CC Reporting question.

Anonymous · ‎01-27-2008

I received an opt out letter from BOA and decided to write them a letter to keep a much lower APR.

It states that I cant use the card, if I do the rate will go up to 29%.

I just read on this message board that if you do not use your card at least once a month they do not have to report. If they do not report then how will that affect my fico score since I will be making huge payments over the next few months. This must just be another trick to keep people from BT.

Is there a way that you can get them to report without using the card?

Anonymous · ‎01-27-2008

portager wrote:
I received an opt out letter from BOA and decided to write them a letter to keep a much lower APR.
It states that I cant use the card, if I do the rate will go up to 29%.
I just read on this message board that if you do not use your card at least once a month they do not have to report. If they do not report then how will that affect my fico score since I will be making huge payments over the next few months. This must just be another trick to keep people from BT.
Is there a way that you can get them to report without using the card?

I never heard of int.going up when you opt out. What is your int. now?

Anonymous · ‎01-27-2008

If you are making payments the account will continue to be updated.

It will remain active till BOA closes it, or you close it, and even then it will report for 10yrs. Just hope they don't reduce your CL.

portager wrote:
I received an opt out letter from BOA and decided to write them a letter to keep a much lower APR.
It states that I cant use the card, if I do the rate will go up to 29%.
I just read on this message board that if you do not use your card at least once a month they do not have to report. If they do not report then how will that affect my fico score since I will be making huge payments over the next few months. This must just be another trick to keep people from BT.
Is there a way that you can get them to report without using the card?

Anonymous · ‎01-27-2008

They have already lowered my credit limit. My APR is 17% right now. I'm waiting a few months till my score goes up so I can do a BT. My FICO score is 732 right now and the simulate says it should be 740 or higher in a few months. I was just concerned that the opt out deal would somehow have a negative affect on my ability to BT.

Anonymous · ‎01-27-2008

I got the same letter and I think I will write the letter. I don't want a higher rate!!! I just wish I had written them the letter a long time ago when I got one way back when. I'm sure that they think most people won't write any letter and they will just collect more interest on those souls. Thieves.