divemedic Posted February 17, 2005 Report Share Posted February 17, 2005 I just got a letter from BofA. Because of the neg TL from Verizon (which I just got a deletion on- wating for it to come off) BofA is cancelling my CC and raising the rate on the unpaid ($8000) balance to 29.9%. That is $300 a month in interest! I can't afford that. I have never been late or over the limit in the 3 years I have had this card.Verizon was my only neg TL. So, when my score comes up, we will have to see if I can get a better card to transfer the balance to. Any Ideas? Link to comment Share on other sites More sharing options...
wunderwoman Posted February 17, 2005 Report Share Posted February 17, 2005 I'd call them up and say "Verizon had billing problems and due to their errors I cancelled service with them. This is being deleted from my credit reports because of their mistake. Who can I speak to about reversing this ridiculous decision?"Seeing that it's the only negative you have, I don't see how they could possibly toy with you on this. Link to comment Share on other sites More sharing options...
divemedic Posted February 17, 2005 Author Report Share Posted February 17, 2005 BTW- this is also going to hurt, as they are going to show an $8000 bal with a $0 credit limit. I currently have a util % of 76%. This will shove my util % to well over 100%.I called BofA and they will only accept the CR, they wont take any faxed proof of deletion. Link to comment Share on other sites More sharing options...
DocPC Posted February 17, 2005 Report Share Posted February 17, 2005 Oh goody! Actual damages by Verizon... Link to comment Share on other sites More sharing options...
divemedic Posted February 17, 2005 Author Report Share Posted February 17, 2005 That would be great, except the settlement is already signed.... Link to comment Share on other sites More sharing options...
divemedic Posted February 17, 2005 Author Report Share Posted February 17, 2005 BTW- this is also going to hurt, as they are going to show an $8000 bal with a $0 credit limit. I currently have a util % of 76%. This will shove my util % to well over 100%.I called BofA and they will only accept the CR, they wont take any faxed proof of deletion. Link to comment Share on other sites More sharing options...
DocPC Posted February 17, 2005 Report Share Posted February 17, 2005 Ummm, this happened AFTER the fact.... Link to comment Share on other sites More sharing options...
divemedic Posted February 17, 2005 Author Report Share Posted February 17, 2005 Yeah. They finally agreed to leave APR at 15%. But they are going to list the account as closed by grantor with an $8000 bal. Is a closed CC account counted against your util %? If not this would bring my util % from 76% to 21%. I can apply to be reinstated, but would I be better off to leave it closed?What is worse, a util of 76% or a closed by grantor TL with a util of 21%. No negs or lates on any TL. My neg remarks from fico are 2 paid collections that are 5 years old and a high util %. Link to comment Share on other sites More sharing options...
babynurse31 Posted February 18, 2005 Report Share Posted February 18, 2005 I'm confused! Why would bank of america cancel a perfectly good account because of a Verizon account that has nothing to do with it? Maybe I missed something, but this makes no sense to me!! Link to comment Share on other sites More sharing options...
score booster Posted February 18, 2005 Report Share Posted February 18, 2005 Wether an account is open or closed it DOES NOT affect your utilization. If you had a 12000 limit you'd be at roughly 67 percent with an 8000 balance. The bank will still report what your limit was at the time the account was closed and that is what fico will calculate. Wether or not the score will suffer due to the account being closed; thats another issue. Of course it would have that nasty little notation "closed at credit grantors request" ! Link to comment Share on other sites More sharing options...
divemedic Posted February 18, 2005 Author Report Share Posted February 18, 2005 Well, it isnt a Revolving account any longer, if it is closed. Besides, what I am afraid of is that closing the account will hurt my util%.If I close an account with a 0 balance, the limit no longer enhances my util, so what will happen if one WITH a balance is closed? Would I show an $8000 bal with a zero limit? Link to comment Share on other sites More sharing options...
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