ADSOFT Posted July 20, 2003 Report Share Posted July 20, 2003 KbI have been sitting on this question for 1 week and I don't know what to do. I HAD a secure credit CARD from BOFA for $1000 and paid perfit for 18 months. I finally closed it!!Bofa reported it with a CL of $1000 and a High Balance of $1024. It is still listed in my positive category but, I'm sure FICO doesn't like it because in the EYES of FICO I went over the limit by $24 bucks. What do you think??? If I correct will it bring my FICO up. I need every point I can get.I called BOFA and they said to fax a dispute letter but they don't have the balance histrory so I don't know what to tell them to mark as the high limit??? ... don't think I have an old statement. They told me they could try to correct it or remove it. I told them if they remove it I wasn't going to be happy since that is one of my POSTIVE lines. What do you think I should do??????? Link to comment Share on other sites More sharing options...
kb9tbq Posted July 20, 2003 Report Share Posted July 20, 2003 By all means if they are showing such attention to help you in this matter. The problem is not knowing what your original high credit was to know for sure what happened. Maybe ask if reflecting $ 1,000 CL & $ 950 HB just for the say of it, or do they need you to produce proof in the matter?Other option is to ask them for a $50 credit limit increase, seems to be a decent deal either way. Not too much to ask in this case to satisfy everyone. Link to comment Share on other sites More sharing options...
ADSOFT Posted July 20, 2003 Author Report Share Posted July 20, 2003 By all means if they are showing such attention to help you in this matter. The problem is not knowing what your original high credit was to know for sure what happened. Maybe ask if reflecting $ 1,000 CL & $ 950 HB just for the say of it, or do they need you to produce proof in the matter?Other option is to ask them for a $50 credit limit increase, seems to be a decent deal either way. Not too much to ask in this case to satisfy everyone.Thanks Kb,Thanks, ... the account has been closed for about 3 yrs but I paid on time for 18months should have some positive effect.BTW, how much do you think my score will go up???? Do you think it is being calculated as a negitive? Link to comment Share on other sites More sharing options...
kb9tbq Posted July 20, 2003 Report Share Posted July 20, 2003 Unfortunately I don't think that it should be much if anything at all at this point. It would be more for show when other loan officers pull and view your report. Cause they do look at these things.The damage was done 3 years ago, and most likely over time re-couped what could be with the aging of this since then.In this case it would be viewed as a one time opps; and it is not even in the range of what the creditors will go back to hold against you. Most mortgage companies only go back 2 years on the positive tradelines.What they really are looking for is, repeat offenders that don't know how to take care of their credit. One thing I will say about preventing this from happening; biggest cause in my opinion is companies that arrange for month to month billing to your credit card, because at some point you might just have your balance up just close enough for one of these billings to push you over.So important to watch out for blind billing as I call it, biggest problem is credit guard or insurance offered by the credit card companies. You don't see this or you don't charge if to mark it down and remember so easily. I make it a point with every account to immediately call the creditor and inform them that by no means what so ever are they to offer selling me any of their add on services period!Hear some people talk about getting their billing just to see an unknown charge for credit guard when they know they did not authorize this service to be added. I kept going rounds with JC Penney and their darn insurance offer - they say well you get the first 3 months free, well by the 4th month you forget that you said ok, just to get off the phone with the sales person. Got tired of this yo yo affect. Link to comment Share on other sites More sharing options...
ADSOFT Posted July 20, 2003 Author Report Share Posted July 20, 2003 Thanks KbI added credit insurance just hoping that they might approve since they know they are going to make money. But, I'm eventually going to have it removed.BTW, back to my BOFA secured card, do you think future creditors are catching this $24.00 OVER the CL thing???? Or since it is listed as a positive item they don't notice?????How about fico, do you think I'll get more than 15 pts by fixing this??? Link to comment Share on other sites More sharing options...
kb9tbq Posted July 20, 2003 Report Share Posted July 20, 2003 No I don't think you are going to see that much, I would really be supprised, you can try - just don't want to get your hopes up in case this does not happen.With the Credit Insurance - if you know you are fine in your job and don't forsee any future problems - then save your money on paying off the debt. When you know you have the bills paid down and feel comfortable with everything; you may go back later to add on. Just that I could never keep up with this; even with my checking account I won't set up automatic withdrawls either.They might not notice such a small thing on $24, over. I don't see this as a major concern. If you have taken it this far with the creditor to look into the matter, still follow it out to see what they can do. You just never know on these things for sure. Link to comment Share on other sites More sharing options...
ADSOFT Posted July 20, 2003 Author Report Share Posted July 20, 2003 Thanks KB, I'm glad you're around. I've been thinking about that one for about a week. I don't know why but it seems that once you know the answer the pressure is off, meanwhile your going nuts. Link to comment Share on other sites More sharing options...
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