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Discussion in 'The Okie Corral' started by HalfHazzard, Oct 13, 2012.
So my credit card switched from whoever it was to Bank of America. Should I keep it or cancel it?
Cancel it even if the terms are the same.
Cancel. BOA will try and screw you. I cancled them last year when the wanted to charge me annule fee because I didn't use the card.
Just my opinion but I would not have anything to do with BOA.
BofA closed all of my families business and personal accounts a few years ago, for no(given) reason. That included my Bass Pro Shop Visa rewards card. It shows as "Closed at the request of consumer" on my credit report, but that is a big lie.
I already had a credit card from BOA but they sent me a second one for no reason. Never activated it and then one day I started getting statements for that card. Turns out they automatically activated it for me and charged me the annual fee for the card plus interests!!!
Ok, tingly spider sense with regard to BoA was correct.
If I cancel the account, will it reflect poorly on my credit report report? I've got a relatively good score right now, and I've had that account for 7+ years. I'd probably replace the card with one from another bank I trust.
BofA customer here for 10+ years. Never had any issues. Enough with the hate here, they are no worse than any of the other mega banks.
It shouldn't hurt it too badly, as long as you have other accounts with over 12 months of credit history on them.
I'm probably the only person on GlockTalk who hasn't had any problems with BoA. I have been with BoA for 5 years; never had them do anything wrong to my checking account, savings account or credit card.
P.S. Looks like there are two of us - me and harlenm.
I've made BoA buy my last three guns with cashback bonuses on new cards after which I never carry a balance and usually close them out. I would feel bad but it gives me satisfaction to Let them buy me guns considering their anti gun policies
As long as it is closed in good standing I don't think it has any negative affect at all.
I have some cards that have gone BOA and the only negative thing has been the constant junk mail. The send check about every week.
as long as you have other accounts with a history of similar length and use you will be fine.
I work in the mortgage banking industry, HATE BofA. Ironically the loan from the purchase of my current home was bundled and sold to the bastards. I am not happy.
BofA, CITI and Wells are all sleazy bottom feeders.
Add me to the list ... checking, savings and credit cards (wife has one as well) with BofA for over 15 years ... no fees, no problems, no complaints.
I've been with BOA for 11 years with no problems. They have been great for me. Checking, savings, and credit cards. I guess put me in the odd group?
I don't know about closing...just be prepared for a hit. I paid one off, closed it a month later, then took a 70 point hit. My score is slowly coming back up, but that was a big WTF.
Your credit score will probably take a small hit, but there are many factors. If you have 2 credit cards and you close one, and have a balance on the other, then your debt to available credit ratio just doubled. That's bad.
If you already had 15 credit cards and too much available credit, then you just lowered it, which is good.
I would just keep it unless you have a reason not to.
I would have my finger on the eject button but I would not be pressing it until they do something to deserve it.
One of my wife's cards got switched to BoA and it hasn't been a problem yet, but we keep a close eye on it.
On a side note, I just want to remind everyone to closely check their statements for every card that they use...I routinely find double charges in my statements, an average of twice per year. My bank is very quick to fix it but it's something you have to keep an eye out for! I think I've saved around $50 in the 6 years I've had a credit card just on double charges.
Our old bank credit card went BOA a few years ago and although we don't particularly like BOA, we've had no difficulties with them. Of course, we use the card on a regular monthly basis but pay off any debt at the end of that monthly period. We've NEVER paid them a penny in fees or intrest and don't ever intend to.