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Question By
Stormzen

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0 People Helped
Excellent credit (750+), applied for card, got terrible rate for high line of credit
I applied at BofA for a BankAmericard Cash Rewards Signature Visa, anticipating getting a decent interest rate because I've had a credit score above 750 for years. The way the online process goes, I get to give them full consent to do everything that goes into establishing a line of credit, but without specifying the interest rate that I'm interested in, or a max credit line. So, they turn around and give me the highest line I have at the highest rate I've ever seen.

I want to completely undo this, in a way that impacts my credit the least.
What is the best "credit friendly" approach to undoing this?

BofA is completely unhelpful. They tell me that I'll need to see a financial adviser to determine how I can best repair this situation.

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Top Contributor
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Bummer.  You can cancel the card, since it isn't very old it shouldn't hurt your score much.  

Reply by
heidimanderson

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Do not cancel the account, that will affect your credit in a bad way. Leave the account open, just never use it.

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BofA is AWFUL! I would never get a loan

Back out of the deal, I would NEVER have any kind of account through them ever again. . Complain to the manager. Wells Fargo is the best, they have great rates and super friendly service. 

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Not a fan of credit game

... Not really a fan of games where rules are undisclosed, in general. While it's true the age of the card wasn't much, I was suspicious of canceling the card. I ended up paying it off, sending an email stating that I'd use it again if they lowered my interest rate, and then just not using it again.

Alternatively, I guess I could buy little things online and pay it off immediately after. That might do a better job of keeping me somewhere on their radar. For now, though, I'm uninterested in messing with them. I imagine that the completely paid-off balance works in my favor toward overall credit utilization... 

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