topic Re: BoA card, I voulontarily closed it. Mess, need advice! in Credit Cards

BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Mon, 10 Aug 2009 23:20:10 GMT

Hi guys. Been lurking for a while now and reading up. Anyways, recently I closed my BoA card account. After it was paid in full of course! Card had been expired for about 2 years and I was paying down my balance. Back towards the beginning of this year I was late on 2 payments. I was trying to normalize my finances from where I had been off work due to a work comp injury. I completely forgot about it amidst everything else I was dealing with. Well I cancelled that card about 2 weeks ago. Little did I know that cancelling it was gonna hack my credit along with what my late payments did. Had I known I would have left it open. It was just one of those things I had the mindset of "I just wanted it gone." So now I am at the point of what do I do to try and recover or at least try and bring my credit back to at least satisfactory standings. I ran a report and it showed me a score of 661. Just sucks that I missed those payments. I hadnt ever been late on anything before. Not on my auto loans, NOTHING!! Now look what I did. Shoot me some advice guys. Should I try for a card and just throw a few gas purchases on it sometimes? This is no mans land to me!

Thanks much in advance!!

Jared

Re: BoA card, I voulontarily closed it. Mess, need advice!

DI — Mon, 10 Aug 2009 23:26:33 GMT

I closed my $5000 CL BOA card back in May. I didn't like its customer service. I replaced the card and the CLI lost with Citi and Discover.

If your BOA card was your oldest card you should have kept it open. You want to wait until your FICO scores are in the 700's before applying for any new card so that you can get the best deals.

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Mon, 10 Aug 2009 23:29:56 GMT

Hi jtskier11 - welcome to the forums. I'm just a little confused. You wrote the card was expired for 2yrs and you just cancelled it. The card issuer hadnt already closed the card for non-usage? I hadn't heard of that happening before ... especially in the current climate.

Did you call BofA to see if you can reopen the card, or are you looking for a new issuer?

@Anonymous wrote:
Hi guys. Been lurking for a while now and reading up. Anyways, recently I closed my BoA card account. After it was paid in full of course! Card had been expired for about 2 years and I was paying down my balance. Back towards the beginning of this year I was late on 2 payments. I was trying to normalize my finances from where I had been off work due to a work comp injury. I completely forgot about it amidst everything else I was dealing with. Well I cancelled that card about 2 weeks ago. Little did I know that cancelling it was gonna hack my credit along with what my late payments did. Had I known I would have left it open. It was just one of those things I had the mindset of "I just wanted it gone." So now I am at the point of what do I do to try and recover or at least try and bring my credit back to at least satisfactory standings. I ran a report and it showed me a score of 661. Just sucks that I missed those payments. I hadnt ever been late on anything before. Not on my auto loans, NOTHING!! Now look what I did. Shoot me some advice guys. Should I try for a card and just throw a few gas purchases on it sometimes? This is no mans land to me!

Thanks much in advance!!

Jared

Message Edited by PurpleHaze on 08-10-2009 07:29 PM

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Mon, 10 Aug 2009 23:32:52 GMT

DI,

What exactlly do I need to do to drive the score back up? Just let the time pass for 7 years!!!!!!!!!????????????

Haze,

No they didnt cancel it due to inactivity. I tried to reopen it but due to those 2 months they wont. So I dont know wether to get a different card and just charge gas pruchases on it or what. Im just lost now.

Re: BoA card, I voulontarily closed it. Mess, need advice!

DI — Mon, 10 Aug 2009 23:38:41 GMT

Let time pass and keep the credit card balances reporting to the CRA's low. Applying for more cards will bring down your score and you still may not get approve.

Do you have a mixture of credit? Installments and Revolving? Do you have any other prime cards?

Message Edited by DI on 08-10-2009 06:38 PM

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Mon, 10 Aug 2009 23:41:08 GMT

DI,

I do not have another card. It was all I had simply due to the fact I wanted to TRY and keep myself out of trouble. Look how far that got me! The 2 installments loans I have right now are through my credit union and are auto loans. Other than that, its all I have!

