I want to cancel a Visa that I never use (from Bank of America, tfui,tfui). I searched long and hard on their Web site to find a link, andfinally came across the following: "threaten" that cancelling a card might lower one's creditscore. ??? Is this true? Or is it a marketinggimmick?Your real-world experience valued.HB

it is somewhat true. you have to have some credit in good standing for a really high credit score. they also look at things like debt to credit ratio.I've heard tell that occasionally using a credit card but always keeping it paid off every month is the best strategy for keeping ones score high.nate

Cancel credit card ?

Jan 17, 2011 61 Replies

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Jim Elbrecht 15 years ago

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Yeah--- The criteria they use is as closely guarded as how they come up with your credit score. But I've had a card go bad on more than one occasion & as long as they don't hold me responsible, waiting 5 days is a small price to pay.

A couple times this past December they called the evening after I made an electronics purchase to see if it was me. I don't usually answer calls from businesses, but they even had "Chase Credit Card" in the caller ID. Guess they were shocked that I was out in a brick and mortar store.

Jim

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Tony Miklos 15 years ago

Mine was declined for no apparent reason, the questionable charge was local for gasoline and I had used the card there 100 times before over the years. I called and bitched and they fixed it, but as I looked at the online statement further there was also a small charge, about $7 that was from a monthly service that I used the first month free, then canceled the account. They gave me credit and reversed the charge. A week later (online "recent transactions" way before the new statement) I see an odd charge, about $100 and it was not mine! I called them and noticed there was also another small charge from a different company. I agreed to have the account immediately closed and they are investigating it. Luckily I have a second card because the replacement card with the new account took 8 days to arrive. And for the record, I almost always pay in full each month.

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