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Established Member
Posts: 23
Registered: ‎06-15-2009
0

Collections GW success

I started writing gw letters 4 months ago for four collections and two accounts that had late payments on them.  The four collection accounts were with ER Solutions, R&R Recovery, AFNI, and Arrow Financial.  As of today, all of them are removed from my credit through these letters and now I wont have to worry about them bringing down my score.  I also tried to gw Capital One and HSBC with late payments.  So far I have only been able to get HSBC to remove the three lates and am still trying to get Capital One to do the same.  I also need to get my credit card utilization down to under 10% since that is still killing my score.

 

Thank you everyone for all the ideas and sample letters.


Starting Score: 588
Current Score: 679
Goal Score: 750


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Senior Contributor
Posts: 4,267
Registered: ‎05-01-2008
0

Re: Collections GW success

Keep up the good work!  It's a slow, steady process, but in the end it's so worth it!!  Getting the collections removed is a huge bonus.

 

On your FICO score pages, what is on the "RED" side of your scale?  What are the main things holding you down/back?



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

Bury me in the garden...last app 12.19.14

Established Member
Posts: 23
Registered: ‎06-15-2009
0

Re: Collections GW success

What’s hurting your FICO® score

The negative factors listed here are reasons why your FICO® score is not higher. You should focus on changing the behavior that caused these negative factors. These factors are listed in order of their impact to your score, the first has the greatest negative impact and the last has the least.

 

You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.

Number of your accounts that were ever 60 days late or worse:
5 accounts
Very few FICO High Achievers [?], about 1%, have a 60 days late payment or worse listed on their credit report.

 

     Capital One - Three 60 day lates (On time for past 20 months)

     First Premier Bank - Charged off as bad debt (did get the collection removed though)

     Wells Fargo Auto - Three 90 day lates (On time for past 15 months)

 

 

You've made heavy use of your available revolving credit.

Ratio of your revolving balances to your credit limits
86%
For FICO High Achievers [?], this ratio is 7%, on average.

 

     Three credit cards with a total of $1341 owed out of $1600 credit limit.  Just started working on paying that down between 5%-9%

 

 

You have multiple accounts showing missed payments or derogatory descriptions.

Number of your accounts with a missed payment or a derogatory description
5 accounts
About 93% of FICO High Achievers [?] have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average.

 

You have a short credit history.

Your oldest account was opened
9 Years, 11 Months ago Average age of your accounts
5 years
FICO High Achievers [?] opened their oldest account 19 years ago, on average.
Most FICO High Achievers [?] have an average age of accounts between 6 and 12 years.

 

     I guess only time can solve this

 

 


Starting Score: 588
Current Score: 679
Goal Score: 750


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Senior Contributor
Posts: 4,267
Registered: ‎05-01-2008
0

Re: Collections GW success

Have you tried GW's to wells?  When is the First Premier due to drop?



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

Bury me in the garden...last app 12.19.14

Valued Member
Posts: 34
Registered: ‎05-24-2010
0

Re: Collections GW success

Hello,

Congrats on your success!! I wanted to know who did you contact from Arrow they are bring my score down as well. If you would PM the contact I would appreciate it so much.  I was so discouraged until I read this today.  I am trying to get a mortgage approval and need my collections deleted.  Thank you!

Valued Member
Posts: 46
Registered: ‎07-21-2010
0

Re: Collections GW success

Hello,

Iim new here and I am in the process of trying to fix my credit. I have paid my collection accounts in settlements but at the time I didn't know that i could write letters to have them delete or change the way they report the information before I paid them. My Fico scores are very low TU is 499 and Equ is 473. I have 2 Visa, 1 mastercard and a Macy's credit card. they are at the max but the limits are super low, 300, 450, 600 and 1700. I know that I have to get the balances low and pay on time which I have been doing but my score won't go up.


Starting Score: 473
Current Score: 490
Goal Score: 780


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Valued Member
Posts: 46
Registered: ‎07-21-2010
0

Re: Collections GW success

Hey has anyone ever had any luck on planetfeedback.com I've seen a couple of posts on here about them but no results. With the goodwill letters do you mail them or email them to the company what has worked for any of you guys? I need some suggestions on how to go about getting my paid charge-Offs off my credit report. Someone please give me some feedback. Thank You.


Starting Score: 473
Current Score: 490
Goal Score: 780


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Senior Contributor
Posts: 4,267
Registered: ‎05-01-2008
0

Re: Collections GW success

 


creditscore780 wrote:

Hello,

Iim new here and I am in the process of trying to fix my credit. I have paid my collection accounts in settlements but at the time I didn't know that i could write letters to have them delete or change the way they report the information before I paid them. My Fico scores are very low TU is 499 and Equ is 473. I have 2 Visa, 1 mastercard and a Macy's credit card. they are at the max but the limits are super low, 300, 450, 600 and 1700. I know that I have to get the balances low and pay on time which I have been doing but my score won't go up.


 

Greetings creditscore780!

 

Welcome to the forums!!

 

Many of us were in the boat you're in and it IS possible to get things back on the right track.  But...let me just mention that rather than have your questions & such lost within this post, you will have much better luck  starting a separate thread here in the rebuilding section.  List the companies you have paid collection with.  We can help you out in the GW process.

 

On another note...you have to get those balances down, as your utilization is a BIG factor in your score.  The most important lesson I learned in the rebuilding process... it's time to stop thinking of my credit as an extension of my salary!  Think of it as a loan to be paid in full on payday, and it does not need to be used every week or month!



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

Bury me in the garden...last app 12.19.14

New Contributor
Posts: 69
Registered: ‎07-17-2010
0

Re: Collections GW success

HI & CONGRATS ON THE REMOVALS!!!!  I ALSO HAVE TO GET SOMETHING REMOVED WITH ARROW FINANCIAL BUT I DON'T REALLY KNOW WHAT TO DO ABOUT IT BECAUSE THE OC (FIRST PREMIER----CHRG OFF) IS SCHEDULED TO COME OFF MY CR IN AUG 2011 BUT I STILL HAVE ARROW TO CONTEND WITH.  COULD YOU TELL ME WHICH LETTER DID YOU USE SO I CAN ALSO SEND ARROW ONE IN THE HOPES THAT THEY COME OFF MY REPORT.  ONCE I GET THEM REMOVED, I CAN TO GW THE OC I HOPE. 

Established Member
Posts: 23
Registered: ‎06-15-2009
0

Re: Collections GW success

First Premier is due to drop in April of 2012.  I have not yet gw Wells Fargo but plan to do that when I send another round of letters to Capital One.


Starting Score: 588
Current Score: 679
Goal Score: 750


Take the FICO Fitness Challenge

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