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Advice Greatly Needed

New Visitor

Advice Greatly Needed

Hi everyone, 

 

I discovered this place while googling to find advice for my financial situation.

 

Last fall BOA closed my credit card (my only credit card) that I had with them since July 2003. I initially started out with a $500 credit limit that rose to $3500. I had a ton of medical expenses that caused me to fall behind missing 2 months of payments. I continued to pay, and decided to stop using the credit card until I paid it off so I had zero idea that the account was closed until I tried to use CC months later only to have it declined. I spoke with a BOA online representative, they took my info, and BOA sent me a letter declining to re-open my CC.  BOA told me I was welcome to open up another credit card with them.

 

My questions are:

 

What should I do?

 

I'm continuing to pay down my BOA CC monthly with on time payments. Should I write a goodwill letter mentioning my on time payments, history with BOA (I'had my mortgage with BOA before they sold it to another company last year for several years, 2 savings accounts, checking account, and that CC), and ask again for them to reopen my account? 

 

Should I open another credit card with BOA?

 

Or is there another CC I should pursue that will help rebuild my credit?

 

My score went from a 722 to a 617. I was paying Sallie Mae on a monthly basis, but didn't pay by the set date so they were docking me late.  I didn't realize this until I got credit reporting after my SSN got stolen. I paid off my car in January 2013 with a perfect payment history so all I have for my credit score is my mortgage, Sallie Mae, and BOA CC. I don't have any collections or defaults. BOA is listed as Closed by Credit Grantor. How much will that negatively affect my credit score?

 

Any advice would be greatly appreciated. Thank you so much!

 

 

Message 1 of 4
3 REPLIES
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Super Contributor

Re: Advice Greatly Needed

Welcome to the forum 

Bump for help 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 4
New Visitor

Re: Advice Greatly Needed

Lost my login info, but this is my thread.

 

Update-

 

I've decided to cash in 2 weeks of vacation when I receive my annual job bonus in May which will bring me $2,000.00.

 

I've also received a pre-approved offer for a Capital One Platinum Mastercard.

 

It includes no annual fee, 0%$ intro APR on purchases until January 2015 w/  a 22.9% variable APR after that, access to a higher credit line after making first 5 monthly payments on time, pick my payment due date, and $0 Fraud Liability if my card is ever lost or stole.

 

Is this ^ a good offer or what would be the best credit card that will help me build my credit. I only have my debit card. 

 

Any advice would be greatly appreciated.  Thank you. 

Message 3 of 4
Moderator

Re: Advice Greatly Needed


cheetahtiger75 wrote:

Hi everyone, 

 

I discovered this place while googling to find advice for my financial situation.

 

Last fall BOA closed my credit card (my only credit card) that I had with them since July 2003. I initially started out with a $500 credit limit that rose to $3500. I had a ton of medical expenses that caused me to fall behind missing 2 months of payments. I continued to pay, and decided to stop using the credit card until I paid it off so I had zero idea that the account was closed until I tried to use CC months later only to have it declined. I spoke with a BOA online representative, they took my info, and BOA sent me a letter declining to re-open my CC.  BOA told me I was welcome to open up another credit card with them.

 

My questions are:

 

What should I do? Contact the EO to see if the account can be reopened.

 

I'm continuing to pay down my BOA CC monthly with on time payments. Should I write a goodwill letter mentioning my on time payments, history with BOA (I'had my mortgage with BOA before they sold it to another company last year for several years, 2 savings accounts, checking account, and that CC), and ask again for them to reopen my account? 

 

Should I open another credit card with BOA? I would not open a new account with a creditor who closed a good account since 2003, find another bank to do business with if they will not re open your old account.

 

Or is there another CC I should pursue that will help rebuild my credit? Cap-1, Comenity Bank shopping cart trick for a few store cards, they also have a few visa/mc Total Rewards, Sportsman Guide, Vitacost, FRN to name a few. I would not app for any cards untikl you are current with all your payments. To maximize your FICO you are going to need at minimum 3 revolving bankcards. Revolving cards make up the bulk of your score 30% is utilization of their CLs alone.

 

My score went from a 722 to a 617. I was paying Sallie Mae on a monthly basis, but didn't pay by the set date so they were docking me late.  I didn't realize this until I got credit reporting after my SSN got stolen. I paid off my car in January 2013 with a perfect payment history so all I have for my credit score is my mortgage, Sallie Mae, and BOA CC. I don't have any collections or defaults. BOA is listed as Closed by Credit Grantor. How much will that negatively affect my credit score? None as long as the CL is still being reported. These comments mean nothing basically.

 

Any advice would be greatly appreciated. Thank you so much!

 

 


 

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 4 of 4