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Jul27
Closing a Bank of America Student Visa Credit Card?
4 Comments
Missy asked:
Okay I got a credit card by mistake about 2 months ago. It was a Bank of America Student Visa Credit Card. I nothing about history so when I got the card I cut it up and closed it over the phone. I never used it. My aunt told me later that it would hurt my credit and that I should have left it opened. I did not know because I know nothing about credit cards. Will my credit score go down? If so, by how much? Please be detailed. I know nothing about this stuff.
visa credit cards
4 responses to “Closing a Bank of America Student Visa Credit Card?” 
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The amount of scoring is based on the Credit you have available to you on your existing credit cards. You can recontact them and ask them to reopen the account also, you dont have to USE IT.. just have the AMOUNT OF THE CREDIT LIMIT ON RECORD available to you.. the higher the amount of credit available to you the higher your score.. Dont worry if youre a student there are hundreds of companies willing to offer service to you. KEY THING . Dont put yourself in debt. charge a little bit and pay it off on TIME EVERYMONTH. Dont spend more than you can afford to pay back!!
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Well, if that’s the only card you ever had, and you never had it. you pretty much never established a rating to cause it any harm… what can I say…if you want to establish, keep the account open, and use it and pay it, and repeat the process
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Since you know nothing about credit cards, it is a good thing you chopped it up and closed the account! If you knew what you were doing, you would have kept this card as your first opportunity to start creating good credit.
Do not touch any credit card until you get yourself properly educated on how to obtain and use credit wisely. Go to the library — there are tons of books on the subject of credit!
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No. Opening & closing one credit card won’t do much; it may not even appear on the report since your turn around was so quick. If you do not have much or any credit, however, you do not have much of a credit score anyway (which sounds like the case). You have to HAVE credit to get a CREDIT score because the score is based, in a large part, upon companies reporting your payment history monthly on credit cards and mortgage loans and car loans, etc. You are not “born” with a score and then “lose points”. Credit score companies (there are 3) report the maximum limit of the card, your maximum charged amount (ever), and whether you pay promptly each month or are 30, 60, 90 days late. HOWEVER, if your loan servicer doesn’t report to one of the 3 companies, it never gets into your credit profile.
You can see your credit report for free once a year (or more if you are ever turned down for credit) by going to : annualfreecreditreport.com
Party G July 30th, 2010 at 10:22