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Paying off Credit Card - Credit Score
Posted on 5/5/15 at 10:09 am
Posted on 5/5/15 at 10:09 am
I have one credit card with over 15k that I have had for years and am going to pay off the whole amount this week. I read somewhere that to help credit score, don't close out your oldest credit card once you pay it off, just keep putting small amounts on it and pay off each month? My credit is pretty good but can always improve it. The card is with Bank Of America and has high interest rate. Should I ask them to lower it to lowest possible or threaten to cancel it and maybe move to a different card, maybe a Chase card? I don't travel or need the big perks on a card.
5
Posted on 5/5/15 at 10:11 am to Amblin
is there an annual fee on the card? if not then keep it open and never use it.
Posted on 5/5/15 at 10:11 am to Amblin
congrats on getting out of CC debt! I'd hold onto the card if there's no yearly fee. If you want another card, you can get it. Just pay off your balance monthly so you don't have to worry about interest rate.
Posted on 5/5/15 at 10:16 am to Amblin
If you pay it off each month you don't get charged interest.
Posted on 5/5/15 at 10:26 am to Amblin
quote:
The card is with Bank Of America and has high interest rate. Should I ask them to lower it to lowest possible or threaten to cancel it and maybe move to a different card, maybe a Chase card?
Just pay off what you charge each month and the interest rate doesn't matter. I wouldn't close the account unless they are charging you an annual fee.
Posted on 5/5/15 at 10:26 am to Hermit Crab
quote:
is there an annual fee on the card? if not then keep it open and never use it.
This except that some cards require use every now and then or they are automatically cancelled. So I would pay off existing balance, then just use the card every once in a while for something small and pay it off.
Posted on 5/5/15 at 11:29 am to Amblin
Bank of America doesn't have an annual fee on any the credit cards listed on their site. Keep the card and pay the statement balance in full each month. No interest and no fees and you keep the AAoA.
Posted on 5/5/15 at 12:00 pm to VABuckeye
Set up automatic payments which every card nowadays has and if you just are trying to avoid CCs, pay your power bill or something to keep if active.
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