BOA Loan questions

[Kevin7180]

Hi all!

Question for the group....

Had a line of credit from BOA that is now closed. Date Opened 4/05, closed date 8/08. The balance will be paid off in Aug. 2011.  I did have a few lates on it back in early 08. The last credit report I ran a year ago (trans union) showed a revolving history of 46 months on this account.

My first question is as I pay on it on time each month, the couple of 30 day lates and one 60 day late will be replaced (or fall off) from that 46 month cycle. Is this helping out my credit score even though the account is closed?

Second question, even though there is still a bit of money owed on it, when will this account be reomoved f of my history? The credit report states 7 years from teh date of the first deliquency? Not sure what that means?

Thanks again.....

[gogocred]

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@Kevin7180 wrote:

Hi all!

Question for the group....

I guess there's a bit more information needed before any of us can fully help.

Had a line of credit from BOA that is now closed. Date Opened 4/05, closed date 8/08. The balance will be paid off in Aug. 2011.  I did have a few lates on it back in early 08. The last credit report I ran a year ago (trans union) showed a revolving history of 46 months on this account.

First, you should really get an updated CR. You can order your Transunion and Equifax reports and retrieve your FICO scores to get a better scope of your current financial condition. Second, why was your line of credit closed with a balance in 8/08? Was it a chargeoff for the lates you had in early '08?

My first question is as I pay on it on time each month, the couple of 30 day lates and one 60 day late will be replaced (or fall off) from that 46 month cycle. Is this helping out my credit score even though the account is closed? Regarding your question on cyclical reporting, someone else will have to chime in...

Second question, even though there is still a bit of money owed on it, when will this account be reomoved f of my history? The credit report states 7 years from teh date of the first deliquency? Not sure what that means? Accounts fall off seven years from final date of delinquency (if a debt has been ignored, this can be the close date). Therefore, BOA derog will continue to show on your credit until 8/15. If you choose to pay off the debt, you can write BOA a letter requesting the removal of this baddie upon receipt of full payment. You should get your payment agreement in writing (if you haven't already done so) to ensure your CR reflects accurate info and your scores dont suffer.

Good Luck!

Thanks again.....

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[Kevin7180]

Thanks for the Response...

Second, why was your line of credit closed with a balance in 8/08? Was it a chargeoff for the lates you had in early '08?

Answer: I lost my job and was behind on a couple payments, so I called them up to restructure. They put me on a hardship program but required me to close the account in doing so.  The lates continued since I was behind, even though I kept paying the new lower payment on time each month.  If I would of known that they were continually marking me late, I would of payed off the difference to get it current. This lasted for 6 months. Made me upset since it was the only adverse thing that happened to me credit wise at the time while I was looking for new work.

[RobertEG]

They were not continuity to add more lates.

Once an account is closed,. you no longer get monthy billing statements with due dates upon which to continue to accrue increased monthly delinquencies.

What they are continuing to report is only the status of the worst delinquency that occured prior to account closure.

Additional derogs on a closed account are limited to charge-offs and collections.

Delinquencies on the OC account drop after 7 years from their individual dates of delinquency.  Accounts have no statutory drop off date.