GW or not? (Citi)

[aag415]

Hi All,

I need advice on how to handle my one baddie. My Citi Forward is showing two 30 day lates (Oct/Nov 2013) on all three reports.

I’ve had this card since 2008, and always had perfect payment history until I hit some hard times last year (unemployed after finishing grad school). Since I got my job in November, the account has been in good standing. It is my only credit card (aside from my AU cards, which I don’t really use) and has very high utilization - about 90% (limit is $5000). I’m actively trying to pay it down, but it will take a while.

Now, I’ve been reading a little about GW letters on here. Of course I would like to have the lates removed, but here is why I’m hesitant. Somehow, despite my lates and the fact that the card has been nearly maxed out for years, my interest rate is still at 10.99%. Since I will most likely be carrying a large balance for a while, I do not want to risk losing that (or getting a CLD or something).

Am I right in thinking I should let sleeping dogs lie? Should I let it be for now and reconsider GW after more time has passed and/or my balance is lower?

Thanks!

[Shogun]

I'd send a GW on it, it's fairly recent and is still factoring into your score with a pretty good punch.  After a year, it has less affect.  Under FICO 08 it actually isn't as bad as it discounts isolated lates more than the old models.