Devastating credit news, not sure how to proceed

[Anonymous]

I recently just found out that I have a 90 day late report on my credit. My wife and I were going thru a stressful time after losing our 2 dogs in a 3 week period and issues at work. During that time (june) i had made my monthly credit card payment and thought i signed up for autopay. I hadn't. My credit has dropped from mid 600's to 540 and I'm in a panic. My financial situation has recently improved and I would be able to pay off my $2,500 balance on my sole bank secured credit card (both checking and credit accounts are with TD Bank). I had plans of getting a new car and we were planning on buying a house in the next 6 months and now that is all but impossible. It seems that applying for a personally secured credit card would be a good start. It's all a bit overwhelming. I apologize if this post is not appropriate, I'm a little confused by the rules and what actual postings allow.

[Anonymous]

I would pay the balance and try asking the company for good will adjustment on the lates. Write them a letter letting them know what happened and that it will never happen again.

Getting a secured card is a great idea, but don't do that instead of paying down the balance of the card that you fell behind on.

You should be back in the 600's even without the GW adjustment in the next 6 months if everything is paid on time with low util.

[Anonymous]

Do you mind sharing who the creditor is? Members may be able to give you an idea how they are with goodwill.

[Anonymous]

Yes. It was TD Bank. I also have my checking account with TD. I'm not sure if that is a help to the cause.

[Anonymous]

They are tough....You have to start GW'ING them...don't give up.

[Anonymous]

Ugh, i was afraid of that answer when it comes to TD. I am on it though and won't quit.

I have looked up multiple addresses as per "the Saturation technique" written in another post. I have a question regarding the EO. Should I send a letter to the Executive Offices with individual addresses of each board member?

I have found 10 different mailing addresses ranging from their "Mortgage Department" to "Overdraft Collections" with all of them being at different PO Boxes, etc. I guess I am doing it right.

I read that someone got on an Online Help messaging system with the creditor and the person submitted a request for dismissing the late payment and sure enough 20 days later it was erased from their report. Is this something to be tried or actually counter productive?

I am still crafting the GW letter and doing research on what to include and to exclude.

Thank you for all the help and would love to hear more suggestions.

Thanks in advance, folks. I haven't had any peace in my mind since this happened.

[Anonymous]

An update, which wasn't great. I went to payoff the balance of TD Credit Card online and wasn't able to make payment online. Account was listed as "restricted". Was told to call CS which I did. I was then informed that the credit card privledge had been "revoked". Ugh. Was told that I would have to reapply for a new credit card despite clearing my $2,5000 remaining balance. I told them it was a catch-22. Woman was reasonably understanding and told me that she would request someone that, she had a word I can't remember, but basically a higher up supervisor would call me to help. After an hour being transferred back and forth this was what I was able to get.

Has anyone ever gotten a call back?

I will press on.......

[jbb27885]

Yeah if you are 90 days late, more than often they are going to close your account. I would possibly pay the balance to around 30% of your overall utilization and begin making payments of balance/6 months to pay off. Do this each month for 6 months and it should bring your score up. Continue to GW while your in this waiting process. You may also try to get a secured card during this period.

[StartingOver10]

If the account was still open it would be okay to pay down to 30% and then make monthly payments, but the account is closed. The problem with a closed account still showing a balance, other than the obvious, is that it still impacts against your overall utilization and can push your utilization above 100% if you don't have other open revolving credit cards. That kills your score.  

Pay it off if you have the resources. You will do better with your goodwill requests if the TL is paid to zero. It makes your story more credible too. 

[Anonymous]

Ok, thank you so much for the response. To reiterate, I should (and will) payoff the remaing $630 balance I have on the account. At that point I will have NO credit cards.I did get a boost last week and now have the following scores 575 Eq, 589 Trans, 587 Ex. Not sure what else to do besides keeping up with GW letters. The account being "closed" hasn't seemed to showup yet. I gather a secured credit card through my Bank (TD) would be good and show my loyalty as that is also who i have had my checking account with since they bought Commerce.