How to Close a Bank of America Account — And What It Means for Your Credit

Closing a Bank of America credit card or bank account sounds simple enough. But depending on your credit profile and which type of account you're closing, the process — and the consequences — can vary significantly. Here's what you actually need to know before you make that call.

What Kind of Account Are You Closing?

Bank of America offers both bank accounts (checking, savings, money market) and credit card accounts. These are handled differently, and the credit implications are completely different.

• Closing a bank account (checking or savings) has essentially no direct impact on your credit score. Bank accounts aren't reported to the credit bureaus. The only exception: if you had an overdraft line of credit attached to the account, that closure could affect your credit.
• Closing a credit card account can and does affect your credit score — sometimes meaningfully, sometimes minimally — depending on your overall profile.

This article focuses primarily on credit cards, since that's where most of the complexity lives.

How to Actually Close a Bank of America Credit Card

The process itself is straightforward:

1. Pay off your balance in full. Bank of America will not close an account with an outstanding balance, and even after closure, you're still responsible for any remaining debt.
2. Redeem any rewards. Points, cash back, or travel rewards tied to the account may be forfeited at closure. Check your rewards balance before making the call.
3. Contact Bank of America directly. Call the number on the back of your card or log in to Online Banking and use the secure messaging center. Some closures can be initiated online; others require a phone call.
4. Get written confirmation. Ask for a closure confirmation number or follow-up letter. Check your credit report afterward to confirm the account status updates correctly.

There's no fee to close a credit card account, but timing and outstanding balances matter.

How Closing a Credit Card Affects Your Credit Score 📉

This is where individual profiles diverge sharply. Closing a credit card affects two key credit score factors:

Credit Utilization

Credit utilization — the percentage of your available revolving credit you're using — is one of the most influential factors in your score, typically accounting for around 30% of a FICO score calculation.

When you close a credit card, you lose that card's credit limit from your total available credit. If you carry balances on other cards, your utilization ratio immediately rises. A higher utilization ratio generally signals more credit risk and can lower your score.

Example: If you have $10,000 in total credit limits across three cards and carry $2,000 in balances, your utilization is 20%. Close one card with a $4,000 limit and suddenly your available credit drops to $6,000 — pushing utilization to 33%, all else being equal.

Length of Credit History

Credit history length accounts for roughly 15% of a FICO score. Closing your oldest account can shorten your average account age and remove the positive payment history associated with it — though closed accounts in good standing typically remain on your credit report for up to 10 years before aging off entirely.

Who Feels the Impact Most — And Who Barely Notices

Not everyone experiences the same consequences. Your credit profile determines how much closing an account actually matters.

Profiles that may see a larger impact:

• Cardholders with few open accounts — losing one card represents a bigger proportion of available credit and account history
• People with existing balances on other cards — utilization jumps more sharply when credit limits shrink
• Those with a short credit history — if this card is one of your oldest, closing it accelerates average age decline
• Anyone currently applying for a mortgage, auto loan, or new credit — even a temporary score dip can matter during underwriting

Profiles that may feel little to no impact:

• People with multiple open cards and low balances — losing one limit barely moves utilization
• Cardholders with long, well-established credit histories — average age changes are negligible
• Those who carry zero balances across all cards — utilization remains low regardless

Why People Close Bank of America Accounts — And Whether the Timing Matters 🗓️

Common reasons people close a credit card include avoiding annual fees, consolidating accounts, or cutting off access to credit as a personal financial boundary. None of these are inherently wrong — but timing matters.

Closing a credit card right before applying for a significant loan is rarely ideal. If that's your situation, it may be worth waiting until after the application is complete. On the other hand, if an account carries a high annual fee and you're not using the card, the ongoing cost may outweigh a modest score impact.

What Happens to Your Credit Report After Closure

Bank of America will report the account as "closed" to the three major credit bureaus — Equifax, Experian, and TransUnion. Closed accounts in good standing continue to appear on your credit report and continue to contribute to your score for up to 10 years. So the positive payment history doesn't disappear overnight.

If there's a balance remaining at closure, interest continues to accrue and the account will still be reported until paid off. A closed account with late payments or a remaining balance can still hurt your score.

The Variable That Changes Everything

Every factor here — how much your score changes, whether this is the right time, how important this account is to your credit mix — depends entirely on the full picture of your credit profile. The number of accounts you have open, your current balances, your score range, your oldest account age, and what you plan to apply for next all interact in ways that produce very different outcomes for different people.

The math looks simple. How it plays out for your specific profile is where the real answer lives.