I have two accounts, Chevron and RNB that have late payments from five years ago. The Chevron account has an R3 rating. Even though everything I read says that old information doesn't carry much weight in your credit score, these two lates keep me from raising my score over about 650. Other than waiting two yesrs, what strategy can be used to remove late payments from current, open, good accounts? Thanks
Others on this list can give you further advice, but I'll start with this: You need to send Sob-story letters, otherwise known as "GOODWILL letters" to each of the two accounts you have. Someone on this list can probably tell you the name of the individual to contact at each lender. I know at CAP 1 it's Mr. Cooke. When you craft the letters you need to plead for mercy and ask for a one-time removal of the late-pays in return for keeping their card. You can even indicate that you are considering closing the account and opening a competitor's cc account, but if they will make the late-pay deletion you will keep the account open. You might even offer to make a balance transfer from one of your other credit cards to their card so that they will make the interest on the debt rather than another lender. Most lenders are eager for you to perform BTs and transfer debt to their cc so they can make more money off of you. When you send your letters you need to fax it directly to the right person, or PFB it to someone with their customer retention staff. Some of the others on this list can even provide you with examples of Goodwill letters. You might check out this thread to see how it works when contacting specific individuals with the various lenders: http://consumers.creditnet.com/stra...php?s=&postid=156837&highlight=omg#post156837
Go to this thread about "good will adjustments" http://consumers.creditnet.com/stra...2&highlight="good+will+adjustment"#post122422 I disagree with the above post in regards to trying to basically blackmail them with "I was going to close the account, but if you will remove the lates, I'll keep it open". That will get you exactly 1 closed acct and nothing else.
I was in a similar situation... they were very nice and got rid of the lates - however my score didn't move a bit. On Experian for example, I've had a mortgage with 27 lates, a home equity loan with about 10 lates, credit cards with lates, etc.... my CE score when I first got it was 691. Now it's 706 after all the changes (1 inquiry in last 6 months, but I've added a few new accounts). I still have a 90 day late from 1995. All my lates were in 1995-1997... so I don't think they affected my score all that much although not having horrible derogs on my account has enabled me to secure a bunch of credit. Even when my score was in the 690's I got turned down for credit because of delinquencies....My score hardly changed - but I have a much better report now. Don't wanna burst your bubble or anything, but I was devestated when these deletions didn't yield me a big point increase. I was thinking that getting rid of 27 lates payments on a mortgage (including 2 -180 days and many, many 90 day) would put me into the mid 700's.... but the day those were gone I went up only a few points. I think it was like 4 or so. The point I'm trying to make is that while your report will definitely look better, you might not see a big jump in your score... in my experience anyway. Ozzy.
Ozzy, I think if there are multiple lates and you get only a few removed, then your score would go up only slightly. I would bet if you were able to get that last 90 day late off, that you would see a 10-20 pt. increase.
I agree with LKH entirely! In fact, when I read the first response I was all geared up to click "Reply" and type what LKH did, lol. Good thing I continued to read the whole thread before responding, ahem. In your initial goodwill adjustment letters, try the sample letters provided in the link LKH supplied above. Doc
I had collectively about 45 lates payments on my report - now all that remains is the 1-90 day from 6.5 years ago..... I didn't explain that right in my previous post - sorry. I know opening up new accounts made my score lower, but I just remember getting so excited when I discoverd a bad trade line was made good or deleted - and then being disappointed by the small, if any, increase pointwise. So ya think once that 90 day comes off, then all my reports will be clean (this was already deleted off of TU) and that for being clean, I should get a point increase? SWEEEEEET! =-) From my previous experience I didn't see much hope in a point jump when this was off since it was so old. I guess I'll let ya know what happens in September when the little bugger goes away!!!!!! I love having hope again..<g> Ozzy.
Thanks for all the great input/ideas! I will contact my creditors and see if they are willing to listen to a longtime(1988), loyal customer, that had a one time problem. I will post the results. I do believe that the removal of the R3 and my one 30 day would make a difference. I was recently turned down for a BankOne Platinum Visa and the number one reason was late pays. If it doesn't help much, it surely won't hurt.
Ozzy, I think the reason you didn't see much of an increase is because you still had the 90 day late reporting. I have seen so many posts here where they got rid of the last derog and scores soared. And alot of these were derogs that were 5 years old or more. Yes, I think if you can get rid of that late you'll see a nice bump up. Update us when it happens.
I called Chevron this morning and they tranferred my to their Credit Bureau Desk. I explained that I use their card, I always pay my bills on time, and the problem was a result of my wife becoming very ill, a one time event. The gentleman checked my history and immediately offered to remove the negative entries from all 3 bureau's and said they would send me out a letter, because sometimes the credit bureau's mess up the removal. He said if I would have called sooner, they could have resolved my problem a long time ago. I will report back the difference the removal does or does not make when the deletion occurs. On the 1 30 day late with RNB/Mervyns, I haven't called yet. I checked my last triple report done in January and they were not on the report as delinquent. I may just dispute that one. Thanks for everybody's help!!!
My CE score was 549 on experian... i got a second mortgage -that showed 17-30, 10-60 day, and 3-90 day.. paid this off in 11/2001 so i disputed the lates and today came back never late for the 5yrs of the loan and only got me 9 points...
That is because you still have other derogs on there. What I'm saying is the last derog to be deleted, no matter whay type of derog, will usually net a substantial gain.
