topic Re: bank of america in General Credit Topics

bank of america

Anonymous — Sun, 27 Jan 2008 19:54:02 GMT

My hubby's score was 747 and he forgot about a credit card bill for 2 months straight. Anyhow, that dropped his score to 620!!! We tried calling the back and explaining this is the only time it has happened, the guy onhte phone said "sorry" we can't do anything about it. The cc was bank of America. The payment has been made and we paid off the balance, should we close the account? any suggestions?

Re: bank of america

Anonymous — Sun, 27 Jan 2008 19:56:32 GMT

keep it and good will them till they threaten legal action! letters, e-mails, planet feed back, home baked cookies, etc....

good luck!

Re: bank of america

Anonymous — Sun, 27 Jan 2008 20:25:45 GMT

Closing the account will only keep the last thing showing (late). Use the card every month and bury the lates with on time payments. As far as this being your first time, GW the beep out of them. Maybe after 6-10 letters you might have it corrected. Send the letters to different addresses. Good luck, BoA is a tough cookie. But I most definitely would try, nothing to loose. And keep trying over and over with letters. The wear em' down approach.

Re: bank of america

marty56 — Sun, 27 Jan 2008 20:44:07 GMT

I have a rather dim view of BofA to say the least , however I would not close the account.

You might just use it to charge a small amount but PIF every few months or so month, however I wouldnt use it on a regualr basis since they are either making money off of you in interest or off the merchants that you use the card with. They will probably set your husdands APR to the default. I would also check the CL out and watch if they lower it..

GW is your only option but I wouldnt hope for too much. The late will probably hurt for about 2 years and by 7 years it will be gone.

Re: bank of america

Anonymous — Sun, 27 Jan 2008 20:49:51 GMT

BoA doesn't report in many cases if there is no activity. You in many cases have to generate activity for them to report. All you need is 1 charge a month to generate activity on your CR. They might say no, but after 6 months, maybe a year they will say yes. Just keep trying to GW the late off now, remember it can take forever sometimes so don't loose sleep over the GW letters, just keep sending them. Number each GW letter at the top or something so they can keep track of how many you sent too. Ie Letter 15, and so on.

Re: bank of america

CreditDrama85 — Mon, 28 Jan 2008 01:18:39 GMT

as far as the score dropping from 700 to 600, it seems that the score will take a harder hit if there have been no sign of late payments in the past, and less of a hit if there have been some late payments..... and i have never understood this.....

Re: bank of america

haulingthescoreup — Mon, 28 Jan 2008 01:24:14 GMT

@CreditDrama85 wrote:

as far as the score dropping from 700 to 600, it seems that the score will take a harder hit if there have been no sign of late payments in the past, and less of a hit if there have been some late payments..... and i have never understood this.....

This might be a result of bucket assignments. One of the triggers for score buckets is whether or not you have serious (60 days+) lates and other derogs. So if you are in that otherwise pure history bucket, and you suddenly get some lates, you're going to get hit harder than someone who has had a history of lates and is in a bucket with others with spotty payment histories. Those in the first bucket have higher potential scores than those in the second bucket, and they get hit harder, because this is not typical behavior for their credit peer group.

Re: bank of america

CreditDrama85 — Mon, 28 Jan 2008 01:29:54 GMT

maybe this explains why my score dropped 100 points when i had my first late payment.....and now although i have several late payments...my score slowly rises as time goes on and i gradually pay things LATE