On 1/17/2011 6:43 AM, willshak wrote:
Higgs Boson wrote the following:
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


Don't cancel it.
http://www.creditcards.com/credit-ca...score-1267.php

If you're carrying balances on any cards then it makes sense to not
cancel unused cards. But if you're not carrying a balance then your
credit utilization percentage is 0 no matter how much available credit
you have.

A while back Discover offered a deal I couldn't pass up. 0% no-fee
balance transfers with 0% interest for as long as you had the card and
missed no payments. You did have to make at least two charges of at
least $1 every month which would be subject to interest (later they
dropped that requirement). I took out $30,000 and bought CDs. I have to
make a payment each month but the interest rate is 0%.