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BofA just gave me another $5000 Cash Rewards Visa , then approved many CLI to $15,000. EXPERIAN score of 726By bunyan
I already had one $5000 Cash Rewards Visa with BofA and a $300 limit Signature Visa as well. The $300 Visa was open since 2007. The $5000 limit one has been open since 2011. I also have a $2500 Amazon store card since about 2011 and a Capital One Quicksilver Visa with an $800 limit, and a Capital One Platinum MasterCard with a $700 limit. Have had both of those since 2010. The $5000 BofA Cash Rewards card, Amazon Store Card, and both Capital One cards have all been as the limit since last summer. I never had any late payments. I have had my checking account with BofA since 2007. I also have a business account with BofA. No Money Market amounts or anything like that with them. My Experian score is 726 (That's who they pulled)
I was in the branch on Monday and the teller said I had a Credit Card offer. So I sat down with the representative, and had him put in an application for another Cash Rewards Visa with a $5000 limit. That was instantly approved and I got the credit card in the mail yesterday. So today I'm at work and decide to call in and do a balance transfer from my other cards to my new card. While I'm talking to the CSR I ask if he thinks I can get a CLI to 10 or 15 grand. He said he thinks I can and maybe they won't even do another inquiry since I just got this card yesterday. I said ok go for it. 15 grand. He doesn't get an immediate answer back and says I should hear something in the next 3 days. This was around 1PM today. I check my account at 4 and I see my limit is up to $15000 on my new card. Wooo hooo! The CSR also said that I can get a cash advance for up to my maximum credit line at 0% until April of 2016. Fees are 3%. He already had approved me for $4800 (Since my initial credit limit on the new card was only $5000) but said once I get my CLI just call him back and he can give me more.
I'll be calling him Friday! Lol I'm gonna put all my other card balances on here so I can get the 0%. They'll be paid off well before then.
So, first of all, hello! I've been reading up on things here for a while now and just recently decided to join and start posting. You seem like a great bunch and I am excited to get started with using all the knowledge everyone here has provided. My name is Amanda, I am 28 years old and live in New Hampshire. I have been married for 6 years to my husband Jason. Due to being young and niave and overly trusting of my ex my credit was trashed. Prior to meeting me, my husband didn't have any credit. The only thing on his report was an old Cap One card that his mother put him as an Authorized User on. It was stolen shortly after opening. Over the years there have been medical bills that wound up in collections, and aparently an electric bill (though I thought we had it payed off before we moved). Last September I signed us up on Credit Karma and decied to work on improving and building credit. I decided that it would be much easier to focus on his and that is what I have been doing. Until now I have only focused on opening accounts and establishing some good history. This has worked rather well and brought his score up over 100 points on its own. He is now sitting at 624. Now that we have decided we want to go for a USDA loan, I need to deal with the collection accounts. USDA requires that all collection accounts have payment plans set up. Unfortunatly, we are already near the limit for our DTI ratios so I need to get at least some of them removed entirely before proceeding. So, after doing my research here, I have come up with, and tweaked a million times over, a plan of attack. I wanted to create a thread to log my progress, and also to get feedback and answers to a few questions. So here goes. Below I will list the current status of the credit reports, followed by my plan of attack, and lastly my questions and concerns. Current Credit Status Score: 624 Open Accounts: (I am already aware now that I didn't make the best decisions in opening all of these, so please do not lecture) Account: Capital One Platinum Secured (Partially Secured) Limit: $200 Opened: June 2013 Interest Rate: 