Bank of America Charge Off

Discussion in 'Credit Talk' started by Kevin Yaeg, Dec 21, 2000.

  1. Kevin Yaeg

    Kevin Yaeg Guest

    I had a Visa Gold with Bank of America with a $25,000.00 credit limit. This account was charged off in 1998 for lack of payment obviously. I am eager to pay this account but to be honest I got my credit cleaned up and this basically is the only account standing in my way as showing bad.

    Has anyone had any luck getting them to delete? I already disputed this account 4 times with the credit bureaus. BofA is on top of it with not deleting.

  2. Cadillac408

    Cadillac408 Well-Known Member

    Just curious....of the $25k, how much do you owe?
  3. Kevin Yaeg

    Kevin Yaeg Guest

    I owe about $19,000 so about $6K in interest but my limit was $25,000.
  4. Cadillac408

    Cadillac408 Well-Known Member

    I can't believe that Bank of America (being the greedy idiots that they are) would simply just charge off $25k? You would think that they would be doing everything possilbe known to man to get their money back! That's ALOT of money! I'm surprised they haven't taken you to court, garnished wages, etc. But you say that you want to start paying them back, right? Well I would seek the advice of others before you start on your quest to make sure you negotiate the best repayment terms.
  5. Kevin Yaeg

    Kevin Yaeg Guest

    They told me if I paid them $16K they would consider the debt settled.

    Or I can pay $1500 monthly until paid and they will lower my interest rate to 6%

    They said however they will NOT delete their charge off from my credit report. Just mark it accordingly when paid.
  6. Betty

    Betty Guest

    I have tried to deal with Bank of America and they are of no help. I had a joint credit card with them and I got stuck paying the bill. At first I refused to pay the bill since I didn't make the charges but since I was the one they could collect from they squeezed me (my dad was the joint user and used it to "finance" his new girlfriends needs and then left me with the bill) So I have a paid charge off on my credit reports. I tried to negotiate with them but they would not budge. Never mind that I paid them $450/mo for 9 mos. just to get them off my back. Maybe you'll have better luck but they are VERY SLOW at updating your account when you finish paying them up. Took me almost 3 yrs to get them to put paid/charge-off. I did speak to numerous representatives from both the credit unions and BofA and none would do anything. BofA would blame the credit reports for not doing anything and vice versa. I did report them to the FTC.
  7. river

    river Well-Known Member

    I agree with you,MP$40. I thought my credit was horrible,but this takes the cake!!!!!!Not just BofA,but it seems as though,he also had every Amex card that they offered. He wasn't doing bad at one time.Think he'll share with us his down fall and climb back to success story?It may help someone else on board to prevent it from happening to them...
  8. Kevin Yaeg

    Kevin Yaeg Guest

    RE: My down fall?

    I co-signed a Corporate American Express Card for a friend of mine. American Express called me and said ' We do not want to approve this application! It's nothing against you, its the business!' I should of listened to them! I twisted their arm to open the account. They finally did. When you charge $10-15K a month and pay it off in full on time they tend to do what you want!

    After two months of them giving the Corp Card, they charged up over $50,000. I didn't realize what they charged. I was away on a trip. I tried buying a shirt from the Hard Rock Cafe on my Platinum Amex Card for $19.00 which was declined. They told me the reason for your decline was the Corp Card you co-signed for is 2 months past due with over $50,000 owing. OUCH! I didn't have $50,000 to give them.

    I was 24 years old. I made good money but not awesome money. I made about $150K a year. I had my own bills. So between my friend not paying his account then I got into an accident which foced me to take 6 months off from work with no pay.

    If I would of listened to AMEX when they told me no I don't think I would be in the position I am today. Stupid ME.
  9. Cadillac408

    Cadillac408 Well-Known Member

    Good for you!

    Glad to hear that you reported BofA to the FTC. I had a checking account w/ BofA for TEN YEARS!! I gave up on them after they continually messed up my account. Then the cake topper was when my EX did a phony deposit for $950 (to cover the rent after he smoked it up!) and that was the final straw! Now I have a collection agency coming after me and him 3 years later! They have only contacted me via letter one time and that's it! I'm not paying them because I didn't do it. I guess I'll wait for them to put something on my credit report before I start trippin.
  10. Angela

    Angela Guest

    You should have B.K.'d when in

    After what happened you needed a new start. Chap 7 would have gotten you a new start.

    I don't approve of easy bankruptcy but I suspect you have other debts too. Good luck.
  11. Kevin Yaeg

    Kevin Yaeg Guest

    RE: You should have B.K.'d whe

    Actually I got most of my accounts back on track except for BofA. I didnt want a BK on my record. I was actually able to work with most creditors 'If I pay this account in full you must delete entire entry from my credit bureau report' and all agreed except for Bank of America. Grrr! =)
  12. Angela

    Angela Guest

    I take my words back.

    Thanks for the info.

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