MHaynes772

Credit score question...

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Hey everyone,

Just wanted to pick your brains for any expertise in this field.   I have an auto loan through Bank of America, and have been paying on time for nearly 2 years.  I've had 18 years of perfect credit history and an 815 score. In November I set my payments up on an auto-draft.  Well a few days ago I get a notification from credit karma of a score change.  When I look, I've been knocked down to a 684 score because of a 30 day late payment. When I called bank of america to figure out what was going on, they said auto-draft was not set up.  When I asked why I was never notified, they told me their was two phone numbers on the account.  1 I have no clue what number it was, and mine, was typed incorrectly ending in a '9' instead of a '0'.  They also did not have a zip code on the address on file. I paid what was due plus next month's to show good faith.  Basically they said, 'tough luck'.  I filed disputes with all 3 credit agencies, only to get a response yesterday that Bank of America said I was late and that was it, so no change. Is there any course of action because I cannot have this as a homebuilder being that I pull lines of credit all the time.  Just needing some advice.

 

Matt

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Do you have any paperwork from setting up the auto draft? Any signatures from a bank rep on anything? Fighting a late payment is a pain in the ass. They are so quick to fcuk your credit up for a simple mistake. Best advice is to get as much ammunition as possible to send to the credit bureaus as BoA won't do shit. Best of luck.

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I dont'. I pay thru the BOA app, and when I paid last time it ask if you want to set up a reoccurring payment, and I selected yes. After that, I just forgot about it, especially traveling thru the holidays for Christmas, NYE, etc.

I went and spoke with a BOA representative in person today and they filed a claim.  Im just trying to figure out why I was never notified before it went sent off to the credit bureau as a late payment.

Is there any logic to hiring a lawyer to try and fix? I can't have a late payment on my credit for the next 7 years. They said it wouldn't be removed until 2025! Our fcuking credit system is a joke.

 

I have heard of writing a 'good will' letter to the creditor asking for forgiveness of the one late payment and take into account the perfect credit history.  People have said it has worked. Any other suggestions Im completely open to.

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Yeah just a simple google search will show you 100's of people who have had the same issue with BOA autograft.  Unbelievable.  fcuking pathetic company. I've done everything right in my life on my credit, multiple auto loans to build up, credit cards, etc and it is all ruined now.  I will look into Lexington law

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19 minutes ago, oufan2929 said:

I had the same type of thing. I used Lexington Law. Took a few months but it ended up getting cleaned up...

Did it cost a lot to get it cleaned up?

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Been in this world a long time as a hobby and helped multiple friends through a worse.  Your best bet is to keep calling BOA reps and ask for a one time courtesy removal of the late charge.  Use the system issue as a reason for it and just continue until you get a rep or manager who does it for you.  Much better than disputing IMO because you’ll have better luck and if they win the dispute it will show on your credit report as disputed but still lower your score

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Dude, fuk BOA. I will never deal with them again. They always nickel and dime'd me in a similar way if they weren't making any $ off me.

Good luck, going to be tuff to get that removed, unless you have some proof that you did enroll in auto pay and were not notified of any changes regarding your auto pay.

I would refinance thru another bank and pull out of BOA. Fuk that. Might be hard now that you score took such a huge hit, but you never know. I really hate BOA.

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First, fcuk BOA, refi that loan with penfed immediately after you get this resolved. 

Do some online searching and gather contact info for some people higher on the food chain, and reach out to them.  This will take some legwork but you should be able to get it removed.

The next option is to file a dispute directly with BOA, the thing is, you want to look at their response and find ANYTHING that isn't accurate.  Dates, times, something fubar with your contact info, etc.  When you get that, dispute THAT particular bit of info with the credit bureaus and they won't be able to confirm it. 

Also, when it comes to the credit bureaus, go through all the personal info they have on file for you and delete everything that isn't current (within the last 2 years).  Old addresses, the 14 versions of your name that aren't accurate, old or incorrect phone numbers, etc.  You might get an error on some things that will say "This information is linked to a current account".  If so, find out what account and make sure it's updated.  Then immediately go back and have the bad info removed.  All this erroneous information is what they are validating against, so the less you give them to work with the better.

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I have filed a dispute with BOA. I actually went in person and met with a client relations manager who contacted the auto loan department on my behalf and filed the dispute. I have a case # and waiting to hear back. 

 

The crazy thing is, I signed up AGAIN for reoccurring payments last night, still no sort of confirmation emails or anything stating that it’s now active. But how the fcuk do you prove that when you have nothing to show?

