Jump to content

BOA secured credit card deposit refund


Recommended Posts

So when i was a teenager i went to open a bank account with my father at BOA (highly regretted it ever since) with a security deposit of $500. I had a bad payment status for 30-59 days and the account was closed by the credit grantor but only after i payed off the balance (they allowed me to pay off the balance by saying i had to make payment to use the card again and after i did they said i had to call a service representative) . I should have been more responsible on checking my balance since it was below $500 and thinking back now i was told that even though i payed off the due amount i would not be getting my deposit back, so me being a irresponsible teenager i just wanted to hide this fact from my parents. Moneys tight right now for my family so i was wondering if there was anyway to recover this $500. Is there any steps i should take to gather information regarding this ie the credit card terms and service before i try to dispute the fact? Would i be able to remove this remark from my credit score? I know this is a long shot but any information would help. Its been 4 years since then and the account was open for around 7 months. The year was opened on july of 2016 and closed feb 2017. Has anyone else had any experience with something similar? 

Link to post
Share on other sites

To recap, is this the scenario?

 

It sounds like you opened a credit card that was secured by $500 deposited into a bank account.  The credit card went delinquent, but you paid part of the balance that was past due, and you're wondering if you can get the remainder of the security deposit back.

 

Am I close?

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Content

    • By CandiedCredit
      I sent out a validation letter to a medical collection on the 1st. today the 17th i got an alert that a new account was added. The account was never removed to my knowledge but it is the same Collection but now the balance says zero.  Why would they do this? I haven't received any response from them.   Should I wait the 30 days to see if they remove, or move forward with another letter?  Thanks for any response 
    • By credithoarder
      Hi All,
       
      I have searched this board to identify a singular thread that nails down the personal experience of members who follow the AZERO but ONE credit card utilization balance strategy  Unfortunately, I have not found any expansive explanation behind who came up with this strategy, how to best implement it, and its success rate among credit card holders.
       
      To my understanding, the gist of the AZERO but ONE strategy is to zero out the balance on all credit cards in one's profile, but carry a balance on one. I do hope I have this right, because I am trying to take put it into practice (along with great payment history and credit limits) to reach the 800+ club. 
       
      What I am not sure about are the following:
       
      Does the balance of the one card have a carry a statement balance (will incur an interest for non-zero APR card)? Does the balance of the one card have to carry a current card balance (money spent to-date) at the end of the closing date? Does the balance of the one card have to be < 30 %?  
      I utilize the spreadsheet from the following site to play around with the card balances - Card Utilization Calculator. Ideally, I like to keep my card utilization between 7%-10% max.  However, when I average out all my cards in the calculator, the total utilization rate naturally comes to less than %1.  At that point, I am not sure if having < 1% is considered to be so negligible to the Fico scoring system that it makes it appear that I really don't utilize my cards at all. 
       
      As an experiment, I plan on carrying a 30% current balance on one of my cards for one billing cycle, out of 7 cards, which will bring my total utilization ratio to about 7%. 
       
      That said, does anyone have any experience or insight to this approach they are willing to share?
    • By Menta33
      I've got Citi AA Miles card from 2019 still with same credit limit I opened with.  Denied again for CLI, reason given was:
       
       
      However, I wonder if that is the full story since they have BK loss with me that is off my credit reports now?  Are they obligated to cite that in their reasons if part of their decision making process?
       
      My inquiries on Equifax they referred to:
       
      Feb 17, 2021 PENTAGON FCU (Denied CLI, max exposure) Feb 17, 2021 DIGITAL FEDERAL CREDIT UN (Denied card) Dec 29, 2020 CORELOGIC CREDCO CORELOGIC for BACHOMELOANSECOMMDMA (Mortgage approved) Apr 20, 2020 CREDCO/QUICKEN CREDCO/QUICKEN for QUICKEN LOANS INC Mar 07, 2020 PENTAGON FCU (Approved CLI) Mar 07, 2020 DIGITAL FEDERAL CREDIT UN (Denied card) Feb 24, 2020 CITIBANK NA CITIBANK NA (Prior Citi CLI that was denied)  
      Experian FICO: 827 (From Wells Fargo Bank)
      TransUnion FICO: 824 (From Barclays Bank)
      Equifax FICO: 770 (From DCU older version of score)
       
      Thoughts?
    • By Dawn0912
      I am trying to help a friend out that does not have access to the internet. He said the templates are nothing more than pre-done forms to remove or amend credit errors. I have been looking for hours. I was wondering if anything can either attach or tell me where to find them. 
       
      Thank you!!
    • By Missash43
      I missed a payment for a federal student loan and about a week and a half ago, it hit 7 years. Isn't it supposed to just fall off? When will that actually happen? Do I have to do something to make it fall off?
       
      Thanks for your help!
       



  • Member Statistics

    • Total Members
      183,004
    • Most Online
      2,046

    Newest Member
    dookieblaylock
    Joined
×
×
  • Create New...

Important Information

Guidelines