topic Re: Closed BofA account in Rebuilding Your Credit

Closed BofA account

Anonymous — Fri, 15 May 2009 04:22:52 GMT

DH has an account that in April of 2008 he was 120 days late on - the account at that time owed $8500 on a $7000 limit. In the last year I have brought the balance down to $4500 but the account is still closed with all the lates coming up on it, I have tried GW but they are being BofA about it and saying no. Trying to get scores as good as possible for this and the deletion of the line would really not effect AAoA in a negative way.

Is it worth trying to see if they will settle the account and delete since they are still reporting and showing a balance but with no credit available ? Anyone think this is a possibility?

Re: Closed BofA account

Anonymous — Fri, 15 May 2009 11:43:42 GMT

No, I don't think it's possible that BofA will willingly delete the late pays or the line itself. I do think it's possible to get the tradeline removed if [edited]. I applaud you for making payments on the account but BofA cares enough to not sue you since you are paying but doesn't care enough to remove the tradeline. Goodwill from BofA is more likely after the account is paid to zero.

Message Edited by sidewinder on 05-15-2009 06:43 AM

Re: Closed BofA account

Anonymous — Fri, 15 May 2009 11:44:27 GMT

@Anonymous wrote:
No, I don't think it's possible that BofA will willingly delete the late pays or the line itself. I do think it's possible to get the tradeline removed if [edited]. I applaud you for making payments on the account but BofA cares enough to not sue you since you are paying but doesn't care enough to remove the tradeline. Goodwill from BofA is more likely after the account is paid to zero.

Oh that was kind of what I meant - whether I could either pay the full amount or (ha, it would be nice) a smaller settlement amount in order to have them delete the tradeline from reporting at all In a couple of months I should have the money together to be able to do that and certainly by the end of the year. I don't want to ask them about it until we have the money just in case they decide to come after us for the full amount

Message Edited by sidewinder on 05-15-2009 06:44 AM

Re: Closed BofA account

Anonymous — Fri, 15 May 2009 11:45:02 GMT

If creditors were willing to delete a derogatory tradeline without someone paying in full then there wouldn't be much incentive for people to pay. The collection agency that will eventually be assigned to the debt may work with you like that, I doubt BofA will. Is the debt charged off already with BofA? [edited]. Good luck.

Message Edited by sidewinder on 05-15-2009 06:45 AM

Re: Closed BofA account

Anonymous — Fri, 15 May 2009 06:59:56 GMT

Nope, the account is now showing paid as agreed and I continue to pay as much off it each month as I can - I brought it up to date when I moved in with DH over a year ago but the account remains closed.

I don't even mind paying it in full when I have the cash if they will just delete the tradeline after I have done so. I am not making myself very clear I don't think... I don't want to charge off the account or have it referred to collections and BofA seem happy enough to have me keep paying the way I have been as long as we make monthly payments on time, they just won't remove the lates or reopen the account or even reduce the interest rate from the 30% we are currently having to pay whilst trying to pay it off - obviously if they would do any of these things then it would be considerably easier for me to pay it off sooner but meh, i'll just keep plugging away at it until it is repaid and then I guess gw them to remove the tradeline once it is at a $0 balance.

Re: Closed BofA account

Anonymous — Fri, 15 May 2009 11:45:36 GMT

I understand now. If it was me [edited]. If I couldn't get BofA to reduce the interest rate I would be looking for a way to BT the balance to a different card. With your equifax score you should be able to get a $5K -$10K Alliant card, your TU score should support a $5K Juniper Bank Atlantic Biz card, etc. Why wont BofA budge from the 30%?

Message Edited by sidewinder on 05-15-2009 06:45 AM

Re: Closed BofA account

Anonymous — Fri, 15 May 2009 11:46:13 GMT

@Anonymous wrote:
I understand now. If it was me [edited]. If I couldn't get BofA to reduce the interest rate I would be looking for a way to BT the balance to a different card. With your equifax score you should be able to get a $5K -$10K Alliant card, your TU score should support a $5K Juniper Bank Atlantic Biz card, etc. Why wont BofA budge from the 30%?

I guess cause I am already repaying they don't see any need. My problem is that my AAoA is only 10 months so I don't get those high credit limits yet :/ I have $1500 on a cap one card but not agreat trf rate as soon as I can get a good card I shall but meantime...

Message Edited by sidewinder on 05-15-2009 06:46 AM

Re: Closed BofA account

Anonymous — Fri, 15 May 2009 10:30:13 GMT

Some credit unions don't mind average age as much as other major issuers do. What about getting some authorized user tradelines reporting from friends or family? I 'd be tempted to not pay BofA for up to 29 days after payment was due while trying to get them to lower the rate.

Re: Closed BofA account

Anonymous — Fri, 15 May 2009 11:53:28 GMT

While I believe there is a good chance you can settle the account, if you are wanting to improve scores, this may not be your best option.

An account marked settled is treated the same as an account marked charge off.

Is the one late all that is showing?

I would try to continue GW every 3 or 4 months until paid. Once paid in full, increase the GW letters.

ETA: IMO, don't delay your payments from here on out as suggested. Something could happen and you could actually be 30 days late, plus you could blow any GW chance you might have.

Message Edited by sidewinder on 05-15-2009 06:53 AM