BOFA COVID19 Payment Deferral on a 0% promo card (no brainer?)

[Anonymous]

Forgot to mention earlier- these payment deferment options are often a one-time or once a year thing.

We're only at the start of the economic recession. Who knows what the Summer and Fall may bring. Before using a deferment, you should ask if it's merely helpful now but may be essential in September/October. I would exhaust cutting expenses, balance transfer options, then new card options, and save a deferment until I literally couldn't afford it.

[Anonymous]

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@Anonymous wrote:

I took the Covid assitance on most of my cards.

They will not take promo away or use this to decision against CLI or use in Underwriting to deny cards.

Although I did not have a huge success in BOA, it did help in other cards.

Biggest reason for me is to have leverage and participate in future covid related benefits.

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What evidence do you have that they won't use it against you later? I see no reason why it wouldn't be used against you. People who showed stability during this crisis will get better treatment than those that did not. It's just business and it's common sense to appreciate the customers that aren't as risky more. 

[Anonymous]

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@Eagered2succeed wrote:

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@Eagered2succeed Except that what @zen25 claims is provably untrue or there wouldn't be some many threads right here in these forums stating that "___ Closed All My Accounts."  Underwriting is not strictly regulated as claimed; every day banks pick and choose who they want to do business with.  What the law states is lenders cannot discriminate against entire "classes" of people, they say nothing about who a bank can chose to lend to on an individual basis.

Also you have no way of knowing the real reason you might be denied a CLI or new credit because lenders use third party agents i.e. the credit bureaus to generate the reason codes which give them plausible deniability.

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I'm stricly talking on the basis of one deferment. Moat AA's when it's all say and down have been a result of new accounts, utilization, ms spend etc. At the end of the day you have knowing when a lender will chose to aa you all I'm saying is that if a person needs a deferment it isn't the end of the world. The ripple effect comes from those that are embarssed to ask for help or wait until the last minute to take action. I am blessed to not need assistance, but if I were I would have no problem telling my lender. If they take aa for that then they're not the lender I wish to give my spend to anyway. 

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The bank was expecting a payment and now they aren't receiving one = distress. It's very simple math. A deferred payment is a late payment, you're just giving notice and having immediate penalties waived. 

[recoveringfrombk7]

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@Jnbmom wrote:

We can speculate all we want . As I said previously I would only use it if I absolutely needed it.

If a creditor even gets a sniff that you are having trouble pandemic or not they will closely look at your overall profile and your exposure with them and if you may be a risk.

Only time will tell if or when down the line this will impact your accounts.

I don't care how they are regulated they can pick any reason code and use  it no matter what the true reason is.

Heck I am watching my accounts like a hawk we have a few that are at 0% and pay way more than minimum and some cards we use and normally pay in full . A few of those this month I have not paid in full but much more than the minimums. I am hoping none get spooked but you never know .

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Same.  I actually started backing off AZEO around December mostly because I realized that eventually if something did happen and I had to carry a balance during grace it might scare someone.

[kudosalert]

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@Jlu wrote:

Hey all —

I need you to tell me why I wouldn't want to take advantage of this:

BOFA has offered me payment deferrals for both my cards, one of them is accruing interest and will continue to do so which is out of the question since I can make the payment and no sense paying interest.

The other offer I'm getting for this second card I'm having a hard time passing up.. it's a 0% promo card  that doesn't end anytime soon so there will be no interest accrued and I could use the payment I'd normally make to this card to pay off interest-accruing cards. Am I wrong? Am I missing something? Basically they're saying I can skip payment at no penalty and interest.. seems like a no brainer unless you guys can talk me out of it.

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Hi, how did you get to this screen/option for payment deferral? There was a message from BOA and I followed through to ask for assistance but it just said that they will get back to me but that has been a week ago. 

[Anonymous]

I see the option on my screen as well.

I want absolutely nothing to do with it.