 

What also boggles my mind, is that while the client relations lady and I were on the phone with the auto loan department, I offered to pay off the loan right then if they removed the negative mark. No go. It was only a small loan of $28,000 with only $18,000 remaining. I do it on every vehicle I have for credit building purposes, that’s all. They are absolutely unreasonable and it’s the most frustrating thing that there is NOTHING I can do, or so it feels like. This is effecting my business and lines of credit approvals and also now higher interest rates which cuts into my profits. I feel fcuking helpless

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1 hour ago, Kevin2772 said:

nothing to add, but fcuk me, one late payment and you get dinged that many points?!?!?!?

The higher the credit score, the harder the fall. If you have a score in the 600’s, it’s a minimal fall with like 6 months to recover. If you’re over 800, it’s a 100+ ding  

 

They said itll take 3 years to recover half of what i had and 7 years to remove the late payment. Absolute fcuking bullshit

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11 minutes ago, MHaynes772 said:

The higher the credit score, the harder the fall. If you have a score in the 600’s, it’s a minimal fall with like 6 months to recover. If you’re over 800, it’s a 100+ ding  

 

They said itll take 3 years to recover half of what i had and 7 years to remove the late payment. Absolute fcuking bullshit

Pay it off and dispute the entire loan. Like I said above, find ANY thing that isn't accurate and dispute the shit out of it.  Get the whole loan removed and move on.  It will be a pain in the ass, but it can be done. 

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So just to add to this weird ass situation, I just received in the mail today two letters from bank of America.

 

The one dated Jan 7, 2019 is a letter saying they haven't received my Dec payment and to please pas as soon as possible to avoid collection efforts.

 

The one dated Jan 8, 2019 is a letter saying "we've tried to contact you to request payment but unsuccessful.  

 

The irony is that when I called in the very beginning (I believe is was Jan 4) to figure out what the fcuk was going on, they had to update phone numbers and zip code that were incorrect on the account.  Now, magically, I get these letters. The latest saying they'll have to send to collections if not received within 10 days of the Jan 8, 2019 postmark.  Can I use this as ammunition in my dispute?

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I deal with credit everyday and it's a joke that issues like this aren't resolved easily. A late payment on a lease or car loan will mess it up big time. Honestly dealing with BOA will get you nowhere because they don't GAF, you have to work directly with the credit bureau. Was it reported to all 3? You probably received an email from them confirming the auto-pay was setup so look for that and add it to your arsenal. I have seen people have crazy things removed from their credit by people who claim to repair credit but I don't know how it is done or if it is permanent so watch out who you talk to if you reach out to anyone who "repairs credit".

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24 minutes ago, Tara said:

I deal with credit everyday and it's a joke that issues like this aren't resolved easily. A late payment on a lease or car loan will mess it up big time. Honestly dealing with BOA will get you nowhere because they don't GAF, you have to work directly with the credit bureau. Was it reported to all 3? You probably received an email from them confirming the auto-pay was setup so look for that and add it to your arsenal. I have seen people have crazy things removed from their credit by people who claim to repair credit but I don't know how it is done or if it is permanent so watch out who you talk to if you reach out to anyone who "repairs credit".

Yes, was reported to all 3. No email for the auto-pay setup.  I actually SIGNED UP AGAIN last night for reoccurring payment, no confirmation email or anything. 

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I also get a little nervous AMEX will cancel my acct with them when they see this. I spend up to $100,000 a month on my platinum. 

 

Spoke to a lawyer today who suggested suing them. I don’t think I have deep enough pockets to do such. 

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Apply for a gigantic loan. When you get denied, sue the shit out of them.

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10 hours ago, MHaynes772 said:

I also get a little nervous AMEX will cancel my acct with them when they see this. I spend up to $100,000 a month on my platinum. 

 

Spoke to a lawyer today who suggested suing them. I don’t think I have deep enough pockets to do such. 

Banks will write a letter if there is a honest mistake especially one time stating cause - less than 3 months all should be fine. 

Do NOT pay off your loan it will actually hurt your credit score - if you dislike BOA simply move the loan and take the few point ding.   

The premise of credit scores is to show you have the ability to take on credit responsibly - knee jerk reactions taking drastic measures are a bad idea. By showing past payments along with there was enough funds to pay the bill go from there. 

Don't panic be honest and businesses will appreciate your business just as you appreciate your good customers. BOA is no different than any other bank and no idea what you could sue for given what is stated. 

If you are concerned about AMEX - be proactive. 

 

 

 

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1 hour ago, Nuvolari612 said:

 

Do NOT pay off your loan it will actually hurt your credit score - if you dislike BOA simply move the loan and take the few point ding.   

