Rebuilding Your Credit

[2plus2]

My husband and I paid off all of our credit cards this week (about $8,800) and I'm wondering if our chances for goodwill deletion will improve since they're paid in full? Should I mention something regarding that we successfully paid off the card in full in the Goodwill letter? If so, anyone have examples of this? Jen

[slyhouse08]

Yes...GW letters....are NEVER sent to an account that is not paid...or open...

[llecs]

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2plus2 wrote:
My husband and I paid off all of our credit cards this week (about $8,800) and I'm wondering if our chances for goodwill deletion will improve since they're paid in full? Should I mention something regarding that we successfully paid off the card in full in the Goodwill letter? If so, anyone have examples of this? Jen

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Depending on the age of this account, you may not want it deleted. I had a CO that was deleted once due to CRTP and my score dropped. It was one of my oldest accounts. Once they hit the 7 yrs, the account will turn positive for the remaining 3 yrs. if it is a CC or loan account. You could always ask them to remove the "CO" mention and replace it with "pd in full or as agreed" and/or ask them to remove the lates, if any.

And to echo Sly, it is easier to GW if paid, esp. PIF.

[_andClimbing]

Not to be the dissenting opinion, but I don't think it hurts to ask a creditor to revise the TL to a positive status when open/carrying a balance, necessarily. I'm sure it could backfire, but it depends on the risk you are willing to take, I guess. I asked Cap 1 to delete my 2 lates while the card was almost maxed out - and they did. I definitely think it helps to PIF, as others have said.