New Visitor
Posts: 2
Registered: ‎11-14-2012

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

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.  

Posts: 10,558
Registered: ‎12-30-2011

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

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.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)

Take the myFICO Fitness Challenge
New Visitor
Posts: 2
Registered: ‎11-14-2012

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

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!!

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011

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

Zigster8 I hope your GW letter does the trick!

If I were you I would reopen the account.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!

Take the myFICO Fitness Challenge
Valued Contributor
Posts: 1,568
Registered: ‎09-15-2012

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

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!

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on 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.