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<p>FICO scores are only relevant for people who want to establish an account (tenant, cell phone, cable TV, public utilities, etc.), buy insurance, or take out a loan of some sort (mortgage, college, car, etc).</p>
<p>Some employers also look at FICO scores. </p>
<p>You especially don’t want to cancel your oldest card. Like toneranger says, better to keep it and make an occasional small charge.</p>
<p>Please don’t ignore FICO scores. They count for a LOT. </p>
<p>[Why</a> Your FICO Score is Important | Personal Finance Corner](<a href=“http://www.allbusiness.com/personal-finance/3878826-1.html]Why”>http://www.allbusiness.com/personal-finance/3878826-1.html)</p>
<p>ebeeeee - Regards your question (post #12), what we did is ask our local bank branch manager to request a credit card for each student once the student reached age 18. The card is in the student’s name. The bank has the parent sign a form guaranteeing payment. Credit limit $1,000. We do lots of business with this bank, and I’m sure they see the card request as a customer relations issue.</p>
<p>You’ve got to wonder what kind of hole did they pull that number from? 35.8%? Why not 36.3% or 34.7%? What a bunch of greedy morons.</p>
<p>^ calling names will not result in anything. Just stop using the card, switch your debt somewhere else. They do not hear you, but if they loose everybody’s business, they will adjust their practices. As one of my previous empoylers mentioned in regard to new company policy: “you can exercise your veto power, just walk out the door”. Yes, just walk out the door in polite legal manner. That will have much more effect than calling names.</p>
<p>Hmm … my D hasn’t received official notice yet, but she would appear to be a prime candidate for BofA’s new annual fee also.</p>
<p>[Bank</a> of America sending notices to customers about annual fees on some credit cards – Courant.com](<a href=“http://www.courant.com/business/sns-ap-us-bank-of-america-annual-fees,0,210820.story]Bank”>http://www.courant.com/business/sns-ap-us-bank-of-america-annual-fees,0,210820.story)</p>
<p>“We are making this change in response to market conditions, new federal laws and regulations, and the increasing costs of providing unsecured credit,” states a letter sent to a Bank of America credit-card customer and obtained by The Associated Press.</p>
<p>Ah, so that explains it (sarcasm intended). Still, I have to agree with all of the prior posters who suggest that D simply walk away from BofA.</p>
<p>I agree, the percentage is bizarre. I suspect it is made up to sound important and distract one from considering the digits to the left of the decimal point.</p>
<p>Somebody was on TV today saying we should all pull our business from the TARP-receiving banks. Anybody have a list?</p>
<p>“Anybody have a list (of TARP banks)?”</p>
<p>Here you go TreeTopLeaf. Good luck interpreting it.</p>
<p><a href=“Troubled Asset Relief Program (TARP)”>Troubled Asset Relief Program (TARP);
<p>ebeeeee: Your D could possibly get a secured credit card. Apparently there is a great variation in the fees they charge, so it pays to shop around. But it might be a place for her to start establishing credit:</p>
<p>[10</a> questions before getting a secured credit card](<a href=“http://www.bankrate.com/finance/credit-cards/10-questions-before-getting-a-secured-credit-card-1.aspx]10”>What Is A Secured Credit Card And How Does It Work? | Bankrate)</p>
<p>ebeee, My daughter got her first credit card through Capital One with a really low credit limit - something like $200. After three or four years, she’s up to $1500 which is more then enough for her.</p>
<p>An article on a related topic:</p>
<p>[Pay</a> or walk? Annual credit card fees test limits | Seattle Times Newspaper](<a href=“http://seattletimes.nwsource.com/html/businesstechnology/2010072241_apuscreditcardswhatprice.html]Pay”>http://seattletimes.nwsource.com/html/businesstechnology/2010072241_apuscreditcardswhatprice.html)</p>