(Advice needed) Rebuilding credit after accidental mortgage late payment

[Anonymous]

I would really appreciate any advice as this is causing a lot of stress for my family and myself. 

2 years ago, BOA sold my mortgage to Nationstar. At the time, I was working overseas and forwarded all my mail to a friend, who threw most of the mail away. 

Fast foward to a last year, I came back to US and found out that my mortgage is now owned by Nationstar, and I was already a few mortgage payments late. (Everything at BOA was autmoatically deducted)  I immediately setup my auto payments and got everything paid up. 

However, my credit score has already taken a huge hit. I have been on-time with my payments for more than 1.5 year, no other debt, and my credit is now 600. 

I am very stressed out now, because I can't refinance my home, or purchase a new car/home for my growing family. The only saving grace is that I do have a good job with stable income.

What's the best way to rebuild my credit? Is it possible to ask Nationstar to grant GW given my otherwise clean history?  Should I get another check account, or get some small loans else where to wash out my late payment ratio? 

Any help is much appreciated. 

[TRC_WA]

The lates are gonna sting a bit... especially if they were 90/120.

A GW campaign is a good start... picking up a new checking account and/or small loans won't help.

Revolving CC's are the best way to establish a solid profile but they don't immediately lessen the sting of late payments.

[Anonymous]

Thanks so much for your advice, and I am going to get a secured credit card to start my rebuilding process. 

For GW, most of them are 90/120 since I was away. Should I ask them to remove some/all of them? (Granted, most of the feedback on Nationstar are not great)

[TRC_WA]

You should be able to search for GW letter templates to get you started.

I've never had to do a GW campaign (I was current but the ship was sinking when I filed my BK13) but there's a lot of info here on the topic.

Good luck.

[gdale6]

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

[Anonymous]

To counter balance those derogs you should establish at least three revolving accounts, preferably bank cards rather than store cards.