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GW Letters for Closed Accounts

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Anonymous
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GW Letters for Closed Accounts

I'm new to the forum and have searched without much luck yet, so I apologize if this is a stupid question or if it has been answered a thousand times. I have multiple old closed accounts showing late payments on my CRs (and a couple open accounts). Do GW letters generally work with closed accounts, where I no longer have any relationship with the creditors? I have legitimate reasons for the requests, although I know it's up to the creditors' discretion. The ones in particular I'm hoping to send GW letters to are:

 

Bank of America: Closed account, listed as current, was past due 30 days 2 times. My balance with this card was up to $8,200 but I paid it in full over a year ago. As a side note on this one, it shows up twice on my Experian CR. The report I have lists boxes for all 3 credit agencies. The 2nd appearance on the report I printed has it under the Equifax box, not the Experian box. Equifax has it listed as pays account as agreed, but notes that the account was closed by credit grantor. 

 

CBNA (Sears): Open account listed as current, was past due 60 days (and 30 days at least 3 times).

 

FIA CSNA: Closed account listed as current, was past due 30 days 3 times. I think this was worse than it shows. During my most difficult financial stretch I had a balance of $20,000, but I paid it off in full over a year ago. Equifax shows as account closed by creditor.

 

Rockland Federal Credit Union: Closed car loan listed as paid, was past due 30 days 5 times. 

 

Rockland Federal Credit Union: Closed car loan listed as paid, was past due 60 days (plus 30 days multiple times). 

 

Wells Fargo Home Mortgage: Current mortgage, listed as current, was past due 120 days.

 

E*Trade Bank: Closed account, listed as pays account as agreed. This account got out of control as well but Equifax and Transunion don't really have any negative comments. It does show with a 30 days late payment in January 2013, which is the last month shown in the 24 month payment history.

 

The report I printed up lists my Experience scores as 654, my Equifax as 663, and my Transunion as 655. I'm hoping to improve this to get more reasonable interest rates. 

 

Does anyone have experience with these creditors and their willingness to accept GW letters? On open or closed accounts? Thank you very much!

Message 1 of 4
3 REPLIES 3
gdale6
Moderator Emeritus

Re: GW Letters for Closed Accounts


@Anonymous wrote:

I'm new to the forum and have searched without much luck yet, so I apologize if this is a stupid question or if it has been answered a thousand times. I have multiple old closed accounts showing late payments on my CRs (and a couple open accounts). Do GW letters generally work with closed accounts, where I no longer have any relationship with the creditors? I have legitimate reasons for the requests, although I know it's up to the creditors' discretion. The ones in particular I'm hoping to send GW letters to are:

 

Bank of America: Closed account, listed as current, was past due 30 days 2 times. My balance with this card was up to $8,200 but I paid it in full over a year ago. As a side note on this one, it shows up twice on my Experian CR. The report I have lists boxes for all 3 credit agencies. The 2nd appearance on the report I printed has it under the Equifax box, not the Experian box. Equifax has it listed as pays account as agreed, but notes that the account was closed by credit grantor. 

 

CBNA (Sears): Open account listed as current, was past due 60 days (and 30 days at least 3 times).

 

FIA CSNA: Closed account listed as current, was past due 30 days 3 times. I think this was worse than it shows. During my most difficult financial stretch I had a balance of $20,000, but I paid it off in full over a year ago. Equifax shows as account closed by creditor.

 

Rockland Federal Credit Union: Closed car loan listed as paid, was past due 30 days 5 times. 

 

Rockland Federal Credit Union: Closed car loan listed as paid, was past due 60 days (plus 30 days multiple times). 

 

Wells Fargo Home Mortgage: Current mortgage, listed as current, was past due 120 days.

 

E*Trade Bank: Closed account, listed as pays account as agreed. This account got out of control as well but Equifax and Transunion don't really have any negative comments. It does show with a 30 days late payment in January 2013, which is the last month shown in the 24 month payment history.

 

The report I printed up lists my Experience scores as 654, my Equifax as 663, and my Transunion as 655. I'm hoping to improve this to get more reasonable interest rates. 

 

Does anyone have experience with these creditors and their willingness to accept GW letters? On open or closed accounts? Thank you very much!


Sure you can GW them. I would go after 60 days lates and more, typically 30 day lates only affect your Fico for the first 2 years. GWs work on both closed and open accounts.  

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Message 2 of 4
Anonymous
Not applicable

Re: GW Letters for Closed Accounts

Thanks a lot, gdale6! Much appreciated. Wrote them out today. I'm torn on how to deal with Rockland since they have 2 accounts. One letter or two? Same kind of applies to FIA and BOA. 

Message 3 of 4
gdale6
Moderator Emeritus

Re: GW Letters for Closed Accounts


@Anonymous wrote:

Thanks a lot, gdale6! Much appreciated. Wrote them out today. I'm torn on how to deal with Rockland since they have 2 accounts. One letter or two? Same kind of applies to FIA and BOA. 


I would work on 1 at a time

Message 4 of 4
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