01-08-2013 11:15 AM
I was 120 days behind on a Bank of America credit card 13 months ago, due to health issues. I closed the account and arranged with BOA to automatically deduct $200/month on the day it was due. They have done this now for 13 months. They are still showing me 120 days late for the last 13 months in a row, because I never paid the amount that I had missed by being 120 days late. What can I do?
01-08-2013 01:16 PM
The fact of the prior level of account delinqency will remain in your file under reporting codes for payment history.
It remains in that delinquency status until the account is paid, at which time its currrent status will show paid. That, apparently, has not yet happened.
When paid, the delinquency will still be in your file under two codes.... payment rating and payment history profile.
It will just no longer show as current status. FICO will still score it.
It will remain in your CR until it has either passed 7 years from its date of occurence, or the creditor voluntarily deletes it.
01-09-2013 08:36 AM
You closed it, or BOA closed it? I had a case where my BOA CC was closed by the creditor after being 90 days late ~3 years ago. I continued to pay on the balance for another ~2 years, and it never showed as delinquent again, and the status of the account actually changed to "Pays as Agreed". The lates obviously remained, and will remain for another 4 years, but it definitely didn't accrue a string of lates like you're describing. When you recieve your statement, does it show a "minimum due" or does it show as the entire balance due? If it shows as the entire balance due, then I'd imagine it would continue reporting as 120+ late until the entire balance is gone, as described by Robert. In my case, it continued to create statements with a minimum due and I paid it as normal.
Financed car @ 5.49% w/ DCU, Added DCU VIsa, Chase Freedom,
AMEX Gold and BCE, Lowe's
01-11-2013 08:19 AM
I closed the account. At this point it still shows me as being 120 days late, and oweing $1200. In March one of my son's college tuitions will be paid for the year and I hope to be able to pay the $1200 and "officially" get caught up with them. I will continue to pay the $200/month until the card is paid off, about another 3 years.