Can u guys look at this and tell me what it means from BOA....

[Legions36]

This is in my potentially negative part on my report but im not sure what it means or even if its going against me as a negative.

Status:
Transferred,closed. $449 written off.

Date Opened:                         

04/2006
Reported Since:
01/2007
Date of Status:
07/2009
Last Reported:
07/2009

Type:
Secured Card
Terms:
NA
Monthly Payment:
$0
Responsibility:
Individual

Credit Limit/Original Amount:
NA
High Balance:
$587
Recent Balance:
NA
Recent Payment:
NA

Account History:
 Charge Off as of Jul 2009 
 120 days past due as of May 2007, Apr 2007 
 90 days past due as of Mar 2007 
 60 days past due as of Feb 2007 
 30 days past due as of Jan 2007

Creditor's Statement:
Account transferred to another lender.

[Legions36]

Is this a negative or does this not affect me? It also looks to come off anyway by January but it would be good to know what this is doing to my report.

[gogotexan]

Since it is reporting a balance that was "written off" it is probably negatively impacting your score. 

[Capya]

It means you opened a secured credit card with BoA in 2006, ran up a balance and didn't pay it.   They closed the card in 2009 and sold your debt to a collection agency.

It's definitely a negative on your report.  Fortunately, it will disappear in January 2014.

[enharu]

Yes this is hurting you really bad. All the lates + charge off reporting are really bad. Basically another creditor, most likely a collection agency, bought your debt from the original lender and will be asking you, if they haven't already, to pay up.

[Legions36]

Ok thanks guys. Since this is a negative is there aything I should be doing with this to get it taken off my report earlier? Or Should I just wait a few months until it just falls off? I really don't want any more negatives on my report.

[silverzgirl]

It may not drop off till 2016. If I am not mistaken it could be from last activity...if they use CO date, then it will be 2016. However, that should have been six months after first delinquency.

Watch this one. Usually negatives drop off 7.5 years after you default...this is due to CO. But BoA is reporting your CO to be two years later.

[myjourney]

I recommend you try a PFD to get this removed from your CR's 

[CreditExpressNJ]

am i the only one seeing that this is a secured card how could a secured card get transferred to a collection they take a deposit from you right .. so if you did do something like default they keep your money...

[HiLine]

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@shaun2009 wrote:

am i the only one seeing that this is a secured card how could a secured card get transferred to a collection they take a deposit from you right .. so if you did do something like default they keep your money...

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I was wondering the exact same thing. Perhaps the account was only partially secured?