08-02-2009 07:49 PM
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!
08-02-2009 08:00 PM
08-02-2009 08:05 PM
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!
08-02-2009 08:11 PM
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.
08-02-2009 08:39 PM
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...
08-02-2009 08:55 PM
Ooops! I should have put this in the Credit Card forum - is there any way to have it moved?
08-03-2009 12:12 AM
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!
08-03-2009 04:36 AM
08-03-2009 06:58 AM
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!
08-03-2009 07:39 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.