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Member
Posts: 7
Registered: ‎03-12-2017
0

Late Payment History

I am looking for advice on getting missed payments off my history. I have two credit cards with capital one that I missed 7 payments each. I wrote goodwiller letters to capital one hoping to ge tthem removed. They denied. I have tried calling their customer service line multiple times and they denied. The "missed payments" are about a year old.

 

Are they any other options I have to get these removed?

 

How much are these affecting my credit? score?

 

 

Senior Contributor
Posts: 5,247
Registered: ‎04-11-2016
0

Re: Late Payment History

They are impacting your score immensely.  It's difficult to quantify, but it could be 50, 75, 100 points.  Their impact is significant.

 

Writing 1 or 2 GW letters usually isn't going to get you the result you're looking for.  Generally it takes quite a few denials before you hear the response that you're looking for.  I suggest reading about the Saturation Technique as it will illustrate a plan to get your letter into the hands of many, many more people which vastly increases your odds of achieving a favorable result:

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-o...

Member
Posts: 7
Registered: ‎03-12-2017
0

Re: Late Payment History

Are credit repair companies really able to get missed payments off your history? I'd like to try one out but don't want throw money down the drain either
Senior Contributor
Posts: 5,247
Registered: ‎04-11-2016

Re: Late Payment History


CommonForte wrote:
Are credit repair companies really able to get missed payments off your history? I'd like to try one out but don't want throw money down the drain either

Credit repair companies won't do anything other than what you can do yourself.  And, they probably don't go to the extend of the Saturation Technique either, so arguably you could do better yourself.  And for less money.

Established Contributor
Posts: 853
Registered: ‎03-20-2008
0

Re: Late Payment History

You would be throwing money down the drain. You can do what they can do for  a whole lot less money.

Senior Contributor
Posts: 5,247
Registered: ‎04-11-2016
0

Re: Late Payment History

The only time I'd ever recommend a credit repair company is if money isn't a concern and/or you simply have no spare time in your life to set aside for a GW letter campaign.

Senior Contributor
Posts: 5,645
Registered: ‎04-23-2016

Re: Late Payment History

May i ask why do you have 14 missed payments, are these the same as lates?. Missing a payment or 2 you might find a creditor willing to budge depending on the circumstances, but 14 is excessive. Just curious if you dont mind sharing .
Member
Posts: 7
Registered: ‎03-12-2017
0

Re: Late Payment History

7 late payments on two different cards. Balances blew up with interest and couldn't afford the mimimum payment. Went through some financial difficulties. I have been good for a year now though.

I can definitely shell out 100 bucks for a credit repair company but don't want to give them money if they don't get anything anything removed.

Need to lease a new vehicle wIthin two months so trying to get my score as high as possible. Any pointers?
Valued Contributor
Posts: 1,489
Registered: ‎03-23-2009
0

Re: Late Payment History

What open accounts do you have now? Are you carrying balances on any revolving debt? What are your FICO's? Have you pulled your auto scores?
Senior Contributor
Posts: 5,247
Registered: ‎04-11-2016
0

Re: Late Payment History


CommonForte wrote:

I can definitely shell out 100 bucks for a credit repair company but don't want to give them money if they don't get anything anything removed.


As stated earlier, a credit repair company won't get any better results than you can get yourself and certainly not any faster.  I've heard of people having to wait months to see any results from a crdit repair company and you said you're looking for results inside of 2 months.  You've only got 2 creditors to deal with, so write yourself up a solid GW letter for each one.  Search online for as many addresses as you can find for each of those creditors.  If you can find 8 addresses, print 8 copies of your letter... sign/stuff those letters/envelopes and off you go.  See what happens.  Usually if you're going to see a favorable result it will happen in 2-3 weeks.  4 tops.  If in 4 weeks you don't get the desired result, tweak your letter a little bit (perhaps based on what one of the denial responses you get back says) and fire off another 8 copies. 

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