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Late Payments and Derogatory Description

Valued Member

Late Payments and Derogatory Description

Hi Everyone,

 

I'm still pretty new here and I was hoping to get a little clarification.

 

In 2008 I opened my first CC through Discover. One full year after opening, I started making late payments and then stopped being able to pay altogether. Finally, in the spring of 2010 I started making monthly payments until my entire balance was paid off, at which point Discover closed my account. Those were the days before I understood the importance of credit history, my credit score, and things like Util, GW or PFD. In fact, those were the days that I was happy that I was able to afford to pay Discover responsibly again, even though it was only one of my several delinquent accounts.

 

Obviously Discover is still reporting negatively on my credit report. The status of my account says "Pays Account as Agreed" while the description of this account says "Closed or paid account/Zero Balance" and "Account closed by credit grantor."

 

Meanwhile, my 7 year payment history shows three 30 day lates, one 60, and three 90+. And they're all from before April 2010.

 

I'm not sure how much of the information reported here is making this account reflect negatively on my CR. I mean, obviously the late payments. But anything besides that? Is the fact that the account was closed by Discover something that factors into a negative TL?

Or, more importantly, I guess I should ask if there is anything that I can do about the negative indicator on this TL? I know I can take care of the late payments with a GW? But is there anything a GW can do for "Account closed by credit grantor," etc, if those are things that are contributing to this TL's negative indicator on myFico EQ?

 

Thanks in advance!

March 13, 2013: FICO EQ 543
February 5, 2014: FICO EQ 603
Five accounts with negative indicators, 2 accounts in collections
In my wallet: Capital One Secured $500 / Fingerhut $500 / First Premier $700 / Credit One $300 / J. Crew $250 / Express $250
Message 1 of 4
3 REPLIES
Frequent Contributor

Re: Late Payments and Derogatory Description

The comment "closed by credit grantor" has no bearing on your score.  Start sending GW's on the lates, that's what's hurting your score.



Last HP 8/29/14

Message 2 of 4
Senior Contributor

Re: Late Payments and Derogatory Description

Having 90 day lates is a major derogatory and can affect your credit score for almost the whole 7 yrs. I would suggest what rain77 stated and start with good will letters. Do not copy and paste good will letters as creditors see them all the time. Good luck with you credit rebuilding venture!!!! 

Message 3 of 4
Valued Member

Re: Late Payments and Derogatory Description

Has anyone dealt with Discover? I am trying to find a contact for them that I might have luck with but there is not contact information on my CRs.

March 13, 2013: FICO EQ 543
February 5, 2014: FICO EQ 603
Five accounts with negative indicators, 2 accounts in collections
In my wallet: Capital One Secured $500 / Fingerhut $500 / First Premier $700 / Credit One $300 / J. Crew $250 / Express $250
Message 4 of 4