On 1/17/2011 8:23 AM, Jim Elbrecht wrote:
"hr(bob) wrote:

On Jan 16, 8:56 pm, Higgs wrote:
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, and
finally came across the following:

http://tinyurl.com/48p2qo7

They "threaten" that cancelling a card might lower one's credit
score. ??? Is this true? Or is it a marketing
gimmick?

Your real-world experience valued.

HB

Yes,it can lower your score. For example, if you have 3 cards with a
$10,000 limit on each, and a $10,000 credit card debt, you have used
up 33% of your available credit. If you now cancel one of the cards,
you have used up 50% of your available credit and this makes you more
of a risk, in the eyes of the credit folks, even though you haven't
increased your actual debt.

Well explained. I have a 8-10 Chase cards. If they want to
pay me to open a card-- I open it. I use it once- pay it off, get
my bonus, and throw it in the safe.

A couple weeks ago I got 3 letters from Chase in the same mail.
1. You don't use this card- so we're closing it. [a $3000 limit]
2. You don't use this card, so we're closing it. [another $3000 card]

Now I'm getting concerned that they have decided to lower my available
credit by $9000. [not because I would use the cards- but because of
the credit score] I was sure the 3d was the same thing as I have
several other cards I don't use.

Nope-- The 3d letter-- A review of your credit history tells us this
card will be the best fit for you. If you choose to use it we will
credit your account $100 30 days after its first use. Credit limit
$10,000.

Great! You get your bonus again!!!