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!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO