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Along with other baddies I aquired in 2008 due to job loss (which I've had removed, thankfully), I also have 1-3 late payments on my credit report. I say 1-3 because there are discrepencies between reports (EX - Does not exist, they don't report to them; EQ - 2 x 30 Day, 1 x 60 Day; TU - 1 x 30 Day). The bank with whom I had this loan is a smallish local bank with branches around the state only.
My questions are:
- What is the worst reaction a GW can get me? (Extra lates reported to TU?)
- Do the lates report for as long as I have the loan on my CR? (Even though they don't affect my score?)
- Is it worth it to GW them for the late removals?
As always, any adivce is greatly appreciated!
Current Utilization: 0% / ~$50,000 AAoA: 7-8 Years Installment: ~$50,000 Student Loans / ~$2,000 Car Loan Current Scores: TU08 - 812 (8/5 BarclaysCard) EQ08 - 843 (7/28 Citi - Bankcard/900) Goal: Buying our first home! |
First the good news - no matter what, if they're from 2008 (which months?) they're gone by the end of next year. They should each fall off no more than 30 days after the month they're reported as happening (e.g., a late from Feb is gone by March, etc) When I say "gone," I mean that the loan can stay there, but the lates stop being reported - so it'll show up as a positive account.
As for GW, the absolute worst-case scenario would be that the result is the lender "updating" their reporting with all 3 bureaus, which could result in EX adding them as well. I'd say that's pretty unlikely, but worth noting it's a risk.
More likely, the worst-case scenario is that you get a no, in which case you're no worse off than you are now. Best-case is maybe they agree to delete the 30, or even the 60, which would be a huge boon.
So, if it were me I'd go for it. Good luck.
@Jamex wrote:First the good news - no matter what, if they're from 2008 (which months?) they're gone by the end of next year. They should each fall off no more than 30 days after the month they're reported as happening (e.g., a late from Feb is gone by March, etc) When I say "gone," I mean that the loan can stay there, but the lates stop being reported - so it'll show up as a positive account.
As for GW, the absolute worst-case scenario would be that the result is the lender "updating" their reporting with all 3 bureaus, which could result in EX adding them as well. I'd say that's pretty unlikely, but worth noting it's a risk.
More likely, the worst-case scenario is that you get a no, in which case you're no worse off than you are now. Best-case is maybe they agree to delete the 30, or even the 60, which would be a huge boon.
So, if it were me I'd go for it. Good luck.
I've called them about this loan before regarding getting it reported to EX as well, as this TL is my oldest by double (or more) all of my others and the reason my EX is so far below the rest score-wise. It would really be to my benefit if they did report it to EX as a response! They informed me they don't report to EX and I called it a day out of discouragement. At this point I'm looking to later this year when I might apply for a car loan and even next year when a mortgage might be a possibility and how the lates will appear to lenders even with their age. Basically I'm trying to get my CR as clean as it can possibly get before then. All of my current credit (Student Loans and CCs) have a perfect on-time payment history, so I'd rather not have them marred by this one old account.
Given that you say they'll fall next year regardless I feel much more comfortable GWing them. My main worry was that they would somehow extend how long the lates would report for some reason (irrational with all I've read on here, but as quickly as I can ask and get an answer it was worth it to ask just to be sure...).
Thank you for the reassurance. I drafted the GW last week, so I get I'd better get it into the mailbox and cross my fingers!
Current Utilization: 0% / ~$50,000 AAoA: 7-8 Years Installment: ~$50,000 Student Loans / ~$2,000 Car Loan Current Scores: TU08 - 812 (8/5 BarclaysCard) EQ08 - 843 (7/28 Citi - Bankcard/900) Goal: Buying our first home! |
Good luck! Definitely post an update if/when you hear anything!
If receiving more reassurance eases your mind, credit report exclusion, as stated, is based only on the date of occurance of the delinuency.
Monthly delinquencies are required to be excluded no later than 7 years from their date of occurence.
The only excepton is for monthly delinquencies on a federally insured or guaranteed student loan, for which the normal 7 year exclusion period has been extended under the Higher Education Act.
On another positive note, those are minor derogs. They really don't factor in anymore. 30-60 day lates hit hard at first, but fade fast. After a couple years, you don't feel them.
@Shogun wrote:On another positive note, those are minor derogs. They really don't factor in anymore. 30-60 day lates hit hard at first, but fade fast. After a couple years, you don't feel them.
It wasn't so much the score effect that I'm attempting to remedy, but how they appear on a manual review.
Current Utilization: 0% / ~$50,000 AAoA: 7-8 Years Installment: ~$50,000 Student Loans / ~$2,000 Car Loan Current Scores: TU08 - 812 (8/5 BarclaysCard) EQ08 - 843 (7/28 Citi - Bankcard/900) Goal: Buying our first home! |