BOA Secured Credit Card Charge Off

[fdawg]

I got a secured credit card from BOA back in 2012 and I maxed it out to $300. I neglected to pay the balance because I thought they would use my $300 I initially gave them to pay off the balance and then close the account. They ended up keeping my $300 and charging me an additional $366.

What are my options? and will this debt be removed this year? Is this charge off affecting my credit score?

[Anonymous]

That Charge-off is absolutely affecting your credit score. 

The fact that it remains unpaid is going to hurt your score no matter how old the debt is.

You have an account showing %122 util. Open or not, thats dragging you down.

Lenders look at that and think you can't handle a $366 debt, no matter how old.

But the good news is that, yes, it should fall off in July.

[fdawg]

Thanks a lot for taking the time to respond to my post. Would it make more sense to wait till July for the removal or attempt a pay to delete?

[Anonymous]

That depends on how that account is going to effect your ability to get credit.

If your credit is otherwise impeccable, and that charge-off is keeping a creditor from playing ball, then go for it.

Realistically, you should ignore it and let it fall off.

However, BoA may not extend you credit in the future until it is paid off.

The account may not be on your credit record any longer, and you legally may not have to pay it beyond the SoL, but BoA doesn't have to do business with you if you owe them money.

[kiea]

I believe you can ask Experian to remove negative accounts 3 months early so I will just wait until May call and ask for a EE