Should I re-open this card? Pls help (newbie)

[zigster8]

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.  

[Revelate]

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.

[zigster8]

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!!

[webhopper]

Zigster8 I hope your GW letter does the trick!

If I were you I would reopen the account.

[SnackTrader]

As the above members stated, Welcome, you have definitely come to the right place. There are many people here who can help you by answering questions.

I think you have two separate concerns here. 1. You want your BofA back, and you have figured out a reasonable path for doing that on your own, which is great. 2. You want to rebuild your credit. This one isn't as easy and I don't pretend to have the solution.

You may have read this already, but in credit, the harder they come, the harder they fall. Aka - those with the most to lose (750+ scores and perfect history) fall farther from one negative item than those with already spotted histories. FICO has basically dropped you lower and said you are a completely new risk to lenders with those lates. So, as you have figured out, your lates are your biggest issue, and will for the time being likely trump other FICO negatives (utilization, new accounts, inquiries). With all that said, good luck with BofA, and please let us know if you have questions!