05-05-2009 03:05 PM
Over the last year and a half I have been working very diligently on my credit files. I have gone from an average score of 460 to 650 in the last year and a half. And am in the middle of escrow on my first home! Things are going well, but there is one sore spot I would still like to fix.
I had a BofA Credit card that I opened with them when I first opened my checking and savings accounts with them, back then I was stupid with my cards spent way more then i should have. Anyway that account got charged off over a year ago. I ended up settling the card and paying it. And it is one of the last major derogs on my reports. However, I would really like to get another card with Bank Of America, As I do all my banking with them with the exception of my pending mortgage.
After I get the keys to my home is it worth aping for a secured card or regular card from BofA or will they not forgive me until the old account I had with them is off my report?
Thanks for the help!
07-10-2009 04:27 PM
I am in your boat only a little further along.
3 years ago, BofA cancelled my card with them. I paid it off, all was happy. a year ago, BofA charged off my checking account. Three months later, I paid up the bad debt, and reestablished accounts with them. I just recently applied for a secured card with them, since I had all the collections and derogs cleared from my CR.
I was declined to my astonishment. I called for a Recon, and was informed that my credit wasnt really preventing me from the card, but rather that my delinquent history with BOFA was preventing me from holding a card. Secured cards arent actually eligible for a recon, so their hands were tied. Do not apply for a secured, apply unsecured, and if you are denied, speak to a rep about it. That way they have ability to review ur app.
Further, I was told by a few reps that I would have the best luck sitting down with a bank rep at my local branch to apply. In all cases where I needed stuff sorted out, they were usually more helpful face-to-face.
When calling and trying to rectify my charge-off, I was treated like a number-a deadbeat. Then I went in branch asking to open an account, and once they learned about my past delinquency, they were MORE than helpful in facilitating payment and removing me from chex-system.
Good luck, and keep us posted!