BofA CO account PAID IN FULL reports as FP (fail to pay) on Experian

[Anonymous]

Hello, in need of advice.

BofA Secured Visa CC account from 2012 charged off way back and this December I paid it off in full to BofA, adjustments were made to the 3Bs however my Experian reported it in the December slot as FP (failed to pay). My credit score on Experian is my lowest - 632, compared to 700+ on TU and EX.

I only have 2 open accounts currently:

1. BofA - the charged-off account from 2012

2. Capital One Platinum Visa, opened July 2017, which is my only active Credit Card account.

Should I:

A. Send a GW letter requesting to delete my BofA trade line.

B. Send a GW letter requesting to make the CO account active. (NOT SURE IF THIS IS POSSIBLE because it's no longer active)

C. Wait it out and see if my score increases overtime.

Will it be best to NOT delete the BofA tradeline since it's technically my OLDEST available credit history; will this TL hurt me or help me to remove?

ALSO: Will adding a secured Credit Union visa be beneficial to my credit history overtime since I only have one credit card? Or is it best to just stick with my one credit card for now. I don't need the extra credit really but if it's good for building longer history of active accounts I figured I'd open a secured visa.

My Account Summary

Open Credit Cards: 1

Open Retail Cards: 0

Open Real Estate Loans: 0

Open Installment Loans: 1

Total Open Accounts: 2

Accounts Ever Late: 1

Collections Accounts: 0

Time Since Negative: 2 Months

Average Account Age: 2 Years 5 Months

Oldest Account: 5 Years 9 Months

My Debt Summary

Credit and Retail Card Debt: $15

Real Estate Debt: $0

Installment Loans Debt: $282 (SELF-LENDER ACCOUNT)

Collections Debt: $0

Total Debt: $297

Total Inquiries: 5

Any other suggestions are greatly appreciated! 

Thanks all!

[gdale6]

If its reporting 0 balance leave it alone you dont want it updating as it will cause a Fico score drop. You need 3 open revolvers to drive Fico score so yes get your next card. Welcome to the board.

[Anonymous]

Thank you gdale6, crazy thing is after creating this post I decided to browse different scenarios in the forums and it ended with me going to Discover.com to check if I PQ’d for any offers. Turns out I was pre-app’d for both the IT and IT CHROME.

I decided to go with the CHROME because I tend to charge more on gas and restaurant dining and low-and-behold I was approved for a $5k CL!!!

Also just now got off an online chat with CapOne and they said I was approved for a Quick Silver account change so my Platinum is now QS! I’m going to wait about a month to request a CLI on that account. Hopefully it goes well.

Now I have a mini flower pot:

Capital One QS - $500 CL
Discover IT CHROME - $5,000 CL

What would you recommend my third card be When I decide to apply??

My goal is to travel in the future and I hear CHASE is the best....

Thank you and all of myFICO for EVERYTHING!!!

[gdale6]

Very nice Discover starting limit. Since you have no collections or other derogs besides the one, after 6 months I would check Chase Prequal and see if you prequal for anything, if you do its a pretty good indication you will be approved. As the time approaches for your 3rd card you can post in the main CC forum the question as to what card would be the best for your spending habits, just be sure to tell them if you are a cashback or travel afficionado.

[Anonymous]

Thanks for the solid advice! Also I’m inspired today by the Rhonda Byrne quotes in your signature. I will be reposting the quotes and sharing it on my media feeds when the time is right!