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I am new to the forum. I have been reading a lot of the post and they are a great help - however some a little to late for me. After pulling my a powerscore on 4/26/10 I see it says that all the categories are good except the payment history. I want to work on this because I think this will be the key to boosting my score but I just don't know what the best approach would be. I am pretty cautious about applying for new accounts because I always get turned down so I really don't want to take that approach. I was wondering if there is some way to improve the history from accounts already on my CR. Below is a snapshot of what I have:
Tire Kingdom Credit Card/ Citi
Opened - 09/07
Last Activity - 06/08
30 Days late 3 times: 11/07, 01/08, 06/08
Account closed by grantor/ closed paid account
HSBC
Opened - 04/06
Last Activity - 03/10
30 Days late 1 time: 02/10
Pays as agreed/ Account currently open
Verizon
Opened - 04/06
Last Activity - 05/06
120 Days past due
Paid Collection/ Utility
USAA Savings Bank
Opened - 04/03
Last Activity - 09/05
120 Days past due
Account closed by grantor/ zero balance credit card
Washington Mutual/ Chase Credit Card
Opened - 06/07
Last Activity - 04/10
90 Days past due 4 times/ 60 Days past due 1 time/ 30 Days past due 2 times
Account closed by grantor
Goodwill letters / calls are your best path. Also, what's your utilization like?
30 day lates hurt less after 2 years.
Currently I only have two lines open - HSBC credit card & Wells Fargo car loan. The HSBC balance is at about 30% of the available balance. I hope this answers your question regarding utilization - not sure. As far as GW letter where can I find an example and what purpose would they serve since the accounts have already been paid and closed?
The purpose is to throw yourself on their mercy and ask them to remove the late payment reporting. Examples are aplenty, but the basic idea is: I was wrong, I'm sorry, here's my extenuating circumstance, this is why that no longer applies, here's why it's not indicative of my actual repayment ability / responsibility, etc.
You'll get a boost out of paying that card down to 9% or less. With that many lates, and some being that recent, I don't feel like GW is going to work very well for you.
@Anonymous wrote:I am new to the forum. I have been reading a lot of the post and they are a great help - however some a little to late for me. After pulling my a powerscore on 4/26/10 I see it says that all the categories are good except the payment history. I want to work on this because I think this will be the key to boosting my score but I just don't know what the best approach would be. I am pretty cautious about applying for new accounts because I always get turned down so I really don't want to take that approach. I agree that you shouldn't even consider new credit until you get some things repaired.
I was wondering if there is some way to improve the history from accounts already on my CR. Below is a snapshot of what I have:
Tire Kingdom Credit Card/ Citi
Opened - 09/07
Last Activity - 06/08
30 Days late 3 times: 11/07, 01/08, 06/08 These are beginning to lose some impact but you should try to GW them.
Account closed by grantor/ closed paid account
HSBC
Opened - 04/06
Last Activity - 03/10
30 Days late 1 time: 02/10 This is very recent and is hurting you. A GW try is on order here also.
Pays as agreed/ Account currently open
Verizon
Opened - 04/06
Last Activity - 05/06
120 Days past due
Paid Collection/ Utility A collection will remain on your reports for up to 7.5 years from the DOFD (Date of First Delinquency). This is a big negative. All you can do is GW. A paid collection hurts just as much as unpaid.
USAA Savings Bank
Opened - 04/03
Last Activity - 09/05
120 Days past due Did this ever go to collections? Another major negative. GW this.
Account closed by grantor/ zero balance credit card
Washington Mutual/ Chase Credit Card
Opened - 06/07
Last Activity - 04/10
90 Days past due 4 times/ 60 Days past due 1 time/ 30 Days past due 2 times Same as all the rest. All you can do is GW.
Account closed by grantor
Unfortunately you are not in a position of strength here. These creditors are under no obligation to help you or even respond to your GW requests.There are examples of GW letters you can do a search for. I wish you well getting these removed. Some people have success with GW's; others not so much. All you can do is keep trying.
From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772
You can do the same thing with hard work
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Well, I wrote GW letters and snail mailed to every address I could find for each account. Please say a prayer of success for me. If anyone happens to have email addresses or fax numbers to where I can send GW letters that they would share I would be sooo appreciative.