 

 

 

 

Without knowing his credit history and utilization, there is absolutely no way you can make that statement with any confidence.  The dude has an $18k car loan and enough credit history and income to put 6 figures A MONTH though a charge card.  Odds are paying it off will do nothing but lower his utilization which in the grand scheme of his available credit is probably minimal.  I'd bet $$ it raises his score if anything. 

The only way paying this off would hurt his score is if he had a very short credit history and needed the open credit lines to become established.  Amex doesn't hand out platinum cards with 6 figure credit lines like candy, so i'm betting it will be essentially meaningless on his 18 page credit report.  But if BOA won't play ball, paying it off makes it much easier to dispute and remove the negative marks. 

M.  I wouldn't sweat Amex, they are typically very good about knowing their customers and your relationship will trump this minor infraction on your credit report.  If it hits their radar they might ask for updated income statements and do a little checking, but i'm guessing they won't knee jerk and chop down your credit line. 

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Didnt read this all, but know a bit.

you have within 30 days of the 30 day to file a dispute based on a law cant recall it but 763 i think is it. google it. 

 

write out everyone in your OP and mail them. 

 

 

Creditkarma isnt a real score, so it doesnt matter what they say as they can be as far off as 80 pts.  You get fico8 real score through discover , can get experian free through experian, or pay them to see all 3. 

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4 hours ago, emanon said:

Without knowing his credit history and utilization, there is absolutely no way you can make that statement with any confidence.  The dude has an $18k car loan and enough credit history and income to put 6 figures A MONTH though a charge card.  Odds are paying it off will do nothing but lower his utilization which in the grand scheme of his available credit is probably minimal.  I'd bet $$ it raises his score if anything. 

The only way paying this off would hurt his score is if he had a very short credit history and needed the open credit lines to become established.  Amex doesn't hand out platinum cards with 6 figure credit lines like candy, so i'm betting it will be essentially meaningless on his 18 page credit report.  But if BOA won't play ball, paying it off makes it much easier to dispute and remove the negative marks. 

M.  I wouldn't sweat Amex, they are typically very good about knowing their customers and your relationship will trump this minor infraction on your credit report.  If it hits their radar they might ask for updated income statements and do a little checking, but i'm guessing they won't knee jerk and chop down your credit line. 

 

4 hours ago, emanon said:

Without knowing his credit history and utilization, there is absolutely no way you can make that statement with any confidence.  The dude has an $18k car loan and enough credit history and income to put 6 figures A MONTH though a charge card.  Odds are paying it off will do nothing but lower his utilization which in the grand scheme of his available credit is probably minimal.  I'd bet $$ it raises his score if anything. 

The only way paying this off would hurt his score is if he had a very short credit history and needed the open credit lines to become established.  Amex doesn't hand out platinum cards with 6 figure credit lines like candy, so i'm betting it will be essentially meaningless on his 18 page credit report.  But if BOA won't play ball, paying it off makes it much easier to dispute and remove the negative marks. 

M.  I wouldn't sweat Amex, they are typically very good about knowing their customers and your relationship will trump this minor infraction on your credit report.  If it hits their radar they might ask for updated income statements and do a little checking, but i'm guessing they won't knee jerk and chop down your credit line. 

It's not my business to know his credit history - that being said he is likely self employed as a home builder. 

Paying it off is painful to the bank and in return lowers a credit score. In essence it's an early termination of a contract - read into that as you choose. 

A pre payment does hurt credit score the ability to take on credit and pay on time improves credit scores. 

All credit is not equal but a car goes into a very good category. 

 

 

 

 

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7 hours ago, Nuvolari612 said:

From the Equifax website

In fact, a record of steady payments throughout the life of the loan may be more beneficial to your score than paying it off early. Approximately 35 percent of your credit score is based on your payment history, and a history of on-time payments can help you raise your score over time. If you’re making your monthly payments on your installment loans on time and in full, then each month you’re fortifying a healthy credit score.

 

 

Quote

 

 

 

 

 

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Had this happen with a BULLSHIT clothing store credit card over a $7 when I moved when I was 22. Never got the letters. 30 days late for first time ever. I called them EVERYDAY for 4 weeks, 2x or 3x per day. Talking to different people, asking the same thing each time and asking for a one-time forgiveness. Asked for managers. Etc.

A manager finally told me to type up a letter stating my case and gave me an address to fax it to for my appeal (faxing was an ancient tech for 2012 at the time). I did as she said and *COMENITY bank (the lender) removed the derogatory remarks. Like it never happened.

Drink some caffeine and start POUNDING THAT PHONE man! Be the squeaky (annoying as fcuk!) wheel

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