BofA RE-ESTABLISHMENT

[jmack711]

I know I'm probably doing some wishful thinking but back in 2002 I had a cc with BofA of course I was young, in college and did not really know the significance of maintaining good credit. Long story short the cc was CO in 2004 and sent to collections. Shortly after I settled with the collection agency, Collect America. What I would like to now know is there any possibility of getting this cc re-opened?

[DI]

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@jmack711 wrote:
I know I'm probably doing some wishful thinking but back in 2002 I had a cc with BofA of course I was young, in college and did not really know the significance of maintaining good credit. Long story short the cc was CO in 2004 and sent to collections. Shortly after I settled with the collection agency, Collect America. What I would like to now know is there any possibility of getting this cc re-opened?

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You won't be able to have the same card reopened.  But if your credit is up to par, BOA will quickly approve you for a new one upon apping.  

[jmack711]

Ok thanks! My credit is decent but I'm in the process of trying to get a mortgage so I don't want the inquiry or the new account to shorten AAoA which is why I was HOPING this account could be re-established. But in the meantime I will just continue with the GW letters!

[Anonymous]

No, you won't be able to re-open the original account.  You would have to app for a new account. 

IME, BoA has a long memory on CO accounts.  If they sold the account to CA, then they took a significant loss.  I am familiar with cases in which BoA has declined new credit based upon old CO accounts and due to BK.  I am not saying you can't be approved, I am passing IME info FYI.

Let us know if you app what happens.

Good luck.

[jmack711]

Ok thanks! I don't think I'm going to apply just yet but if I change my mind I will sure let you guys know!

[MsKiwi]

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@jmack711 wrote:
I know I'm probably doing some wishful thinking but back in 2002 I had a cc with BofA of course I was young, in college and did not really know the significance of maintaining good credit. Long story short the cc was CO in 2004 and sent to collections. Shortly after I settled with the collection agency, Collect America. What I would like to now know is there any possibility of getting this cc re-opened?

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You won't be able to get this particular account reopened. If you'd like to see your chances of getting a new BOA card, try the preapproval they have on their site.

[Anonymous]

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jmack711 wrote:
Ok thanks! My credit is decent but I'm in the process of trying to get a mortgage so I don't want the inquiry or the new account to shorten AAoA which is why I was HOPING this account could be re-established. But in the meantime I will just continue with the GW letters!

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In addition to what's been said already, if it's the BoA CO that's still reporting, from the accounts that I've read here, there is little to no chance of your getting another (new) account with them until it's long gone from your reports.

Definitely continue with the letters, though, because there's also been the occasional report of BoA granting a little goodwill, and that can only help your future credit establishing endeavors. Good luck with your mortgage app!

[jmack711]

Ok thanks for the heads up! I was just curious about the account. I have two other cc some I'm ok with just those for right now! But I will keep you guys updated on the mortgage!!

[DI]

OP.  Again, you can get a new card with BOA.  I had a card with them that was charged off in 2003 or 2004.  I paid the card off in full to the collection agency.  In 2007, I apped for a new card with BOA.  I was approved for $5000 with lower scores than what I have today.  The old card is still appearing when I log into my BOA account online.  The account doesn't have an active link.   But since you are watching your AAoA you should definately wait.  Now if someone filed BK then that's a different ballgame.  Good luck with whatever you decide to do.

Message Edited by DI on 11-24-2009 03:00 PM