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kt_scarlett007
Posts: 63
Registered: ‎02-07-2008
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Not sure as the the next step: Old VW credit loan

So, I had a VW credit loan for several years and was always current, until about 3 years in when I was silly and thought I was going to sell it and instead stopped making payments then changed my mind --started making payments, again, etc.

 

Long story short, I have a lot of 30 days, 60 days late and then finally, someone totalled my car and I paid it off via insurance.  So, now I have this 20,000 loan that was paid in full, but had a lot of lates....so do I:

 

1.   GW letter asking for the lates to be removed (car was paid off in full in 2006--but it's definitely referenced as being paid off my insurance)---there are a lot of lates

 

2.  Find something factually incorrect on the reporting, which I could probably see with the lates and everything and insist they delete the tradeline altogether (am afraid that I will lose points this way because it was a significant amount of credit)

 

Thoughts?  Thanks.

Valued Contributor
AndySoCal
Posts: 1,949
Registered: ‎04-07-2009
0

Re: Not sure as the the next step: Old VW credit loan

Two things for your consideration. Be very careful what you do with this account and here is why. The older the delinquency dates get the less the impact they have on your score.  Secondly with the current FICO score model if this account gets re-reported it may / could lower your score. It could also lengthen the time until this account falls off your credit report. I would not do anything with this account. Removing old delinquency dates may not even raise your score a point. (Depending on your credit history)
Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Established Member
xoblondyox
Posts: 15
Registered: ‎03-13-2009
0

Re: Not sure as the the next step: Old VW credit loan

Also with goodwills, I have been trying for 4 months with VW Credit and no luck!!!!!
Experian: 623 (April 09) Equifax: 652 (Aug 09) Transunion: 662 (Aug 09)

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