- Posts: 2
- Joined: Thu Nov 26, 2015 3:36 pm
When I was a student back in 1997, I had a car financed through Bank of America. The short version of the story is that I was young and irresponsible, and the bank ended up repossessing the car. BoA eventually dismissed the balance of the loan as a charge off (about $7000), and my credit was basically ruined for the next 7 years. I decided then and there to take a 7-year moratorium on applying for credit of any kind--no car loans, no credit card applications, nothing. It was cash or the barrel or nothing.
Now, was that the best way to rebuild my credit--bringing everything to a screeching halt? Maybe not. But again...young and foolish.
Fast forward 18 years: my credit has been completely rebuilt. I now have FICO scores in the 780-800 range, and 4 credit cards with about a $40,000 credit limit combined. The charge-off fell off my credit report a decade ago and no longer appears on any report that I've been able to pull; even so, I've never wanted to do business with BoA again, primarily because I've been worried that trying to get back in with them make them suddenly "remember" my old debt and decide to come after me.
The problem is this: I love Amtrak, and Amtrak recently ended their credit card association with Chase and went with BoA. Chase converted my old card to Freedom, but the BoA Amtrak Master Card is the one I really need for accumulating miles. My question is, would it be a mistake to apply for a card through BoA, given my history with them? And might they decide to come after me for the charged off debt once I conveniently remind them that I exist?
I would really, really appreciate the advice of any members who want to take the time to contribute. I've worked too hard and too long on rebuilding my credit to risk having it fall apart because of something stupid on my part like sticking my neck out. Thank you in advance.