topic Re: Bank of America GW phone call...denied :-( And payoff question. Please help. in Rebuilding Your Credit

Bank of America GW phone call...denied :-( And payoff question. Please help.

MissImMe — Wed, 11 Apr 2012 02:12:45 GMT

Hello all. I too have been a MyFico lurker. I thank you all for your help. I've come from the trenches of a 500 Fico to the high 600s with a gold Amex I have to thank you all for! In my mission to shoot for the 700 club and stay there, I've been PFDing and GWing my life away. I actually bought stamps. Nevertheless, my GW request to the BOA CEO was responded by with by a phone call and denied. The rep was very nice but stated the following:
*TU is not reporting accurately, which is actually working in my favor. They've missed some late payments (guess she wanted me to feel better. I was glad she pointed this out. I never noticed)
*They are unable to delete negative remarks and with BOAs hits in the media, not reporting would be inconsistent
I told her that I was upset that BOA declined me with a 707, great income and solid payment history since 08, but Amex approved me. It's set to fall of in 2015. So I'll wait it out and see what else I can do to keep the FICO climbing. I've sent out other letters, so we'll see.

Once this is PIF (next week) should I expect an increase in points?

I owe $500 on the account. My payment agreement has been at $60 a month. Should I continue as I have been or pay the lump sum? I'm looking for a boost in points if possible.
Thanks again guys!

Re: Bank of America GW phone call...denied :-( And payoff question. Please help.

llecs — Wed, 11 Apr 2012 02:40:26 GMT

Is this a CC? If so, is a CL reporting?

Am I right to restate that you are on a payment plan now for $60/mo? And your last payment is next week?

Re: Bank of America GW phone call...denied :-( And payoff question. Please help.

MissImMe — Wed, 11 Apr 2012 10:42:16 GMT

Sorry for not being clear. This is a CC. Ran into unemployment issues in 07. Was put on a plan in 08. I still owe about $500 on it but I am able to pay it in full as of next week. Is this recommended? What's reporting is $1500 as the last high balance and $545 as the remaining balance. It also says Account closed at consumer's request. .

Re: Bank of America GW phone call...denied :-( And payoff question. Please help.

llecs — Wed, 11 Apr 2012 13:05:15 GMT

My vote is to PIF. You'll save on the interest. You'll avoid added lates as they should be recording a late each month while under a repayment plan. And you'll set yourself up for improved credit, sooner rather than later.

A GW will only work when the account is paid off. If the debt is unpaid, a PFD is the better course of action. However, from reading others' posts they aren't receptive and I personally would have paid it off vs. try ing a PFD.

Re: Bank of America GW phone call...denied :-( And payoff question. Please help.

MissImMe — Wed, 11 Apr 2012 23:50:03 GMT

It will be paid of as of tomorrow, as will my car! Hopefully I see somewhat of a rise from both of these. :-)

Thanks again.