Re: BoA card, I voulontarily closed it. Mess, need advice!

DI — Mon, 10 Aug 2009 23:46:17 GMT

Ok. If you want to get your score any higher you need some type of revolving credit. Your option is to find someone who will add you as an authorize user on one of their prime credit cards. Make sure that person never been late making payments.

The account holder do not have to have a card sent to you. All they need to do is provide the creditor your name and SSN so that the account can be added to your credit reports.

Message Edited by DI on 08-10-2009 06:46 PM

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Mon, 10 Aug 2009 23:50:04 GMT

I think my brother might help me with that. So just do that and just leave things be for a while? Is this a legit thing to do?

Re: BoA card, I voulontarily closed it. Mess, need advice!

DI — Mon, 10 Aug 2009 23:55:31 GMT

@Anonymous wrote:
I think my brother might help me with that. So just do that and just leave things be for a while? Is this a legit thing to do?

Yes, make sure he has a clean history on the card. Whatever payment history he have on the card it will reflect on your credit reports too, as long as you are an AU. You won't be reponsible for any of the payments. If he ever default on the card, you can always have yourself removed as an AU. For example, if he opened the card in 2000, your credit history will become 9 years old soon as the account is added to your credit file. That will raise your score.

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Tue, 11 Aug 2009 01:17:37 GMT

Is this something I will need to leave in play indefinitely or till things change for me? About the only option I have?

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Tue, 11 Aug 2009 01:30:48 GMT

You've got great history with the credit union that carries your auto loans, I'd look to them for a credit card first, before any other financial institution. Just my opinion, but they are more apt to give you a break when you need one.

And the AU account will help a lot if it's clean w/lengthy history.

As you can see by the edits....it's been a looong day. Sorry.

Message Edited by Uborrow-Upay on 08-10-2009 09:25 PM

Message Edited by Uborrow-Upay on 08-10-2009 09:28 PM

Message Edited by Uborrow-Upay on 08-10-2009 09:30 PM

Re: BoA card, I voulontarily closed it. Mess, need advice!

clocktick — Tue, 11 Aug 2009 01:26:37 GMT

Please look up "goodwill" on these forums - a lot of information here.

Re: BoA card, I voulontarily closed it. Mess, need advice!

DI — Tue, 11 Aug 2009 01:28:40 GMT

If the AU account becomes the oldest account listed on your credit report you want to keep it reporting until it falls off. So it would be indefinately. Tradelines remains reporting up to 10 years after its closed. Indefinately if it remains open.

I forget to mention that if your brother keep a high credit balance on his card, you wouldn't want to be an AU on that card. Part of the credit score consists of the credit to debt ratio.

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Tue, 11 Aug 2009 01:36:11 GMT

Thanks for the info guys. Ill start doing some more searching on here. I am also going to be in contact with my credit union tomorrow to see what they can do.

Re: BoA card, I voulontarily closed it. Mess, need advice!

DI — Tue, 11 Aug 2009 01:43:28 GMT

wish you the best. keep us updated.

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Tue, 11 Aug 2009 01:58:03 GMT

Will do. The goodwill route seems a viable option. I mean I was in good standing up till my mishap. The work comp deal really balled things up for me though. Ill see what I can format in the way of a goodwill letter. Now I gotta figure out who to send the thing to as far as an individual and address.

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Tue, 11 Aug 2009 23:58:29 GMT

Well, turns out my credit union doesnt do credit cards. Its a small town credit union so I guess that was to be expected. Im not too sure my brother will be too willing to add me as a UA on his card. If I just let things be, will my score go up over time? Or does the fact that I have no credit cards hamper my score going up at all?

Re: BoA card, I voulontarily closed it. Mess, need advice!

Anonymous — Wed, 12 Aug 2009 01:34:54 GMT

Your credit growth is going to be severely hampered if you don't find a way to accrete some unsecured TL's.