60 day late payment, credit score tanked 100 points

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Jerkyboy68
 
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60 day late payment, credit score tanked 100 points

Postby Jerkyboy68 » Sun Oct 13, 2013 7:46 am

Hi, new to the forum and looking for help if there is any...

I had a BOA visa account for over 13 years (first as it was Nation's bank, then First Union, then BOA). Never late once and had $0 balance and a $32K credit limit.

I mistakenly used it one night at dinner thinking it was my debit card (they look almost exactly the same) and charged $70. Not thinking I used the credit card I mistakenly didn't watch the balance and let it go 60 days.

I received an email stating such and if I "agreed to pay immediately" I took from that it would be okay. I immediately paid the $70 plus a late fee. I have a service through Wells that monitors my credit. An issue popped up and when I checked, it showed negative activity from BOA and my score dropped (I was almost 800 on all three). Called BOA and they had canceled my card and pretty much gave me the cold shoulder and said I'm SOL.

I worked really hard to keep my credit rating up through a divorce etc... and I realize I screwed up but jeez, $70 on a 32K limit and 13 years with these folks. Is there anything I can do? Sorry for the long first post.


leev18
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Postby leev18 » Mon Oct 14, 2013 2:47 pm

It may take months for the $70 to be taken off of your credit report since you already paid for it. I never been into debt, so I'm not sure about that.

Here are some suggestions of what I would do if I was in your situation:
■ Option 1: If you have a bank account with BofA, call them and threaten to move to another bank unless they reactivate your credit card.
■ Option 2: Apply for another credit card with the same bank and use it to repair your damaged credit.
■ Option 3: Apply for another credit card with another bank and use it to repair your damaged credit.

whit
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Postby whit » Mon Oct 14, 2013 9:17 pm

at this point it is a bit difficult--

but for anyone who may encounter this *knock on wood* when you first receive the late email/bill you should call them rather then pay it immediately

and ask them the same questions. I realize you've come to this conclusion on your own, but calling them asking what the ****** do they mean? then letting them let you know it was a charge to so and so..and then that leads way for you to explain your side of the story, and see what can be done

before you pay them

as soon as you pay them they have a right to shut the card, deeming you (though laughable imho, and I agree with you, extreme measures) a risk and so they no longer want to extend this line of credit.

Maybe others will have suggestions as to how to clean that up off your report. I do know, that some banks/credit lenders, they will still extend credit/listen to you before shutting you down completely if this instance with BofA is isolated (you have no other 60 days past due, charge offs, etc)

do you also bank with them? since you say the cc and your debit card looks same.

fL1Pm0d3
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Postby fL1Pm0d3 » Sat Oct 19, 2013 11:25 am

I had this happen a few years ago with a BofA card. I tweeted about it to the BofA twitter and someone from the company called me this was a year after it happened. They told me that I could attempt to write a letter to them, even though the night it happened in rage I closed the card. I sent the letter to the office of the president through the address she provided. A few weeks later an employee called me and told me they would change the status on the month I did not pay. Next thing I know my score went from the 650s back up to where it was in the 760s. YRMV! Good luck.
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JasonKR
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Postby JasonKR » Tue Oct 22, 2013 12:12 am

Try to contact them through Facebook and explain what happened
They will definitely try to help you, good luck!
BoA Better Balance Reward- $1,500 (01/13)
Discover It for Student- $1,700 (04/13)
Capital One QuickSilver- $500 (05/13)
Chase Amazon Rewards Visa Card- $700 (10/13)
Citi Forward for Student- $2,400 (10/13)
Amex BCE- $2,000 (10/13)
TransUnion - 722 | Experian - 709 | Card Acquisition Risk Score(Chase) - 710
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(Future card: Chase Sapphire or preferred)
* Gardening till summer of 2014! * too many inquiries :(

RewardHop
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Postby RewardHop » Tue Oct 22, 2013 3:14 pm

OP, thats very unfortunate. I highly recommend using Mint.com to tracking your credit cards and it will alert you of bills. Its a really easy way to check the balance of all your credit cards in one place.

(Mint is owned by Intuit, the makers of TurboTax and Quicken. So its trustworthy)
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

zrussell
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Postby zrussell » Tue Oct 22, 2013 5:38 pm

+1 to mint.com

Creditkarma also offers credit card tracking with a wider integration with credit providers (though BOA is supported by mint.com i'm sure). Make sure you set up alerts for a week before the bill is due so you have enough time to pay.

Another thing is that you can set up auto payments for the minimum balance through almost any credit card. I have that set up, as a just-in-case thing, then I make manual payments when I can. Just some food for thought.

I'm sorry this happened, I agree reaching out to them on social media is a great way to get a response. No company likes to be called out in public way like that.

I had a similar issue with Verizon where they said I didn't return a replacement phone (when I did) and billed me $850.00. After months of back-and-forth with them, I went to the "Consumer on your side" team at a local news station. Needless to say, Verizon credited me the money very quickly after that.

Hope this helps!

RewardHop
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Postby RewardHop » Tue Oct 22, 2013 8:55 pm

zrussell wrote:Creditkarma also offers credit card tracking with a wider integration with credit providers (though BOA is supported by mint.com i'm sure). Make sure you set up alerts for a week before the bill is due so you have enough time to pay.


I haven't run into any unsupported on Mint but I don't use any credit unions.

Does CK have a good mobile app for the spending tracking part? I find Mint's mobile app really really awesome which is why I initially settled on it but theres a lot of new competitors to Mint and I haven't had a chance to try them out yet. (The other reason I settled on Mint initially is Intuit is a huge company and they have greater incentive to make sure they don't get hacked)
[size=60]

Amex BCE: 3% grocery, 2% gas

Bank of America Better Balance Rewards MC: $25/quarter bonus

Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities

Capital One Quicksilver Visa Signature: 1.5% everything

Chase Freedom Visa Signature: 5% rotating

Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com

Discover It: 5% rotating

SallieMae MC: 5% Groceries, Gas, Amazon

US Bank Cash+ Visa Signature: 5% electronic stores, restaurants

Sock Drawered: Chase Sapphire, Chase Amazon[/size]

zrussell
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Postby zrussell » Tue Oct 22, 2013 10:19 pm

I find the GE Capital Retail Bank doesn't work with Mint. I have 3 cards with them (paypal, amazon, and walmart).

There is no comparison to mint.com's mobile app. CK's mobile app is basically a shelled down version of the site -- Mint actually allows you to do stuff on it (view advanced repots, categorize transactions, etc..) For financial management, i'd use Mint.com any day. I was just point out that CK has some nice features :)

RewardHop
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Postby RewardHop » Tue Oct 22, 2013 10:28 pm

zrussell wrote:I find the GE Capital Retail Bank doesn't work with Mint. I have 3 cards with them (paypal, amazon, and walmart)


Do you mean it doesn't function properly? Because I see it in the Mint.com Add an account search.

Image
[size=60]

Amex BCE: 3% grocery, 2% gas

Bank of America Better Balance Rewards MC: $25/quarter bonus

Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities

Capital One Quicksilver Visa Signature: 1.5% everything

Chase Freedom Visa Signature: 5% rotating

Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com

Discover It: 5% rotating

SallieMae MC: 5% Groceries, Gas, Amazon

US Bank Cash+ Visa Signature: 5% electronic stores, restaurants

Sock Drawered: Chase Sapphire, Chase Amazon[/size]



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