22.9% Annual Fee: $29 Rewards: None Lates: None Notes: -------- Account: Fingerhut Limit: $500 Opened: Oct 2013 Interest Rate: 24.9% Annual Fee: $0 Rewards: None Lates: N/A Notes: NEVER USED. Every time I look at things I decide the financing charges and outrageous shipping make it not worth it. -------- Account: Capital One Quicksilver One Limit: $500. (Opened at $300, then giving a $200 CLI with the Credit Steps program) Opened: June 2014 Interest Rate: 0% Introductory rate. 12 months I believe, then probably 22.9% Annual Fee: $39 Rewards: 1.5% Cash Back on everything. Lates: None Notes: -------- Account: Credit One Limit: $500 Opened: Sept 2014 Interest Rate: 19.9% Annual Fee: $45 Rewards: 1% on Gas Lates: None Notes: I will probably call a month before the aniversary and ask to waive the annual fee, increase limit to $1000, or lower interest rate, and if none can be done will close the account. -------- Account: Walmart Credit Card Limit: $400 Opened: Dec 2014 Interest Rate: 22.9% Annual Fee: $0 Rewards: Special Financing Available, 5¢ off of their gas pumps (but we dont have any here) Lates: N/A Notes: Closed Accounts: Account: Capital One Limit: $1000 Opened: Feb 2005 Closed: Mar 2005 Lates: None Notes: Listed as Authorized User. Card Stolen. Collections: CA: Marcam Associates OC: Med1 Spear Memorial Hospital Balance: $919 Opened: July 2013 Closed: ---- Last Reported: Sep 2013 Remarks: Placed for Collection Notes: Unknown ER visit. Showing on: Trans Union only ---------- CA: Marcam Associates OC: Med1 Spear Medical Associates Balance: $252 Opened: April 2013 Closed: --- Last Reported: July 2013 Remarks: Placed for collection Notes: probably a lab fee. Showing on: Trans Union only ---------- CA: Marcam Associates OC: Med1 Spear Medical Associates Balance: $125 Opened: Oct 2012 Closed: --- Last Reported: Jan 2013 Remarks: Placed for collection Notes: He is pretty sure this was for the PT consult when he broke his hand. It was supposed to go to insurance but turns out employer lied about when insurance became active and it was not covered. Showing on: Trans Union only ---------- CA: Marcam Associates OC: Med1 Spear Memorial Hospital Balance: $175 Opened: Jan 2011 Closed: --- Last Reported: April 2011 Remarks: Placed for collection Notes: Unknown ER visit. Showing on: Trans Union only ---------- CA: Marcam Associates OC: Med1 Spear Memorial Hospital Balance: $1,311 Opened: Dec 2010 Closed: --- Last Reported: Feb 2011 Remarks: Placed for collection Notes: Unknown ER visit. Showing on: Trans Union only ---------- CA: Marcam Associates OC: Med1 Spear Memorial Hospital Balance: $175 Opened: Dec 2010 Closed: --- Last Reported: Feb 2011 Remarks: Placed for collection Notes: Unknown ER visit. Possible duplicate of other $175 from same CA and OC? Showing on: Trans Union only ---------- CA: NH/NE Credit OC: New Hampshire Electric Coop Balance: $232 Opened: Mar 2013 Closed: --- Last Reported: April 2013 Remarks: Placed for collection Notes: Electric bill from previous residence. I thought it had been payed off before we moved, but I guess not. Showing on: Trans Union, Equifax, and Experian Plan of Attack (possible changes pending answers to questions and suggestions) Opt-Out Get Credit Reports Remove Old Addresses from Credit Reports. (Waiting on SS card. Somehow he managed 29 years without one. Claimed it was never given to him, but his mom said she doesn't know where it is.)
Verify the Medical Debts with Trans Union If VerifiedRequest Validation of Spear Memorial Debt from CA. If it IS VALIDATED:Ask OC if they will take back debt in exchange for Payment Plan. (unless the HIPPA program would work here too as we cannot afford to pay in full) If they ACCEPT:Make sure Marcam Associates collections accounts are removed. If they DO NOT ACCEPT: Ask Marcam Associates to consolidate Spear Memorial debts and set up payment plan. If they do, ensure that the consolidated account is not a "NEW" Collections. (This would ruin our chances of the USDA loan. No new in past 12 months) If it IS NOT VALIDATED: Demand the collections be removed from your credit report. If they are not removed, contact the credit reporting agencies for removal. If NOT verified, accounts should be removed and no further action is needed.
