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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: New Card? Date:  5/7/2002  2:37 AM
Author:  Azotic Number:  125595 of 312188

> What happens when it expires? Will they send me a new one?
> And if they do...should I keep it?

The only reason for the expiration of the card is to make sure they send you a new piece of plastic before the old one wears out. Even if you're in questionable standing they'll probably send you a new card.

Since you probably have minimal income, you should be paying your card off each month, so interest rates don't matter, and they'll DEFINITELY raise your credit limit on their own if you keep taking care of your obligations. Anyway, why do you need a higher limit if you're not likely to spend the money? Just make double sure that you won't exceed the limit you have -- if you think you will, maybe apply for a MasterCard or Discover or Amex but don't cancel the Visa.

Also, cancelling credit cards and going for new ones is not good for your credit history, especially as new as yours is.

In other words, don't screw with it. If you want to get a better card later, like one with cash back or something like that, wait until you graduate and have a real income, then apply, but don't cancel the B of A card as long as you can -- its age will help your credit score and since they're a fairly picky lender it can't hurt to have a good history with them.

-- Mark

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