I have a BoA CC that was closed and CO for $2837 in Jan 2018. DoFD 7/17. The limit on that card was 2300, so that's killing my utilization. The SOL is 6 years where I am, so I will at least be past being able to be sued, but I am a little nervous that they'll do so before July. I ideally wanted to be back in their good graces at some point, so I (stupidly) didn't take their settlement offer, but I also have a checking and savings account with them, and I have the option to make a payment through mobile banking, but is it a good or bad idea to just start making payments that way? What's the best way to deal with this? This is the only derog I have on my report, the other was a collection with PRA that was removed in November. I have a thin profile because I haven't allowed myself to apply for anything since my prior mismanagement, so now I'm trying to build/rebuild. I've taken out 3 CCs: Cap1 QS1, Ollo plat, and Cap1 S1 (I wasn't planning on applying for this one but they sent me a preapproval offer so I jumped on it cause I want that card anyway, and it's a tier of cards I have no business being in right now) and have paid all on time and in full. Ollo hasn't been updating my balance, so I'm not using it anymore lol. I also just started a Self loan, so hopefully that will help. (Immediately dropped EX by 11 and added 3 to TU) Open to any and all suggestions, TIA!
Current Fico 8 scores: EQ 591; TU 604; EX 577
BoA doesnt let you back in for a long time. Settled or PIF. Some lenders do get antsy when the SOL gets close. Call and work out a settlement payoff if you have the means. If its a payment plan. The SOL restarts so no payments can be missed. Best to lump sum and its done. Then fall off 07/24.
@vntrsc wrote:
Just to avoid confusion, payments could reset the SOL for collection (legal action) in your state, but they would not reset the 7-year credit reporting period. The account would still fall off next year.
Thank you for this. I don't know that they'd sue if I start paying, if they haven't in the last 5.5 years, so I'm less worried about restarting the SOL than them suing me due to the current situation, and I REALLY don't want it to reset the 7 years. They did offer me a settlement that I missed so maybe they'll let me do that still.
@FireMedic1 wrote:BoA doesnt let you back in for a long time. Settled or PIF. Some lenders do get antsy when the SOL gets close. Call and work out a settlement payoff if you have the means. If its a payment plan. The SOL restarts so no payments can be missed. Best to lump sum and its done. Then fall off 07/24.
Yea I've heard BoA is tough to get back with and I think I messed up. I didn't take their settlement offer because I intend on paying in full, I just can't pay one lump sum. Hopefully they'll still work with me.
OP, how long was the offer made, I would still call then and try to negotiate, if you have the cash I don't see why they would not work with you.
Good luck and please keep us posted on the outcome.
They've been sending me emails for a couple years probably. They were always crappy settlements so I didn't even think twice about ignoring them lol. The most recent offer, for 50%, ended Jan 11. They sent me a lot of emails about it but I haven't gotten one since the end of November, and they had been sending them at least twice a month before that. I'm really thinking they're just gonna sue me now.