Credit Cards: Turning a Mistake Into Something Good

For a few years, I had been using an Alaska Airlines VISA, provided by Bank of America. The idea was to earn enough miles to take the family to Hawaii for free (at least the plane tickets would be free). 4 people flying free to Hawaii is not a bad deal.

Then, last year, I was solicited for what I thought was an upgrade from the Platinum card I had to their new and improved Signature card, which offered a few really cool benefits for no extra cost (there is $75 yearly fee, which is steep, but I think it's worth it, as the first year was free, so effectively, I'm out $150 for 4 plane tickets).

So, I took it. I didn't realize that I was opening another account with BofA. Oops! I put off calling because life right now, with a 2 year old and a 5 month old, is crazy. Work is crazy, too -- oh, and I'm lazy sometimes. Anyways, I found myself saddled with two yearly fees that I didn't want to pay.

Last night I called BofA. The very nice lady who helped me was absolutely wonderful! She was so helpful. I told her my story and she not only waived the yearly fee on the old account, she also, at my request, closed it and then she offered to combine the two credit lines into one. Net to me is really nothing, net to them is nothing, but it's nice to have a really big credit line.

Or is it?

How will this affect my credit score and ability to get a loan? I carry no credit card balances on any credit cards, but now I have a HUGE open to buy...what do you all think?

Tags: credit, credit card, Bank of America, VISA, high credit line zero balance, FICO, Alaska Airlines