if for all their card holder. and it looks that it does not. I also have a platinum card with a lot available credit. But there is not annual fee. My advise to you is: Call the bank see which other card you could switch this card to. in order to avoid the annual fee charge and also which options they have as far as giving or earning points. Once I did that but in my case it was just for earning the point. I had a card with no points. And they change or basically just added the reward options. Hope this help. And also yes you are right closing the account hurts the credit worthiness although it does not drop your score if you keep you overal debt to available credit (that is total) ratio under 25%. I always keep it under 5% and unless go over that percentage when I know I will pay it back in 2 month or less.
by Eagle- 6 months ago