Credit Cards

[Ruralguy123]

My wife had a Capital One Auto Finanace installment loan jointly with her ex-husband. It's status is Paid, Closed/Current, was past due 30 days as of July 2003, December 2003. As it now stands I think this will stay on her CR for 7 years from the date the loan was closed.

I think the best way to address this "baddie" is to send a GW letter to them. Is that correct? And, does anyone have a "good address" to send the letter? Thanks.

[Timothy]

A 30 day late from 4+ years ago is not affecting her score-

It was closed in good standing- when the 7 year mark hit for the late it will go away- the account will appear on her CR for 10 years after closed.

[Timothy]

Concentrate efforts for GW in baddies less than 2 years old and then ANYTHING over 60.

You could send a GW letter to them.

Capital One Auto Finance
3901 DALLAS PKWY
PLANO, TX 75093

[Ruralguy123]

So I should concentrate first on any bad items that she has which are less than 2 years old? Then items 60 months (or less) old?

[Timothy]

60 Days-

Minor Derogs= 30 days late and 60 days late over 2 years old.

Major Derogs- 60's under 2 years old and anything over 60 day's late.

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Ruralguy123 wrote:

So I should concentrate first on any bad items that she has which are less than 2 years old? Then items 60 months (or less) old?

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[netpanther]

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Ruralguy123 wrote:

So I should concentrate first on any bad items that she has which are less than 2 years old? Then items 60 months (or less) old?

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Yes, if you wish to prioritize. However some people find it easy to just to work on everything. It depends on what matters to you- however, those that are 2-3 y/o or sooner are the ones that are hurting most.

Reason I say three years is that some CC decline on open baddies less than 3 y/o.