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2 Late Payments. Help!

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Anonymous
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2 Late Payments. Help!

Hi so I have a loan that is paid off by allotment from the start of the loan, and still at this time. I made an error when setting up the allotment and the first 2 payments were missed, I corrected the allotment and there have been 24 consecutive on time payments. Based off Creditkarma it is being reported as having between 21-23 consecutive 30-60 day late payments (as you can imagine that is very negatively affect my credit). I realized that the original 2 months that were missed, were never actually paid because I use an allotment. 

I have the money to pay off those 2 months now. Should I go ahead and pay those off now? Is there anyway to dispute the 23 consecutive late/missed payments to where it reflects as only 2 months of missed payments and the rest on time payments? Some other option?

Basically just looking for advice on what to do so I can work on building up my credit. The loan is through Pioneer Military Loans.

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: 2 Late Payments. Help!

You probably were 60D late non-stop because you never caught up.

 

When the newest late is 36 months old, it will have very little effect on your FICO scores (30 points or so).  But never hurts to do a goodwill saturation of letters to the bank to try to get them to remove the lates.

Message 2 of 8
Anonymous
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Re: 2 Late Payments. Help!

I am little worried that I wont be successful with any GW attempts due to from what I have read, Pioneer is not a great company and I have not seen any successful attempts at GW letters. I will definitely start sending them once I get home from Afghanistan next month. Definitely plan on sending letters to not only Pioneer but MidCountry Bank, and MidCountry Financial. 

 

Any other suggestions/advice is greatly appreciated.

Message 3 of 8
fishbjc
Senior Contributor

Re: 2 Late Payments. Help!

If we can't help our deployed, who CAN we help?  Use it to your advantage and good luck.  

I can only imagine how being in a war zone affects you.....Thank you for your service and GOOD LUCK!

Message 4 of 8
Anonymous
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Re: 2 Late Payments. Help!

So I have been think a lot about my situation lately, it's been the only thing on my mind.

As mentioned in the original post I missed the first 2 payments and never (up until a few days ago) actually paid off the original missed payments. Other than those first 2 months I have had all payments for 2 years paid on time.

Since I never paid those first two months off, Pioneer Financial Services rolled the missed payments to the next statement every single month. My allotment would pay the actual payment off but would "ignore" the two original unpaid payments.

The whole situation just doesn't make sense. I'm 28, and very very naive when it comes to credit reports and scores. So I'm sure it is "right". Just doesn't feel like it.

In my head the first two payments should be reported as missed and the last 24 should not be, but I guess there isn't a 720 day late payment designator for credit reports...

Sorry for the probably incoherent babbling lol.
Message 5 of 8
Anonymous
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Re: 2 Late Payments. Help!

Get caught up if your late and start your goodwill campaign.

Message 6 of 8
Anonymous
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Re: 2 Late Payments. Help!

Yep, agreed -- catch up on payments, then hammer them with goodwill requests.  Saturated until your fingers bleed.  Spend time finding the name of every person in management and the executive office and go to town with letters, emails, faxes, singing and dancing clowns, instagram tags, etc.

 

Being naive is helpful, too.  I'm the opposite of naive and trust me, it doesn't help with things like this.  They can hear I'm not the nice sweet guy I'm faking to be on the phone, lol.

Message 7 of 8
Anonymous
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Re: 2 Late Payments. Help!


@Anonymous wrote:
So I have been think a lot about my situation lately, it's been the only thing on my mind.

As mentioned in the original post I missed the first 2 payments and never (up until a few days ago) actually paid off the original missed payments. Other than those first 2 months I have had all payments for 2 years paid on time.

Since I never paid those first two months off, Pioneer Financial Services rolled the missed payments to the next statement every single month. My allotment would pay the actual payment off but would "ignore" the two original unpaid payments.

The whole situation just doesn't make sense. I'm 28, and very very naive when it comes to credit reports and scores. So I'm sure it is "right". Just doesn't feel like it.

In my head the first two payments should be reported as missed and the last 24 should not be, but I guess there isn't a 720 day late payment designator for credit reports...

Sorry for the probably incoherent babbling lol.

Yes, this is actually quite common, its referred to as "rolling 30 day lates" or in your case, 60 day lates. Until you make up the missed payments, you are considered late with every payment. Just one of the quirks of the credit world that many people are unaware of.

Message 8 of 8
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