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I'm trying to help a friend with an Auto Loan that was at Bank of America that is now paid off. BofA is reporting 30 days late Aug 2011, 30 days late Dec 2012, and 60 days late Jan 2013.
I am looking at the Metro 2 — 2012 Credit Reporting Resource Guide to understand how and when 30-day and 60-day lates are to be properly reported. In there I read:
They then give an example of a payment due on January 15th and how it should report on the first of each month:
January 1st: 0-29 days late (code 11) - no payments past due February 1st: 0-29 days late (code 11) - one payment past due March 1st: 30-59 days late (code 71) - two payments past due April 1st: 60-89 days late (code 78) - three payments past due This BofA loan appears to have a due date of the 1st of each month and a 5% late payment charged on the 12th of each month (unless that is a holiday or weekend, then next business day).
The Metro 2 guide states later:
Later I see this section on Date of First Delinquency:
None of the CRAs show a Date of First Delinquency for this account, the field only appears on Equifax and is blank there, no mention of DOFD on any other CR for this tradeline.
After analyzing the report supplied of the complete payment history on the account, this is what I find:
The due date appears to have been the 1st of each month. A late charge of 5% is charged on the 12th of each month if payment not received by close of business on that business day. I don't know what day of month Chase reports to the credit bureaus, but I am assuming it is the first of each month, but perhaps it is last day of the month? How can I find this out? Account was 30 days late on August 31, 2011 Account was 30 days late on October 1, 2011 Account was 30 days late on December 31, 2012 Account was 60 days late on January 30, 2012 Only if BofA reports on the very last day of each month would their reporting be accurate if the due date is actually the 1st of each month.
How can I know for certain what day of the month BofA reports to the credit bureaus? How can I find out for certain what day of the month payments were due and what their late payment charge policy is? Should I ask BofA to produce a signed contract for the loan? So far they've only provided a computer printout of the payment history.
I don't know a way (for free) to check my Equifax file but I doubt I have anything reporting there and I know DnB doesn't have anything but I do have some tradelines reporting to Experian.
Does anybody know any relatively accounts I can get that only check your experian file? Also I'm NOT looking to PG anything, and it would definitely help if they reported to all 3 as well.
I'm sure there's an answer to this already in the forums somewhere, I tried searching but couldn't find my answer. Thanks in advance, & I'll still be searching in the meatime.
Since I've seen the light from this board and MyFico.com I now understand that to really help your chances in the future to increase one's current credit line limits it's best to try to run as much through your CC's as possible everyday instead of just using your bank debit card, cash or writing checks.
One poster on this board or Myfico (i forgot which one( stated he was running $10-$15K a month on a $5K limit card using this strategy without the cash advances though I think.
My question is two fold.
To help with mass usage of my credit cards (on all my personal and different businesses I own for day to day, monthly and yearly expenses) will CASH ADVANCES help or hurt me in the eyes of the credit card companies in regards to helping me increase my credit limits? Basically do CC companies see someone that takes cash advances differently then someone that spends the exact same amount on some product or service?
Like they're in need of the cash and more of a risk to them. For example instead of paying a contractor for work they do for you with a check you could pay them in cash through a CC cash advance. Yes, you'd get hit with a 2-3% fee. But you would get to run more transactions through your credit cards and thus in theory you would use your CC's more instead of just for purchases of products or services.
Again from everything I've read, besides keeping your CC at a zero balance and then leave $2 on one card every month. For maximum chances to increase your credit lines the more transactions the CC companies see you do every month the more likely they are in the future to give you a CLI but also a bigger one correct?
Please chime in with your first hand experiences with this.
Thanks so much.
I'm finally finalizing my Christmas Breaking Bad marathon (watching Season 5 episode 12) so all his cash has got me thinking cash!
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.