05-19-2017 02:18 PM
I let my GM Financial account get 60 days past due four times and 30 days late 3 times. This period was August 2016-January 2017, when I secured employment again. Since then I've caught it up and paid as agreed. I know that's not a long time so I wasn't going to jump right in, but I was thinking with a couple more months of perfect paid behind me a GW campaign would do some good.
My question is has anyone had any experience with GW concerning GM Financial? Thanks in advance!
05-19-2017 03:50 PM
I would post this in rebuilding, that is where the folks that focus on GW tend to spend their time. If your most recent late with them was January I would probably give it some more time before trying and I would prioritize the 60 day, doubt they will remove them all so go after the one that is most serious.
05-19-2017 04:23 PM
GM Financial has a policy to NEVER remove lates for goodwill purposes. Ever, as far as I'm aware (and I know 2 people who have tried even 6 years after their lates to remove them).
Posts on it here:
I don't believe I have ever seen a GW on lates from GM. Just let them age -- 60D and 30D eventually count for very little as derogatories, it's the 90D that hurt you for 7 years.
05-21-2017 12:45 PM
05-21-2017 12:47 PM
I sent goodwill letters for 2 30 day late payments that I didn't even know I had (Jan. and Feb. 2016). GM Financial sent me a letter to call in as they needed additional info. Turns out, they just wanted to tell me over the phone that they verified that the information was/is accurate, and therefore, will not make any changes. So, good luck with GM. I'm still dealing with those lates and will for the next 5.5 years or so.
Not necessarily true. 30D lates don't hurt as bad like 90D do. 30D lates stop having a HUGE effect after 2 years as long as your lates aren't consistent across many TLs.
While they will report for 7 years, their FICO pain isn't so bad if you age them and don't repeat the mistake.
05-21-2017 01:04 PM
05-21-2017 01:13 PM
Did she have 3 30D on one account, or 3 accounts with 30D?
Having 30D on one account hurts much less. Having 30D on multiple accounts probably puts you in a scorecard of someone more likely to default and probably hurts more.
There is evidence of MANY people in MANY threads (including this one: http://ficoforums.myfico.com/t5/Credit-Cards/Derogatory-marks-with-high-credit-score/td-p/4750581) who are in the 780+ range with a RECENT 30D late on ONE account.
Your mother's FICO scores have something else going on in addition to lates -- does she have high utilization? Or maybe no open installment loans?
Read the thread I linked to -- and there are other similar threads to be found where people show how little a single 30D late affects FICO08 on even a RECENT tradeline. If you have multiple late accounts, it affects it much more (different score card).
If OP only has one account with a 30D late, it's going to be much less painful than if OP has a history of 30D lates on multiple accounts. Basically, if GM is not the only baddie, try goodwill with everyone else and get yourself into a "once late" scorecard bucket.
05-21-2017 01:54 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.