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New Contributor
Circe221
Posts: 123
Registered: ‎07-31-2009

Bank of America - How to Deal/Questions

Hello all!

I am new to the forums and finding my way around everything here.

It is such a wealth of information and everyone has been so helpful!

 

I have a few questions specific to Bank of America.

I currently have a credit card with them - a Visa card.

Recently went through graduate school and had to put some of my last classes on card due to seperation with husband.

As a result of personal circumstances, I fell behind on my payments, and it is currently a negative on my credit report.

My current balance on this card $11,500 - credit limit is $12,000

In the last 44 months it shows 9 times <30 days late; 1 time > 60 days late

 

I am trying to refinance my home, since I am going through a divorce (I get the house but no spousal support) and am down to 1 income.

 

Can anyone give me info on BofA and how to best deal with them to get my account back into good standing?

I am trying to make the minimum payments plus $50-$100 but the former lates are getting me.

 

Any advice, tips, help anyone can offer?

I am new to this and overwhelmed, so I really appreciate any and all help

Thank you all so much! :smileyhappy: 

My Credit Rebuilding Journey
8/18/09 - 626 EQ (FICO) 570 TU (FICO)
10/14/09 - 628 EQ (FICO) 563 TU (FICO)
11/10/09 - 631 EQ (FICO) 648 TU (FICO)
1/12/10 - 635 EQ (FICO) 660 TU (FICO)
3/15/10 - 681 EQ (FICO) 684 TU (FICO)
Regular Contributor
ExcellCR
Posts: 153
Registered: ‎07-10-2009

Re: Bank of America - How to Deal/Questions

I have no advice on dealing with them. But I do wish you the best and I hope they don't decide to CLD you putting you over the limit they assigned thus collecting an overlimit fee from you too!
New Contributor
Circe221
Posts: 123
Registered: ‎07-31-2009

Re: Bank of America - How to Deal/Questions

OK I had to look up what CLD meant LOL

 

I sure hope they don't do that...at one point I was over due to finance charges.

I hate to pay them more than I have to, which is why I was hoping to just roll it all into my mortgage re-fi. But since I have these negatives, that isn't happening as fast as I had hoped...sigh...

 

Well thank you for your kind words - I am definitely reading all I can here - so much information to digest!

My Credit Rebuilding Journey
8/18/09 - 626 EQ (FICO) 570 TU (FICO)
10/14/09 - 628 EQ (FICO) 563 TU (FICO)
11/10/09 - 631 EQ (FICO) 648 TU (FICO)
1/12/10 - 635 EQ (FICO) 660 TU (FICO)
3/15/10 - 681 EQ (FICO) 684 TU (FICO)
Frequent Contributor
Scuba
Posts: 455
Registered: ‎06-08-2008

Re: Bank of America - How to Deal/Questions

HI

 

I do not think it is possible dealing with BOA I have been trying for about 12 months but they will not budge.  Good luck I am sure many will be watching for your success.

New Contributor
Circe221
Posts: 123
Registered: ‎07-31-2009

Re: Bank of America - How to Deal/Questions

Hmmmm...that is not good news....I was planning on calling them but not sure what to say so that I could at least get somewhere.

I really don't even know what it is that I want - I was late on the payments, I can't dispute that, but I was hoping to somehow get them to remove a few lates.

Still reading and searching trying to find someone who has had success with BofA in this type of situation...

My Credit Rebuilding Journey
8/18/09 - 626 EQ (FICO) 570 TU (FICO)
10/14/09 - 628 EQ (FICO) 563 TU (FICO)
11/10/09 - 631 EQ (FICO) 648 TU (FICO)
1/12/10 - 635 EQ (FICO) 660 TU (FICO)
3/15/10 - 681 EQ (FICO) 684 TU (FICO)
New Contributor
Circe221
Posts: 123
Registered: ‎07-31-2009

Re: Bank of America - How to Deal/Questions

Ooops! I should have put this in the Credit Card forum - is there any way to have it moved?

Sorry! :smileyhappy:

My Credit Rebuilding Journey
8/18/09 - 626 EQ (FICO) 570 TU (FICO)
10/14/09 - 628 EQ (FICO) 563 TU (FICO)
11/10/09 - 631 EQ (FICO) 648 TU (FICO)
1/12/10 - 635 EQ (FICO) 660 TU (FICO)
3/15/10 - 681 EQ (FICO) 684 TU (FICO)
Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Bank of America - How to Deal/Questions

Hiya!

I dont want to sound negative, but what exactly do you intend asking BOA to do?  They are looking to see what you will do.....  and to recoup your debt.

You are at over 95% util on the card, which is high risk in their eyes. 

The former lates are there.  9 lates means that you are probably already a major derog of 90+ late.

Be sure to make at least the minimum monthly payment to forstall any further 120+ lates posting, or maybe even a CO or CA being pursued by them.

Making the minimum payments on a debt of this level is probably leading to an increase in your total debt.

Assuming your CC fee is 15%, then 15% of the debt is adding around $150 or more just in interest each month,. which does not go to the principal on the debt.  So your hole may be getting even deeper, with only minimum payments.

I would talk to my divorce lawyer, and attempt to get some, if not all, of this debt included in your final divorce decree, and thus improve your standing on this debt.

If portions of the debt were incurred after your marriage, it becomes mutual debt under most commumity property laws, and should be a major part of your divorce settleement, regardless of whether he asserts that it was for your personal educatuion.

I hope that you have a good divorce lawyer to resolve this!

 

 

Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007

Re: Bank of America - How to Deal/Questions

BofA is scum.  The best way to deal with them is not to by PIF'ing as soon as you can.  I would find a good LO and work with them to see if you could qualify based on your current credit report.  I would also post in the mortgage foreum here and see what help you could get there on how to qualify for a mortgage.
09/12/2013 FICO: EQ: 772 EX:813 TU:752
New Contributor
Circe221
Posts: 123
Registered: ‎07-31-2009

Re: Bank of America - How to Deal/Questions

LOL Marty @ "BofA is scum"! That seems to be the general consensus I am gathering...

That was my original plan to roll the CC debt into my mortgage and be done with BofA altogether.

I guess starting with my mortgage is the best thing to do.

Thanks for responding!

My Credit Rebuilding Journey
8/18/09 - 626 EQ (FICO) 570 TU (FICO)
10/14/09 - 628 EQ (FICO) 563 TU (FICO)
11/10/09 - 631 EQ (FICO) 648 TU (FICO)
1/12/10 - 635 EQ (FICO) 660 TU (FICO)
3/15/10 - 681 EQ (FICO) 684 TU (FICO)
New Contributor
Circe221
Posts: 123
Registered: ‎07-31-2009

Re: Bank of America - How to Deal/Questions

Thank you RobertEG for responding!

Yes, I really wasn't sure what they could do, if anything...I was hoping someone would have some sort of insight into this particular company.

Unfortunately I can't deal with it through divorce - we agreed to take our seperate debts and leave it at that. I actually think I came out better because he had several cc's with high balances.

 

 

My Credit Rebuilding Journey
8/18/09 - 626 EQ (FICO) 570 TU (FICO)
10/14/09 - 628 EQ (FICO) 563 TU (FICO)
11/10/09 - 631 EQ (FICO) 648 TU (FICO)
1/12/10 - 635 EQ (FICO) 660 TU (FICO)
3/15/10 - 681 EQ (FICO) 684 TU (FICO)

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