Should I bother?

Tough call...If it were me, I'd leave it until that late pay was the last negative on my report.

The age of it is probably helping more than hurting your score right now. Just one 30 day late pay? Hmmm maybe a goodwill request would work better here than disputing with the CRAs. You run the risk of having the entire TL removed (like they did to your dh) when you dispute.

 

Well I think I learned this one the hard way....I disputed a 30 day late on my car loan from 1997 and 2 30 day lates on my jcp from 1998...these disputes were done on Equifax...I actually lost 6 points having them in dispute...I'm hoping I didn't really mess up and end up getting them deleted. Good luck w/ whatever you decide!

 

Believe me I am having the same doubts...this will be the longest 30 day wait yet for me!! My oldest credit card and an auto loan at risk here!!

 

Put it this way, in Dec on TU I disputed the car as never late, they deleted the TL. Always one to learn the hardway, I disputed JCP w/ them last month as never late and they updated. In Dec, I also disputed the car on Exp. they deleted it as well. Yes LMAO I am looking stupider and stupider cuz I just disputed it (the car) on Equifax last week. I am also waiting to hear from Exp on JCP and LOL Equifax.

If I had it to do all over again, I wouldn't have disputed either the car or JCP...they are such old lates they couldn't possible drag my score down too much...a good example of this is the fact that my score dropped on Equifax when I put these 2 in dispute....

 

I think you will be okay since it is an open account. My guess is my car loan wasn't being reported to the CRA's anymore (paid it off in 2000) so that is why they just deleted it (btw this happened on both TU and Exp and I will almost put money on Eq doing the same), but when I disputed JCP (open account)as never late they did update to show never late. Who knows, the way these companies work is just plain scary.

 

Ain't that the truth. It's like being a kid at Christmas and not knowing whether to expect a lump of coal or a shopping spree at FAO Schwartz!! It's definitely a gamble and this whole thing (credit repair) is addictive as gambling!!

 

I wouldn't bet on it. I had 4 perfect accts deleted from TU about 1 1/2 years ago. They were and still are open, current accts. Once TU deletes, that's it. They won't reaapear. I was successful in getting them to manually reinsert 2 of the accts. But the other 2, even though they are reported to TU every month, will not be reinserted.

 

I'm curious what their reasoning behind not reporting it was? I thought they "had" to report what was being reported?? I'm still new at this sorry if its a dumb question! I've just never seen that addressed!

 

Re: Re: Re: Should I bother?

Nope, hubby lost his BEST tradeline that way and his score took like an 80 pt hit, contacted TU and they said the only way to get it reinserted is if HE (hubby) sends a letter requesting that it be reinserted INCLUDING a letter from the creditor stating that the tradeline be reinserted PLUS a full accounting and history of the tradeline. Of course when we contacted the creditor all they could say is, 'sorry, we ARE reporting this to TU every month'. Since they do not quite understand the FULL extent of how the bureaus work (this is a very small ccc) they just think we are CRAZY and do not know what we are talking about.

 

Re: Re: Re: Should I bother?

OUCH! The OC couldn't give you a statement showing your husband was accountable for the term of the account? Such as from Day 1 to present day? Sorry nm just saw that you said it was a very small ccc....yikes

 

Re: Re: Should I bother?

This is a great thread.

Two things can be addressed.

First, the CRA's have a vested financial interest in keeping your scores lower. If you've seen my post on the Rule Of 72, it's easy to see why even a small drop in your score yields higher interest rates to the advantage of the creditor, to whom the CRA's are most loyal. For example the difference between a 600 score and a 700 score, will mean the difference between 5.5% and 9%, respectively, on a home loan.

The person with the 600 score will pay $120,000 MORE for the home over the length of the loan.

The higher your scores get the harder it becomes to deal with these people and the closer one needs to watch every move they make. The CRA's and I are constantly at each others throats. They wait patiently for me to slip up just once so they can report a 30 day late and ruin my scores. (Granted, that may be an arrogant, self centered perception but so what. It behooves me to perceive it this way anyhow).


Second, the CRA's are made up of extremely lazy people who willingly work for minimum wage and actually enjoy it because they get off on the power trip. I won't get into a long personality profile here but suffice it to say that these people can be very vindictive. These poorly educated, half homeless reprobates are quite happy in their blissful ignorance and government induced psychotic stupor.

They are just as likely to trash some ones report for the next 7 years just because wife/hubby cut them off last night, and not give it a second thought. When they catch on to the fact that you know what you're doing they will punish you if they can.



So with these 2 things in mind here's what happens in the real world.

If a TL is rendered positive by a correction ordered by the OC, rather than make that TL positive, thereby improving your score, they will often DELETE it. Since there is no law that requires them to report that which is reported to them they not only delete but they may actually "suppress" the TL. Meaning, even if it is re-reported it won't be re-inserted.

You may want to see my thread "EQ deleting in masse", it might help you understand what's happening.

Isn't it interesting that when a TL should be re-inserted it doesn't happen because it's been suppressed, and when a TL is negative it often IS re-inserted precisely because it was NOT suppressed. Their excuse of course in the former is that "we're not legally required to report", and in the later case "we re-inserted because the OC re-reported".


I'm currently working on my own issue as well as that of numerous others on this very issue.

 

Re: Re: Should I bother?

BTW - to answer Toothfairy's question, YES - you should bother.

Assume that everything else on your report is now perfect, but for that one 30 day late, which might be worth as much as 50 points.

It's at that moment you'll realize, DAMN - I should'a bothered. LOL


However I do agree that you may want to wait until it is your last issue.


I've never seen an OLD negative TL have it's negativity overpowered by it's age, with respect to the FICO formulas.

In other words, if a TL is negative get rid of it, regardless of how old it is.

HTH