Canceled

Last week I did what I’ve been meaning to do since I paid it off six months ago and canceled my Bank of America Visa.  It was a bad card with a high interest rate and a yearly service fee and I always knew I would cancel it, even if closing an account means a short term hit to my credit score.  I don’t think it will do much damage considering it’s my youngest account (I’ve had other accounts and cards much longer).

I felt a certain freedom from it the moment I paid the card off, but I closed the account with satisfaction.  I don’t have ill thoughts toward any of my creditors, but I got the closest with this Bank of America Visa.  It was my fault for ever signing up for a card with such terrible terms, but I actually applied for a better one and when I didn’t qualify for that, they sent me this one instead without asking.  I should have sent it back and said no thanks, but I was desperate for credit then.  It’s true, the creditors have all the power when you’re desperate.

I hadn’t been impressed with Bank of America customer service up to this point, but they made canceling the card a simple process.  Considering I haven’t spent a dime on the card in months and they slashed my credit limit from $2500 to $500, they probably weren’t too sad to see me go.

I actually had the extra satisfaction of cutting up not just one card, but two, because they’d recently sent me a replacement card that I hadn’t yet activated.  I knew this was my only chance to take revenge on the plastic, since I’ll be keeping my other two credit cards open even once I’m out of debt, and it felt good.