Verify the NHEC Debt with Trans Union, Experian, and Equifax. If VerifiedRequest Validation of NHEC Collection from CA. If Validated, pay for Delete. If Not Validated, demand removal. If NOT verified, accounts should be removed and no further action is needed.
Questions and Concerns Do I have to remove ALL old addresses and only keep my current address or can I leave one of the old ones that has a positive TL attached? Why exactly do I need to deal with the medical collections first? My initial plan was so get rid of the electric first and then tackle the medical bills, but after reading here everything says medical stuff first. Why validate with the CRA first? Do I do all at once or one at a time? Wouldn't it look suspicious if I disputed every collection on the report? When dealing with the CRA, why do we not want delivery confirmation? What benefit is it to be certified without the confirmation? So, that is what I have so far. Thanks again for all the information provided on this website thus far and thank you in advance for any personal advice you provide regarding my case. ~Amanda
Bank of America Mastercard - instant approval for low credit limit. Next step? Never activate or CLI at activation?By GaPeach
I received a pre-selected offer in the mail for Bank of America. I currently have a FAKOs of 677/677/667 (EX/TU/EQ). I also have $22,800 in credit, spread out over 5 cards. 9K highest limit, 2K lowest limit, including a signature Visa and an AmEx. Oldest credit card account is at least five years old, newest is couple of months. Everything else falls in between. I have older installment accounts (only one open, rest are paid/closed in good standing). Pretty much middle of the road on credit rebuilding, current standing, etc.
So I applied for the BOA MC. Received instant approval of $500. That is almost an insult credit limit, considering the work I have put in to increase my scores, increase my limits, etc.
Soooo, should I chalk this up to a learning experience of a wasted inquiry and never activate this card when it comes in and to just let my open accounts age for a while? Or should I call BOA when I receive the card and ask for CLI?
Thanks in advance for any advice and/or experience examples.
Hello, if a similar post exists, please let me know and discard my post. Thank you.
Three years ago, I had a lengthy short sale. At the end of the process, I settled with the bank by paying as much as we can on the loan with a balance as debt forgiveness. In the after settlement letter, the bank said the debt forgiveness will be reported as "account paid in full for less than the full balance". As little as I understood back then, I didn't think this would be a problem for getting a mortgage in the future when we rebuild our life.
Now we are trying to buy a home and getting a mortgage, the lender pointed out this particular report on the short sale three years ago. Currently on my CR, it says:
XXX Bank INS 03/11 91125 Coll/ChrgOff TRU01 acct#YYY 180 M 637 06/07 88215 0 * 03/11 637 3822 (EFX,XPN) SECURED UNPAID BALANCE CHARGED OFF The lender indicated that this line is a concern for the underwriter and should be changed to something like "balance is zero". Could you please give me some advice/directions how I can fix this: 1. Should I contact the short sale lender and request them to change the report? If so, what should I ask them to change to? 2. Or should I dispute with the CRAs (if it's disputable)? Thank you so much for your help!
Hi all - I've been trying to clean up my credit & like many people have some bad marks from years past..unfortunately, two of them relate to Portfolio Recovery Associates which is seeming to be IMPOSSIBLE to deal with.
1. I had a store credit card that I fell late on and it went to collections in Feb. 2013. I called and for someone to agree to a Pay for Delete so I paid the entire balance in Dec. 2013. I later found out this was the worst idea ever because they didn't delete anything and seeing I trusted their word, I have no proof that that was the agreement. So now I have this account sitting on my credit report as Paid in full, was a collection.
2. I had a Capital One card with a limit of $300 that went to collections in Mar. 2013. It's now showing as purchased by PRA in June 2014 with a original amount of $581.00. I'm not sure what happened to Mar 2013 - June 2014? I don't see anything else on my report for this account in these months..
Any ideas on what to do with this company, they won't agree to a Pay for Delete but I'm really hoping to get this thing of my reports! I've seen people mentioned requesting validation and I've thought about that but I'm a bit confused on the whole process..
Thanks in advance!!