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Frequent Contributor
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Registered: ‎05-06-2017
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Anyone with GW experience with GM Financial?

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!


Starting Scores 03/17/2017 EQ 491 TU 495 EX465 Currently 08/11/2017 EQ 550 TU 553 EX 544
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Posts: 1,602
Registered: ‎12-16-2014
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Re: Anyone with GW experience with GM Financial?

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.  

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
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Registered: ‎03-28-2017
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Re: Anyone with GW experience with GM Financial?

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:

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Interesting-email-Exchange-with-GM-Financial-...

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Gm-Financial-rejects-Goodwill-Letters/td-p/30...

 

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.

Contributor
Posts: 149
Registered: ‎08-15-2016
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Re: Anyone with GW experience with GM Financial?

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.
Starting Score:6/8/16: EX 585, TU 551, EQ 574
Current Score: 4/2/17: EX 654, TU 659, EQ 665
Goal Score: 680


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Re: Anyone with GW experience with GM Financial?


ls2016 wrote:
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.

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Posts: 149
Registered: ‎08-15-2016
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Re: Anyone with GW experience with GM Financial?

Because the lates are only 15 months old, I said that I'm still dealing with them. I mention that I will have to deal with them for the next 5.5 years. What part of what I said is NOT TRUE? "Dealing with them" means that they're on my credit reports and will remain there. I didn't go into any specifics in terms of how they "hurt." I just said that I'm "Dealing with them." Please explain what is NOT TRUE as you've totally just confused me. I understand what you're saying though, but I didn't mention anything about the impact, other than I'm "Dealing with them". And remember, I haven't reached 2 years. I would have appreciated your comment had you not said "not necessarily true" as I didn't make a comment that warranted a true or false reply. You read a little too much into my comment. But thanks anyway for your response and I look forward to reading and learning more.
Also, as an example of your statement not necessarily ringing true: My mother has 3 30-day lates from 6 years ago, with no other baddies at all and UTI low. All 3 of her FICO scores are around 730 and has been that way for the last 2+ years. I can almost guarantee you that once those fall off, her scores will increase significantly. GW letters haven't worked thus far. So yeah...Just sharing!
Starting Score:6/8/16: EX 585, TU 551, EQ 574
Current Score: 4/2/17: EX 654, TU 659, EQ 665
Goal Score: 680


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Re: Anyone with GW experience with GM Financial?

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.

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Posts: 149
Registered: ‎08-15-2016
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Re: Anyone with GW experience with GM Financial?

She only has 3 30D lates on one account only that are 6- year-old lates.
There are many many people on myfico forum that believes your perception...I'm not disagreeing on that part. We've combed over her reports every since I found this forum a year ago. I spend countless hours comparing reports, AAoA, util, tradelines, etc, and that one account is the ONLY thing holding her scores down. Now, she gets approved for everything she applies for, with good SL, CLIs, APRs, oldest account 20+ years, etc. Her util is less than 1%, trade lines are all over $10,000, has a mortgage, car loan, student loans, 9 CC, DTI and income good. I have no social media accounts, so myfico is my social media. I said that to say...I've probably read just about every thread on here as I average about 6 hours a day on this site (although I'm hardly ever logged on). This goes to show that everyone's profile is totally different. What works for one may not work for the next. But, we won't give up on trying to increase our scores.

My only point was to share with the OP that I've not been successful with GM and good will letters.
Starting Score:6/8/16: EX 585, TU 551, EQ 574
Current Score: 4/2/17: EX 654, TU 659, EQ 665
Goal Score: 680


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