Credit Card Center Advertiser Disclosure†
11-14-2012 08:08 PM
Newbie here and first post -
Basically Bank of America cancelled my card (unbeknownst to me and it still shows up in my online BofA account - separate issue). Last february, I missed a payment because I rarely used the card and had signed up for online payment and forgot. Then they hit me with an interest charge on a late fee (even though I paid off the 200 dollar bill as soon as I realize what happend). Fast forward to know when I check my credit score which has crashed - I called Bank of America who said they could re-open the account if I wanted to - assume my income checks out, etc. Meanwhile i've had a bank of america mortgage for several years that I've never been late on.
I'm trying to understand whether re-opening the card is something I should do or not. I'd had the card since 1998 and it had a 14,700 credit limit on it. I have other high limit cards (amex and discover) and haven't been late on those and I pay them off but as I've learned the payment date and the reporting date don't seem to line up properly.
Should I GW BofA (has anyone had luck with gw and BofA?) / apply to re-open the card? They said it would be retroactive (date wise) but I'm concerned they lower the limit (not that I care spending wise, just worried about how that looks on the report) How long will it take to stop impacting my score? I'm really freaked out about this- my score a few years ago was great but this mess from last february has really, really stressed me out.
Thanks for any and all advice.
11-14-2012 08:11 PM
Welcome to the forums Zig!
I've never heard of any lender offering to re-open a card honestly; usually it's a new card so you may not get the old history back on the account. I think if you want the card, it's worthwhile reopening it; as for the goodwill letters, those may be able to work for you and it certainly doesn't hurt to try. There's a ton of good information over in the Rebuilding Your Credit forum on them, and it's worth checking out.
11-14-2012 08:18 PM
Thanks! Yes - I read a whole bunch of them and have drafted a GW letter to BofA that I think I will send to the CEO.
Frankly, I'm a little overwhelmed and I feel so inadequate w/r/t my knowledge of how credit scores work. Quickly trying to get up to speed though - and these forums are so helpful. Must get numbers back up!!
11-14-2012 08:54 PM
11-14-2012 10:51 PM
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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.