Need Help - how to fix accidental "Serious Delinquency"

Discussion in 'Credit Talk' started by ctalk4u, Sep 9, 2009.

  1. ctalk4u

    ctalk4u New Member


    This has never happened to me in past and what a bad timing it is now !

    Sometime back I took some credit line (~15k) from BOA , it was 0% APR(trap) until Oct this year. I got this credit line @3% transfer fee. There was some confusion around setting auto payment . I initially thought I had scheduled auto pay for 2% of amount every month, however it turned out, It wasn;t set correctly and after first late payment , my 0% apr offer was taken away.

    It was my foolishness that I didn't take care of that first late payment and finance charge due to first late rolled into another month's payment and it kept resulting into late payment and interest charges for next couple of months. I didn't realize it right away because the auto-pay amount(i had initially set up and not good anymore due to finance charge after first late payment) kept deducting from checking account.

    Long story short, I got letter from BOA for late payments and talking to them over the phone, they said my a/c has been marked as high risk account due to this delinquency.

    Today i got letters from 2 different credit card companies (including BOA) saying my credit line has been decreased.

    I do understand it was major oversight on my sight, and I should have looked into, however, considering I paid off my account right after I found this out,

    Is there any angle I can work off to get that bad spot off my credit history now ?

    I already spoke to BOA credit beaurue and they say they can't help it :(

    I would really appreciate some serious advice as to how to fix this bad accident on my credit history to avoid future issues.

  2. ccbob

    ccbob Well-Known Member

    If they won't work with you, my suggestion would be to close the account, wait a year or so and then dispute it through each CRA. I've had BOA accounts disappear like that. Tbe good news is they take the bad marks away, the bad news is they take some credit history. You need to decide which is more important. (I'm guessing that getting rid of the bad marks is).

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