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Regular Contributor
SSPA87
Posts: 110
Registered: ‎02-15-2013
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Question - CO Amount verses Past Due Amount?

My BOA CC CO has two amounts on it that vary.  The Balance & The Past Due Amount.  Balance is $3514 and Past Due is $594  - Can someone tell me why these vary?  On my other CO, the Balance and Past Due are the same amount. 

Starting Scores: EQ (MyFico): 561 TU (MyFico): 579 - 2/15/13
Current Scores: EQ (MyFico): 597 (6/11/13) TU (MyFico): 606 (6/12/13)
Goal: 650s
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Question - CO Amount verses Past Due Amount?


SSPA87 wrote:

My BOA CC CO has two amounts on it that vary.  The Balance & The Past Due Amount.  Balance is $3514 and Past Due is $594  - Can someone tell me why these vary?  On my other CO, the Balance and Past Due are the same amount. 


CCs and loans will report the min. amt due each month. At some point in time BofA stopped updating the minimum past due and that's the last figure shown. 

Regular Contributor
SSPA87
Posts: 110
Registered: ‎02-15-2013
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Re: Question - CO Amount verses Past Due Amount?


llecs wrote:

SSPA87 wrote:

My BOA CC CO has two amounts on it that vary.  The Balance & The Past Due Amount.  Balance is $3514 and Past Due is $594  - Can someone tell me why these vary?  On my other CO, the Balance and Past Due are the same amount. 


CCs and loans will report the min. amt due each month. At some point in time BofA stopped updating the minimum past due and that's the last figure shown. 


Why is that though?  Like they obviously updated it to CO so why not update the amount?  LOL  IDK.  Still trying to figure out how I can deal with those CO's - they are killing my Utilization!  :-\

Starting Scores: EQ (MyFico): 561 TU (MyFico): 579 - 2/15/13
Current Scores: EQ (MyFico): 597 (6/11/13) TU (MyFico): 606 (6/12/13)
Goal: 650s
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Question - CO Amount verses Past Due Amount?

If I had that, I would pay it off. BofA isn't too keen on PFDs. I bet you'd see a bump when it hits $0.

Mega Contributor
RobertEG
Posts: 18,215
Registered: ‎03-19-2007
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Re: Question - CO Amount verses Past Due Amount?

Can you show a copy of your report?

Current balance is amount owed at time of reporting, regardless of its delinquency or pays as agreed status.

Past due refers to its current delinquency status, regardless of balance.

 

It might be reference to the balance that was charged-off, which is a snapshot of balance at that time that is not updated as current balance changes.

The only other snapshot balance that comes to mind would be the highest account balance.

Regular Contributor
SSPA87
Posts: 110
Registered: ‎02-15-2013
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Re: Question - CO Amount verses Past Due Amount?

Unfortunately, I won't have any sort of lump amount until tax time 2014.  :-(  I wish I did b/c I would love to pay BOA, Cap1, and the Chase Auto Loan that are all CO.  As of now, I am trying to set up something with the CA for Chase to hopefully keep them from reporting on my CR.

Starting Scores: EQ (MyFico): 561 TU (MyFico): 579 - 2/15/13
Current Scores: EQ (MyFico): 597 (6/11/13) TU (MyFico): 606 (6/12/13)
Goal: 650s
Regular Contributor
SSPA87
Posts: 110
Registered: ‎02-15-2013
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Re: Question - CO Amount verses Past Due Amount?


RobertEG wrote:

Can you show a copy of your report?

Current balance is amount owed at time of reporting, regardless of its delinquency or pays as agreed status.

Past due refers to its current delinquency status, regardless of balance.

 

It might be reference to the balance that was charged-off, which is a snapshot of balance at that time that is not updated as current balance changes.

The only other snapshot balance that comes to mind would be the highest account balance.


This 

This is from MyFico TU

 

Credit CardBank Of America

Status as ofDate opened [?]Date of last activity [?]Date closed [?]Loan type [?]Credit limit [?]Largest past balance [?]Account Type [?]Account holder [?]Industry
Aug, 2009
Aug, 2005
Nov, 2008
May, 2009
Credit Card
$3,000
$3,514
Revolving Account
Individual Account
Banks
Descriptions [?]
  • Unpaid balance charged off
Contact Information [?]Po Box 982235
El Paso, TX 79998
Balance [?] Current Status [?] Past Due Amount [?]
$3,514Charged off as bad debt$594
Seven year payment history [?]30 days late60 days late90+ days late
0 times
0 times
0 times
Worst Delinquency [?]
None Reported
Starting Scores: EQ (MyFico): 561 TU (MyFico): 579 - 2/15/13
Current Scores: EQ (MyFico): 597 (6/11/13) TU (MyFico): 606 (6/12/13)
Goal: 650s
Mega Contributor
RobertEG
Posts: 18,215
Registered: ‎03-19-2007
0

Re: Question - CO Amount verses Past Due Amount?

I see an account with a $3,000 CL that both exceeded its CL by reaching a high balance of $3,514 and also reached 90-late, thus prompting them to consider the account uncolletitble, and doing a charge-off.

For some reason, they did not charge-off the entire debt, but only an amount of $594 that they considered at that time to be an "unpaid balance."

The  $594 records the static amount that they claimed as a business loss at that time, it is not a current unpaid balance.

 

Doing a CO has no effect on the debt balance owed.  It is only their statement of what they did in their accounting books.

The entire debt still remained delinquent and due.

It looks pretty straight-forward reporting except for the fact that they chose to only CO a part of the debt.

Regular Contributor
SSPA87
Posts: 110
Registered: ‎02-15-2013
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Re: Question - CO Amount verses Past Due Amount?

I understand that - So what does that mean for me to start discussion with them on remedying this?  Like if they only charged off part of the amount, where does that put me in regards to offering a way to pay this money back?  If that makes any sense? 

Starting Scores: EQ (MyFico): 561 TU (MyFico): 579 - 2/15/13
Current Scores: EQ (MyFico): 597 (6/11/13) TU (MyFico): 606 (6/12/13)
Goal: 650s
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Question - CO Amount verses Past Due Amount?


SSPA87 wrote:

I understand that - So what does that mean for me to start discussion with them on remedying this?  Like if they only charged off part of the amount, where does that put me in regards to offering a way to pay this money back?  If that makes any sense? 


You wouldn't want them to. You don't want them updating with a higher past due balance. 

 

The balance that matters is the total balance due. The entire balance is CO'd. If you only paid the $500some balance then they'll only update the balance due less that $500.


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