Rebuilding Your Credit

[Laurenlou]

Hi there! As of today, I'm officially a GWing fool! I have 7 letters ready to go out in the morning.

I have 1 question though- when GWing Paid, Closed accounts with CO history or 120+ days late status, what exactly should I be asking for? I'm thinking I need to ask that the status be changed to 'closed'-- right?

Example, my WFFNB card is my oldest credit card. But i defaulted on it in Oct. 06, and I just paid it off via settlement in May 08. It is now reporting as: "$0 balance, $0 past due, 120+ days late, settlement accepted on account." I don't want the good 4+ years of history deleted, just the derogatory status of 120+ days late.... right??

Here's what my CR says:

Account Number: XXXXXXXX

Current Status: 120+ DAYS PAST DUE 

Account Owner: Individual Account. 

High Credit: $1,350

Type of Account : Revolving

Credit Limit: $750

Term Duration:  

Terms Frequency: Monthly (due every month) 

Date Opened: 05/2002  

Balance: $0

Date Reported: 06/2008 

Amount Past Due: $0

Date of Last Payment: 05/2008 

Actual Payment Amount: $800

Scheduled Payment Amount: $20

Date of Last Activity: N/A

Date Major Delinquency First Reported:  

Months Reviewed: 72

Creditor Classification:  

Activity Description: Paid and Closed Charge Off

Amount: $0

Deferred Payment Start Date:  

Balloon Payment Amount: $0

Balloon Payment Date:  

Date Closed:  

Type of Loan: Charge Account 

Date of First Delinquency: 10/2006 

Comments: Settlement accepted on this account  

Any advice would be greatly appreciated!!!!

[slyhouse08]

I think I had some success...a week or so ago...I sent a 2 GW letters to American Thrift Financial..to their collection office...and their main office...for an old auto loan...that was a chargeoff...and reported lates EVERY month...until I recently paid it off in April...on my TU report...off TC...the TL says Current....it never showed any lates...anyway...but the chargeoff status is GONE...EX show 11 lates on the account...and EQ shows 34 lates...yeah 34 lates...usually EX is the first to update...and TU is the last...so I don't know what to think...if it worked or not...but I have not disputes it or anything...and gues what...-2 pts...nothing else changed...

I also sent a 4 GW letters...to the 4 HSBC addresses...that others have been getting success with....I still waiting on a response....................................

[tidbit1]

Well, I got my third response back from Mazda today. In this one, they included copies of my first two "heck no, lady, we aren't helping you" letters.. and they kindly responded that if they get any more, they are just going to consider the matter resolved and not answer them.

I hate to tell them, but more are on the way!!!

Message Edited by tidbit1 on 07-07-2008 08:49 PM

[llecs]

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lukeskywalker7 wrote:

Hi,

Wow, this is all amazing.  I want to join your club.  I want to send out a goodwill letter but I need your help with a template or link to a really good one.  It is to a CA that a Meijer food store contacted for a $54.00 check that I went in and paid in full along with their fees in 2004.  It shows as a charge off on my credit reports. 

your help will be very much appreciated.

thanks

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Try searching in the search box above for "GW examples". There really is no form letter. It is a YMMV situation. Have fun with it. Write it with a smile on your face. Remember, they don't have to respond or acknowledge your letter.

Try something like this (add filler as needed):

Dear Meijer Foods,

I am writing today to ask for your help.

On xx/xx/xxxx I paid for my grocery bill with a check for $54. Unfortunately, I goofed and made a mistake. I thought I had money in my account to cover this check but I was wrong. The check was returned.

Looking to fix this, I came into your store within X days and covered this check and also paid any fees associated with it.

I recently pulled each credit report and it lists my mistake as a "charge-off". I am writing today asking for a goodwill gesture in removing this account from my credit reports.

Thanks in advance, you

.......

I recently re-read How to Win Friends and Influence People by Dale Carnegie. There's a chapter in there that covers situations like this. Dale Carnegie relays a story about the time he walked his down in the park without a leash. A police officer on horseback came up to him and scolded him for not securing his dog. Dale Carnegie put the leash on the dog and that was that. However, Dale Carnegie took the leash off when the officer was out of sight. Unfortunately that same officer came back and began to write a ticket. Dale Carnegie began apologizing profusely for what he had done over and over. Soon, the police officer began to defend him saying that it probably wasn't a big deal anyway and ripped up the ticket. .....To this day, I use that same technique on officers if caught for speeding and it always works. I figure why not apply that to creditors too.

[mynewhouse]

Anyone had luck with Palisades, MGM and Cavalry Portfolio?

[MichiganMommy]

Anyone had luck with Citi Bank, Discover or Wells??? Trying to help DS.

[fonzie57]

I have had a couple semi-successes with Citi.  GW'd 2 Citi Sears account - one that is mine (closed) and one that I am an AU on.  I received letters for both stating that the delinquencies will be deleted. 

EX - all lates removed even before I received the responses.

TU - some lates removed, some left on report

EQ - NOTHING has been removed

This leads me to the question of what I should do.  I have the letters stating delinquencies will be removed dated 5/29 and 6/17.  The AU account still updates every month since there is still a balance, but even with July's update no lates were removed from Equifax.  I don't want to dispute w/EQ for fear the TLs will be deleted. 

What should I do!?

(BTW both DDs had successful GWs w/Citi although there are still lates on one of their TU's)

[llecs]

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fonzie57 wrote:

I have had a couple semi-successes with Citi.  GW'd 2 Citi Sears account - one that is mine (closed) and one that I am an AU on.  I received letters for both stating that the delinquencies will be deleted. 

EX - all lates removed even before I received the responses.

TU - some lates removed, some left on report

EQ - NOTHING has been removed

This leads me to the question of what I should do.  I have the letters stating delinquencies will be removed dated 5/29 and 6/17.  The AU account still updates every month since there is still a balance, but even with July's update no lates were removed from Equifax.  I don't want to dispute w/EQ for fear the TLs will be deleted. 

What should I do!?

(BTW both DDs had successful GWs w/Citi although there are still lates on one of their TU's)

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Definitely don't dispute.

I would draft a letter like this:

Thank you, thank you, and thank you!

In late May I sent you a letter asking for a goodwill adjustment on a few late payments that were listed on my credit reports. You came through and helped us and I appreciate it. While the lates are still listed on Equifax and some remain on TransUnion, Citi Sears came though totally on Experian. Every little bit helps!

I am writing you today to ask for help in removing the remaining lates off of TransUnion and to remove the lates listed on Equifax. Enclosed is a copy of your letter responding to this.

Thanks in advance,

[fonzie57]

Thanks llecs! Good idea.

[lukeskywalker7]

Thank you so much IIecs,  sorry I have not got back here sooner.  I will use your great ideal today and get a letter out to Meijer and the CA.

again thanks,

Luke