Someone please help!!

[Anonymous]

I emailed the CEO of BOA yesterday graciously asking for a one time 30 day late from Feb of 2008 to be removed from my credit account. Today I get a call from their credit analysis dept telling me that they are closing my account with them!! I have had this card since 2002 and have had one and only one late payment! I am shocked stunned hurt and sick that they would close the card after I just sent a GW email asking for it to be removed. They said they pulled up my credit and they have decided to close, i know they can do this but it stinks. How much will the hurt my score? It was one of my oldest cards and i still have a balance of 491 on a 700$ limit.

[Creditaddict]

UGH I just HATE BofA, they have been slashing and closing accounts left and right, if you have any blemishes you don't want to breath in the same room as BofA right now.  I would pay the balance off right now and apply for something better with someone else to replace the credit line and say good bye for life to a bank that takes so much bail out money and then treats good customers like garbage

[Anonymous]

I think this violates the CARD act.  For instance, they can no longer up your rate based on your payment history with other creditors...this seems similar to that...perhaps check out the guide on the main page on the forums.

[Anonymous]

I just paid off the remaning balance. How much will my score drop?? They did a soft inquiry they said. This is horrible horrible! I am so sick I was thisclose to qualifying for a mortgage, there goes that.

[Anonymous]

Calm down.  A lot can be said for taking a deep breath and doing a little bit of research before freaking out about things that may not be inherently clear.

You say "there goes that" to your mortgage.  Why?  If losing a $700 credit line causes you to lose a mortgage, you probably weren't qualifying for the mortgage in the first place.  Your doesn't go down JUST because a card is closed.  It is much, MUCH more complicated than that and will depend on your individual circumstances.  You'll have to provide more information, such as AAoA, number of open accounts, other credit utilization, etc.

Truth be told, you may end up with a higher score with this account closed and a zero balance than you had with the account open and a ~70% utilization.

As far as horrible, horrible, etc... A lot of people here (besides DI, she takes great pride in contacting all of her creditor freely with no fear ;-)), do everything in their power to avoid poking their bank with a stick, such as sending a GW letter.  Though the intent of GW is obviously a good thing, BoA right now is just about the last entity you want to voluntarily put yourself in front of for review.

So, deep breath, more information, and a lot of people here will give you good information as long as you keep a level head about everything... Good luck!

[xchap]

Jgk2383  I'm sorry to here that. For now my new rule is to stick with CU. They care more for their members.

Message Edited by xchap on 03-11-2010 01:35 PM

[Anonymous]

*deep breath* Thank you for your replies. I am still very overwhelmed, my credit scores are not great whatsoever. Right now Equifax is reporting at 582 but they havent updated 2 paid of cc balances yet, Transunion is reporting a 598 but they have not updated ANY of the 4 ccs i have paid off yet and Experian is reporting a 643 plus score. According to experians site i have 75% of my cc balances open.  my aaoa is about 6 years my oldest one being 9. my cc balances are as of now below 30% except HD and JCP which are both below 75% and on their way down. I have two collections one from a radiology office in 04 that was PIF 5 years ago and one from Enhanced recovery collections for a cell phone bill that was not mine and im disputing that and that is paid as well. No reposessions or judgements. I graduated from college in 07... just completed my masters alst year and finally have a terrific job * knock on wood*

Message Edited by Jgk2383 on 03-11-2010 02:16 PM

[Anonymous]

I had also goodwilled macys asking them to remove 2 late payments from 07 and they agreed and that has not posted yet either.

[Anonymous]

You'll be OK, Jgk2383.  It just takes a little time. 

Please don't let this bring you down.  With those paid off balances, and the other ones getting lower all the time, once those accounts are updated on your credit reports, I think you'll be pleasantly surprised and you'll forget about BofA.

Just don't forget about this in a few years, when BofA comes to you looking for your business (assuming they're still in business).  You'll get your satisfaction then, when you tell 'em to stick it.

In the meantime, grab a beer (or three), put your feet up, and forget about everything for the rest of the day!  It'll all look better tomorrow.

[Anonymous]

LOL. I concur with UBorrow-UPay. If they shut your account down, just pick yourself up and say they did you a favor. I know the whole AAoA will hurt, but it will be short lived.