Bank of America Cancelled My Credit Card Account
Author: Tommy G
Posted: Sat Jul 01, 2006 10:53 am
Post subject: BofA cancelled my 1st card! When to apply for 2nd elsewhere?
Being new to America (from Europe) and to the world of credit cards in general (and how severe the consequences are for late payment!), I foolishly managed to make some late payments on my credit card from Bank of America about 1 year ago. I have now paid off the full amount of approx. $600 (first in $15 or $20 steps as I believe this is the way to try to build/improve credit hostory?), finally I just got fed up of this debt sitting there and decided to pay it all off in one $500 amount last month. I'm now all clear. However, of course now my CR is a problem. I called Bank of America to ask if I can get a second one and start over, but of course no go.
I'm irritated with BofA and how I inadvertently got myself into that situation with them and now with the fact that of course, as far as they're concerened, I'm now considered by them to be an 'unreliable' borrower.
Can you recommend who I should go to in order to apply for a second credit card? I've been inundated with marketing flyers from Capital One but have read bad thigns about them on the internet. I'd like to go with a solid, well-known and long-established institution if they'll have me. Needless to say, I'll be watchign my credit card re-payments like a hawk to make sure I do nothing wrong this time around!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Kajjers
Posted: Sat Jul 01, 2006 4:21 pm
Post subject: Bank of America Cancelled My Credit Card Account
People knock down Cap1 a lot (myself included) but if you've damaged your credit pretty bad, they aren't as bad to deal with as some others. You might also consider a secured card (credit card w/ a deposit).
Author: FaithNGrace
Posted: Sat Jul 01, 2006 11:36 pm
Post subject:
Did you try for a secured card from BofA? That might be an option since they don't feel you can be trusted with a unsecured card. What is your credit score?
Just out of curiousity, how much was BofA asking for as a minimum payment per month? Unless they were only asking for the $15 or $20 payments each month, payments that small are probably what got you into trouble.
Go ahead and try Cap 1. Right now, if you really want a card, you can't afford to be too picky.
Good luck!
_________________
FaithNGrace
slowly learning about the wonderful world of credit!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: JaneiR36
Posted: Sun Jul 02, 2006 6:25 am
Post subject: Bank of America Cancelled My Credit Card Account
If you've had trouble making payments on time, I think it's probably better to pay off the debt as quickly as possible, so you did the right thing. You've already made them nervous by missing payments, so it's best (IMO) if you can show them that it was just a fluke, but now everything's back to normal and you are happy to pay off your debt.
I'm a little confused after having read the title... did BofA cancel your card at all? Just apply as you would, I'm not sure they'd turn you down automatically for an unsecured card. Citibank Dividend's gives you 5% back on gas and groceries, you could try for that if you're interested?
Author: Board Monitor
Posted: Sun Jul 02, 2006 9:41 am
Post subject:
Tommy G-
Greetings and welcome to the board! You can comparison shop for cards for limited credit history here:
http://www.cardratings.com/poorinfohome.html
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Jul 01, 2006 10:53 am
Post subject: BofA cancelled my 1st card! When to apply for 2nd elsewhere?
Being new to America (from Europe) and to the world of credit cards in general (and how severe the consequences are for late payment!), I foolishly managed to make some late payments on my credit card from Bank of America about 1 year ago. I have now paid off the full amount of approx. $600 (first in $15 or $20 steps as I believe this is the way to try to build/improve credit hostory?), finally I just got fed up of this debt sitting there and decided to pay it all off in one $500 amount last month. I'm now all clear. However, of course now my CR is a problem. I called Bank of America to ask if I can get a second one and start over, but of course no go.
I'm irritated with BofA and how I inadvertently got myself into that situation with them and now with the fact that of course, as far as they're concerened, I'm now considered by them to be an 'unreliable' borrower.
Can you recommend who I should go to in order to apply for a second credit card? I've been inundated with marketing flyers from Capital One but have read bad thigns about them on the internet. I'd like to go with a solid, well-known and long-established institution if they'll have me. Needless to say, I'll be watchign my credit card re-payments like a hawk to make sure I do nothing wrong this time around!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Kajjers
Posted: Sat Jul 01, 2006 4:21 pm
Post subject: Bank of America Cancelled My Credit Card Account
People knock down Cap1 a lot (myself included) but if you've damaged your credit pretty bad, they aren't as bad to deal with as some others. You might also consider a secured card (credit card w/ a deposit).
Author: FaithNGrace
Posted: Sat Jul 01, 2006 11:36 pm
Post subject:
Did you try for a secured card from BofA? That might be an option since they don't feel you can be trusted with a unsecured card. What is your credit score?
Just out of curiousity, how much was BofA asking for as a minimum payment per month? Unless they were only asking for the $15 or $20 payments each month, payments that small are probably what got you into trouble.
Go ahead and try Cap 1. Right now, if you really want a card, you can't afford to be too picky.
Good luck!
_________________
FaithNGrace
slowly learning about the wonderful world of credit!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: JaneiR36
Posted: Sun Jul 02, 2006 6:25 am
Post subject: Bank of America Cancelled My Credit Card Account
If you've had trouble making payments on time, I think it's probably better to pay off the debt as quickly as possible, so you did the right thing. You've already made them nervous by missing payments, so it's best (IMO) if you can show them that it was just a fluke, but now everything's back to normal and you are happy to pay off your debt.
I'm a little confused after having read the title... did BofA cancel your card at all? Just apply as you would, I'm not sure they'd turn you down automatically for an unsecured card. Citibank Dividend's gives you 5% back on gas and groceries, you could try for that if you're interested?
Author: Board Monitor
Posted: Sun Jul 02, 2006 9:41 am
Post subject:
Tommy G-
Greetings and welcome to the board! You can comparison shop for cards for limited credit history here:
http://www.cardratings.com/poorinfohome.html
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 8:22 PM
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