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*blink* *blink* What just happened?

I've been putting off closing my Visa card account with BankOne cause I've always found it to be a bit of a hassle to deal with credit card companies and they'll usually try to get you to not cancel the card. Decided to bite the bullet this morning and do the deed. Entire phone call took like 2 minutes, no questions asked. What in the world? I think I'm going to go lay down now...

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Comments (4)

Why did you want to cancel your Bank One card? I still have mine, should I be cancelling as well?

Ben:

Just cutting down on the number of cards I have. I tend to routinely juggle my Mastercard and Visas since they keep sending me these no interest on balance transfers or purchases for a year things so might as well take advantage of it. Nothing stopping me from cancelling the card after the year. ;-p

dettor:

No real harm in getting new credit cards ... I used to do it pretty often myself. Except that I was seduced by the freebies they gave (extra miles, a cool fleece, $50 bucks) rather than the free balance transfers.

But there are minor inconveniences. For one thing, credit bureaus are kind of wary about anyone who has had so many credit cards -- paid off on time or not, open or closed.

And for another: if you ever get your credit rating, it lists *every* *single* credit card you ever held or applied for. When you have so many credit cards, it's one heck of an effort to make sure your histories on each one are right or not.

Just a helpful tip.

Ben:

Yeah I know about the pitfalls of credit card recycling which is why I don't plan on doing it for much longer. Not that I really understand it though. The bureaus have to know that people will always try to beat the system and the banks are pretty much bringing it on themselves with all these "You are preapproved for a blah blah blah" letters they send out.

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This page contains a single entry from the blog posted on March 17, 2004 10:54 AM.

The previous post in this blog was Heh.

The next post in this blog is STAY AWAY FROM OUR WOMEN.

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