Question about credit card accounts ...

[purbeast0]

So before the PS3 came out, I got a new credit card hoping to score a few PS3's. As we all know, the launch was a complete debacle and I didn't get many. I didn't even have to activate this other credit card.

So randomly I just went to the online banking and enrolled in it to make sure that it hadn't been activated (I just found it and it still had that sticker on it saying to remove after activation). When I created my online account and was enrolled, it also showed some other BoA accounts I have that I had no clue about.

I have another account thats $2500, another one thats $7500, and then the card I had unactivated is like $10K.

I don't have the cards for the 2500 and 7500 accounts and I really have no clue when I opened them.

Are there any pros/cons to keeping these accounts opened/closed? I wanted to just close em out so I have fewer accounts open in my name, but would that be negative credit wise? On the other hand, would keeping it open hurt at all?

 

[sjvlad]

Having them open can hurt you if/when you apply for a loan or anything like that. If they run a credit check on you, those other open accounts could hurt you if they're looking at total credit you could max out.

 

[SoulAssassin]

Originally posted by: sjvlad
Having them open can hurt you if/when you apply for a loan or anything like that. If they run a credit check on you, those other open accounts could hurt you if they're looking at total credit you could max out.

There is 2% truth to what you just said. OP is no where near the area where it could hurt him. We're talking about 10K worth of credit here which is nothing. These cards have likely been open for a while and closing them would lower the average age of his accounts as well as decrease his overall available credit.

OP - unless they have an annual fee (unlikely) do not close these accounts.

edit: BAC will allow you to do what's called a close and transfer (c&t) and you can combine the credit lines from your accounts and merge them together (7.5k+2.5k->10k). Be mindful of what the rates are on the cards as well which ones have been opened longest (you want to keep the older ones).

 

[PokerGuy]

The longest active credit line is an important component in determining your credit score, so definitely keep the oldest credit line open. Use your cards to buy everything, and promptly pay off your bills each month. You'll continue to build good credit and at the same time be able to get rewards etc (depending on the card). There is no reason to close the accounts at this point.

 

[TallBill]

How many PS3s were you planning on buying? With my main credit card alone I could have bought 40.

 

[Strk]

The negative impact would typically be when they first ran your credit to approve the card in the first place. That is, you were probably dinged a few points when you applied for the card, but the damage is more or less done now -- unless you activate it and spend like a fool.

 

[spidey07]

Originally posted by: sjvlad
Having them open can hurt you if/when you apply for a loan or anything like that. If they run a credit check on you, those other open accounts could hurt you if they're looking at total credit you could max out.

Why does this misinformation still continue????

Those accounts are HELPING HIM!!!!!!

Have high credit available to you, keep them for a long time, don't have a large percentage of available credit used.

 

[purbeast0]

Originally posted by: SoulAssassin

Originally posted by: sjvlad
Having them open can hurt you if/when you apply for a loan or anything like that. If they run a credit check on you, those other open accounts could hurt you if they're looking at total credit you could max out.

There is 2% truth to what you just said. OP is no where near the area where it could hurt him. We're talking about 10K worth of credit here which is nothing. These cards have likely been open for a while and closing them would lower the average age of his accounts as well as decrease his overall available credit.

OP - unless they have an annual fee (unlikely) do not close these accounts.

edit: BAC will allow you to do what's called a close and transfer (c&t) and you can combine the credit lines from your accounts and merge them together (7.5k+2.5k->10k). Be mindful of what the rates are on the cards as well which ones have been opened longest (you want to keep the older ones).

Yah there is no annual fee. I honestly have no clue where the $2.5k and $7.5k card came from. The only thing I can think of is when I co-signed for the loan for my girl's car a while ago that it also opened a credit line along with the loan amount.

Originally posted by: PokerGuy
The longest active credit line is an important component in determining your credit score, so definitely keep the oldest credit line open. Use your cards to buy everything, and promptly pay off your bills each month. You'll continue to build good credit and at the same time be able to get rewards etc (depending on the card). There is no reason to close the accounts at this point.

None of those 3 are my longest credit card. I have another one that was a Verizon VISA that I had since I was 16 (I'm 25 now) and they were bought out by citicard and I now have a citicard AMEX in place of that one (this happened like 5 months ago) and that is actually the ONLY credit card that I actually use.

Originally posted by: TallBill
How many PS3s were you planning on buying? With my main credit card alone I could have bought 40.

Wow you really have no clue how much PS3's were at launch did you

They were $600. The main one is only 10.8k limit. And like I said before, I didn't even know about those 2 other accounts opened with BOA and I don't have any physical card for them.

 

[TallBill]

Ok, you are right. I could have bought 41 plus 6 extra controllers. Tax free at the PX of course.

 

[SoulAssassin]

Originally posted by: purbeast0
Yah there is no annual fee. I honestly have no clue where the $2.5k and $7.5k card came from. The only thing I can think of is when I co-signed for the loan for my girl's car a while ago that it also opened a credit line along with the loan amount.

Bank of America tellers are notorious for signing people up for credit cards without asking them. Their incentive or whatever is based on upselling people. If you have/had a BAC checking account they may signed you up without your permission.

 

[purbeast0]

Originally posted by: TallBill
Ok, you are right. I could have bought 41 plus 6 extra controllers. Tax free at the PX of course.

so you have a 25K credit card ... YTMND!

 

[purbeast0]

Originally posted by: SoulAssassin

Originally posted by: purbeast0
Yah there is no annual fee. I honestly have no clue where the $2.5k and $7.5k card came from. The only thing I can think of is when I co-signed for the loan for my girl's car a while ago that it also opened a credit line along with the loan amount.

Bank of America tellers are notorious for signing people up for credit cards without asking them. Their incentive or whatever is based on upselling people. If you have/had a BAC checking account they may signed you up without your permission.

 

[blurredvision]

Originally posted by: purbeast0

Originally posted by: TallBill
Ok, you are right. I could have bought 41 plus 6 extra controllers. Tax free at the PX of course.

so you have a 25K credit card ... YTMND!

Yes, he is sooo much better than you and me. We shall bow down to him now......




Oh, wait, that's what he wanted by posting that, right?

 

[Strk]

Originally posted by: SoulAssassin

Originally posted by: purbeast0
Yah there is no annual fee. I honestly have no clue where the $2.5k and $7.5k card came from. The only thing I can think of is when I co-signed for the loan for my girl's car a while ago that it also opened a credit line along with the loan amount.

Bank of America tellers are notorious for signing people up for credit cards without asking them. Their incentive or whatever is based on upselling people. If you have/had a BAC checking account they may signed you up without your permission.

Heh... I've been apprehensive on getting a BoA card. This just lowers my desire even more to get one. Once my 0% APR expires on my current card, I think I'll just stick with my Amex Blue.

 

[purbeast0]

Originally posted by: purbeast0

Originally posted by: TallBill
Ok, you are right. I could have bought 41 plus 6 extra controllers. Tax free at the PX of course.

so you have a 25K credit card ... YTMND!

EDIT:

and i thought you said that I could have bought 40 ps3's w/my main credit card, I misread.