Closing a Bank of America Student Visa Credit Card?
Okay I got a credit card by mistake about 2 months ago. It was a Bank of America Student Visa Credit Card. I nothing about history so when I got the card I cut it up and closed it over the phone. I never used it. My aunt told me later that it would hurt my credit and that I should have left it opened. I did not know because I know nothing about credit cards. Will my credit score go down? If so, by how much? Please be detailed. I know nothing about this stuff.
No. Opening & closing one credit card won’t do much; it may not even appear on the report since your turn around was so quick. If you do not have much or any credit, however, you do not have much of a credit score anyway (which sounds like the case). You have to HAVE credit to get a CREDIT score because the score is based, in a large part, upon companies reporting your payment history monthly on credit cards and mortgage loans and car loans, etc. You are not “born” with a score and then “lose points”. Credit score companies (there are 3) report the maximum limit of the card, your maximum charged amount (ever), and whether you pay promptly each month or are 30, 60, 90 days late. HOWEVER, if your loan servicer doesn’t report to one of the 3 companies, it never gets into your credit profile.
You can see your credit report for free once a year (or more if you are ever turned down for credit) by going to : annualfreecreditreport.com
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