Free Credit Score News » bank of america http://mycredit-score.org Tips to Check and Improve Your Credit Score Fri, 27 Apr 2012 06:47:55 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Settling credit card debt with Bank of Americahttp://mycredit-score.org/settling-credit-card-debt-with-bank-of-america/ http://mycredit-score.org/settling-credit-card-debt-with-bank-of-america/#comments Sat, 03 Jul 2010 21:15:21 +0000 Credit Professor http://mycredit-score.org/?p=422 Q: I had credit scores around 740, that before I was 30 days late twice in 4 months on three credit cards with different issuers. I am currently settling credit card debt with Bank of America. I had to take a much lower paying position, hence must settle. The deal is quite good, settling $12,000 in credit card debt for $3,800. Wells Fargo and Capital One will be next. My main concern is my credit score, after missing payments and now settling. Where would they be and how long it would take for them to recover?

A: The two 30 day late payments has already shaved close to 130 points, I am pretty sure, so let us suppose you are at 610 to 620 credit score range. Settling the remaining credit card debt with Bank of America will probably knock it down another 25 points or so. Obviously, settling a credit card debt means that the lender agrees to accept less than the amount owed on the account, thus indicating a higher level of risk. Since your credit score lost quite a few points, the debt settlement impact is less severe, since the higher the scores, the lower they fall. Once you are done with Bank of America, settling debt with Wells Fargo and Capital One will take another 40 to 50 points of your credit score.

How long would it takes to get your scores back, say in mid 600s? Probably two, may be three years of impeccable credit history. You will need to use your credit cards regularly while keeping utilization rate low, among few other things..

]]> http://mycredit-score.org/settling-credit-card-debt-with-bank-of-america/feed/ 54 Check Credit Score Free Right Now Through Bank of Americahttp://mycredit-score.org/check-credit-score-free-right-now-through-bank-of-america/ http://mycredit-score.org/check-credit-score-free-right-now-through-bank-of-america/#comments Fri, 27 Feb 2009 10:06:31 +0000 Credit Professor http://mycredit-score.org/?p=158 I stumbled over this the other day when checking my bank account with Bank of America. Currently, under the Customer Service tab when logged in, choose monitor credit report. You can do a 30 day free trial, assuming you cancel before the 30 days, and get your credit reports and scores from the 3 agencies for free. I am assuming this is a standing offer. See the screenshot for exactly how to do it.

Bank of America

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