What to do about BoA

[Anonymous]

First, these forums are wonderful!  I have learned so much in such a short time.  Thank you to everyone who posts!

I am currently trying to figure out what the heck to do about this BoA account, the one and only baddie I have.

*edited to remove some personal-ish info* 

I know this account is killing my score.  Even though my CC utilization has been high again due to life circumstances (working hard on that, paid a good chunk in Jan and excited to see my cards report soon), and I spent a lot of time only paying minimums, I have a 100% on time payment history for both my Discover and Chase cards.  The BoA account looks like a hot mess on my CRs… lots of 30’s and 60’s.  No lates in the past 8 months.

I have 1.5 payments left on the BoA acct, but could do it in one more payment.  From reading here, I see BoA is a tough cookie to GW lates with.  I also don’t dispute the payments were late and wouldn’t expect them to remove them.

Referencing this thread (http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/BoA-GW-Success/td-p/3472867), I’m wondering if asking them to delete the entire TL would be a good option.  If my math is correct, my AAoA would go from 12 years and a few months to around 8 years with my new Cap1 card in the mix.  I can handle that because I know getting rid of the whole thing would help my score otherwise (no more “serious delinquency” note on my CRs).

Questions

Is deleting the entire TL a wise option to pursue?

If so, should I go ahead and pay it off THEN send my GW letters asking to delete the TL?

Any input would be greatly appreciated! 

[Mindcrime]

Having the TL removed will serve you better than having a longer AaoA with a number of 30 and 60 late pays on your reports.

Even though your payments are on-time for the last 8 months, they're still fresh and are killing your scores. 

Have you checked the original contract to see if changing the terms as they did was allowed?

[Anonymous]

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@Mindcrime wrote:

Having the TL removed will serve you better than having a longer AaoA with a number of 30 and 60 late pays on your reports.

Even though your payments are on-time for the last 8 months, they're still fresh and are killing your scores. 

Have you checked the original contract to see if changing the terms as they did was allowed?

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Thank you!  

Knowing me, I do have the original MBNA contract and the contract from BoA taking over, but it's not in the big file I have right here.  I will dig some more.

From my Googling, what I gather is there was such a huge backlash about changing to the variable rate (people contacting BoA, senators, government offices, etc), that is why it was switched back to a fixed rate.  Of course, that is internet hearsay and I was naive and had my head in the sand at the time that was going on, lol!