Understanding FICO® Scoring

[jtmoy19607]

ok, here is the story. i missed a credit card payment on my bankofamerica card it was 60 days late and they reported it with no warning to my credit agency.  how long will it take for me to rebuild my credit, wow this pissed me off, one bad report and all of the sudden my rate is through the roof.

thanks, justin

[llecs]

Damage from a 60-day lay will last for the 7 years, but the damage fades rather quickly, relatively speaking. Once it goes from "currently 60 days past due" or whatever the notation is to "was 60 days past due", then much of those points will return, and the remainder will gradually return over time. Try sending them a GW.

[Shogun]

+1  GW is the way to go.  30 and 60 day lates are still minor derogs, so the impact will fade faster.

[drkaje]

BoA (FIA) can be pretty brutal. If it's never happened before, and the reason makes sense to whoever hears it, maybe you'll get some love.

[chasmith]

The CARD Act requires them to review after 6 months although that doesn't guarantee getting back to your prior rate.  And fortunately your other lenders can no longer use "universal default" to raise your other rates.

If they won't budge noew, check again in six months with a perfect payment record.  In one year ask them to "re-age" the line, that means set it to all ontime so only future lates will hurt you.

Remember, if youy pay down the balance on this card you save the high interest.

[jtmoy19607]

what does gw mean?

[Mondavi]

Goodwill Letter.

[marty56]

You are unlikely to get any GW from BofA but I agree to pay their card down ASAP and then either sock drawer it our use it once in awhile to buy a pack of gum.