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
In The Garden!