Bank of America just closed my account. Should I care.

bigpanda

Ok, so after 10 years of service with Bank of America they closed my credit card account after not having used it for a year. I paid it off and haven't had a need to borrow money from them at their exorbitant interest rate (which I requested was lowered but they wouldn't do it). So I don't really care that they closed the account other than the fact that it's the oldest account I had open and know it's going to affect my credit rating. So how much will this impact me and should I care. I mean, shit, I'm proud that I don't need to borrow money from them to live. I'm against credit cards in general but don't want my credit rating to go down as I'm hoping to buy a house in the next 2 years. Not sure if it's relevant but my credit rating before they closed the account was between 740 and 760 depending on the credit bureau you look at, I'm heading over to check it now but it might not be updated yet.

So if I should care, is it possible to call them back and request the account be reopened? I have a feeling they're going to try to get me to open a new account which I won't do since it doesn't do me any good as I have several other cards, just with a shorter duration that the accounts have been open.

I can't say that part of me doesn't want to call them up and get all Denzel from Training Day on 'em.

Cauld

they probably have a provision where they close accounts that have no activity for a certain amount of time. I think the more important thing to take from this is that you should use your credit cards. You should use them for purchases that you would make anyway, and you should pay off your cards in full each month. You shouldn't pay any interest if you do pay off your card each month.

Having credit cards does help your credit, but using them also helps your credit. To use them you don't ever have to pay any interest. In fact, paying more than your minimum balance and keeping a low balance are both good for your credit. If you pay off your account in full every month you'll accomplish both of those things.

nome

Since that was your oldest card it will have some effect on your score. I doubt it will be much though. Part of your score is determined by the length of your credit history. Since you have many other cards I really wouldn't worry about it. Your score might go down a little in the short term and then start creeping up again after a while.