04-09-2009 02:56 PM
I am looking for your opinion here:
I have an old closed account with BoA which has 3 x90 day 2 60 day and 4x30 day lates on it from 02,03 and 04.
The account was opened in 1990 - and is one of my older accounts. What I am trying to judge is what would hurt me most - the baddies - or the loss of 10 months AAoA.
My oldest account is 22 years 4 months and with the BoA account the AAoA = 11 years 7 months
if BoA deletes the account based upon the GW's I have sent then the AAoA = 10 years 9 months.
So what hurts most - the lates or the loss of AAoA by 10 months?
04-09-2009 03:07 PM - edited 04-09-2009 03:12 PM
04-10-2009 07:55 AM - edited 04-11-2009 07:53 AM
Thanks for the reply.
the account is closed and the lates are scattered - so I figured that it would be easier for BoA to pull the whole account than to edit the lates -this was my worst case situation.
If these lates are deleted from this BoA account then there is nothing else on my CRA, no judgements, Collections, there are about 4 x 30 day lates on other accounts all of which are almost 7 years old and will drop off in the next three months. My CL total is around 75k and usage around 10 k - around 16% utilization - and working on bringing that down.
So this BoA account is, I think, keeping me in one bucket - and if the lates are removed or the account pulled - then I should get rebucketed..... whether this is a good or a bad thing remains to be seen.
Currently my scores are around 710 - I would dearly love to beable to get to 720 by June/July when we may be looking for a mortgage.
As an aside question - we are looking to replace an old beater car with a slightly less of a beater car. I do not feel (based on job security) that I want to buy a new car for $25k despite the "deals" out there. My fico has had the following comment as a negative "no installment loans" both my cars are long since paid off.
Here is the questions - I could buy the car with cash from savings or I could get a loan from a local credit union (likely at 5.5%) for the 4k for the car. What sort of impact would a new installment loan have on the score - if there is a potential mortgage in the future ? Given the current credit climate I am not sure I want to buy with cash - in case I need the cash for later but if the impact on my score is negative I might .......