Just wanted to know if waiting the seven years is really the only option. Toooo Long. Can anyone advise on what I can do. I have ten late payments last year from one company. I had no idea my credit would be that damaged. Does sending the 100 word letter help? Thanks. new024
FICO can't read. It presumably ignores consumer statements. Only human underwriters, such as might handle a mortgage application, can consider causes of negative items. Are all your lates with one company? What type of account? Were they all, in fact, 30 or more days later than the due date? If you miss a payment, get the next bill showing it was missed, and pay the total due promptly, you can usually avoid being a full 30 days late, measured from the due date, even if you are dinged for late fees. Are the lates being correctly reported?
