Goodwill or credit repair

[hpertrain]

I ran into some financial difficulty with my business last month. Fortunately I'm getting

back on my feet. However I have some real estate holdings and I'm now 30 days late on

4 of my mortgages! Obviously that has really shot my credit along with a couple of 30's

on some credit cards. So what's the best course of action. Just try GW letters or go to a

"pro" and hire a reputable credit repair company. I know with these lates,especially on the

mortgages my credit is basically ruined. I would truly appreciate any advice. Thanks.

[Anonymous]

Get the accounts caught back up- then send the GW letters.

30 day lates stinks and hurt really bad at first but you will recover in a few months if the GW don't work.

You credit is not busted- don't even go close to one of those repair places with 30 day lates.

Send them a GW letter every 5 weeks-

[hpertrain]

Thanks Timothy, much appreciated.

[cadavis0609]

there is no such thing as a "reputable credit repair company"

[hpertrain]

Please explain why exactly you say that??? Thanks.

[cadavis0609]

We're not supposed to discuss credit repair services within the forums, so without getting into too much detail, I will just say they're slime balls that charge an outrageous fee for little to no result. You can do the same thing by arming yourself with what you learn here, and its more rewarding to watch those lates fall off.

[hpertrain]

Well hopefully I won't be censored, but with all due respect,just asking,

if  I have abunch on me as well as my wife, I just don't have the time to

run a business, just hanging on, and try and fight credit repair. So are

you saying there's no such thing at all as legit credit repair companies???

They just can't get it done???

[Anonymous]

I was 34 days late on an auto loan and its been about 6 months since.  How long does it take to get over a 30 day posting?  I was thinking of a GW to the bank, but this same bank that we've had numerous loans with (3 current soon to be paid off) and have declined to loan on a newer car.  Don't see them GWing, do you?  They didn't use to use score only, now they do.

[Miner]

Jar1154,

Lates drop off your credit report 7 years after the fact.  However, it's effects lessen with time , so if you add no new negatives, your score will slowly improve (6months, 1 year, 2years, 3years, etc).  Though you have nothing to lose from trying a GW letter.  However, I suspect your car denial was base on more then just a single late.

[Anonymous]

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@Anonymous wrote:

I was 34 days late on an auto loan and its been about 6 months since. How long does it take to get over a 30 day posting? I was thinking of a GW to the bank, but this same bank that we've had numerous loans with (3 current soon to be paid off) and have declined to loan on a newer car. Don't see them GWing, do you? They didn't use to use score only, now they do.

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They START to lose their bite after 12 months, but its after 2 years that your FICOs begin to REALLY recover.

Lates (and other negs) lose damage over time. Time heals all wounds, but especially FICOs.