Rebuilding My Battered Credit

[Anonymous]

I'm in the process of rebuilding my credit and was wondering if people have had success with removing multiple (16) 30+ late payment baddies from capital one removed from their credit reports? I moved had some serious money issues and seriously neglected my responsibilities during that time. I have paid the credit card completely off and haven't missed a payment in a year. I'm wondering if just closing the account would be an option to have it pulled from the report? I know credit history is very important but if closing the account would remove the late payment reporting then I think the trade-off would be worth it. 

I also have 6 missed payments from my 6 nelnet student loans from one missed payment because of a miscommunication between myself and Nelnet when I was under the impression the my loans were in deferment at the time. Has anyone ever had any luck with Goodwill letters to Nelnet? It's looking grim from what I'm seeing.

Thanks for any help here!

[Brickbybrick]

First off don't worry, credit is always rebuildable as long as you take the right steps today. Many people start with non ideal credit, bankruptcies etc and still get into the good scores! 

Anyway, I know deleting an account will NOT take away any late payments, they stay on the report to the best of my knowledge, but yes try sending a good will letter explaining your situation. If it works great and if not give it time, I believe in 2 years it will not effect your credit as much!

Best of luck and keep grinding

[Anonymous]

Try sending Cap One a goodwill letter. I just sent them one at the beginning of this week and currently waiting on them to respond.

[kimbersleep]

Yes, try sending a Goodwill letter to the Capital One CEO asking them to remove the late payments from reporting to the credit bureaus. (Google for his email address as it cannot be shared on this board). Typically within a few days you will receive a call from someone in the Executive Office who will listen to your situation, take a few days to research, and call you back with an answer. I just went through this and they excluded 4 late payments from reporting, thus removing my only derogatory history. Good luck!

[Anonymous]

Thank you for your responses everyone, I appreciate any assistance on this journey!

[Anonymous]

Youre welcome. Please keep us posted.

[Anonymous]

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@kimbersleep wrote:
Yes, try sending a Goodwill letter to the Capital One CEO asking them to remove the late payments from reporting to the credit bureaus. (Google for his email address as it cannot be shared on this board). Typically within a few days you will receive a call from someone in the Executive Office who will listen to your situation, take a few days to research, and call you back with an answer. I just went through this and they excluded 4 late payments from reporting, thus removing my only derogatory history. Good luck!

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If you don't mind me asking, what reason did you give in  your GW letter?  I requested they remove one late payment last week and they investigated and then declined to remove it

[kimbersleep]

Sephiroth0327,

The lates were from 2011 and were scheduled to fall off reporting next year. I acknowledged this and asked if they would stop reporting them now instead of waiting til 2018.

My account was not originally with Cap One - it was an HSBC account that got acquired - and I explained honestly that I was going through a recent move and new medical diagnosis at the time & hadn't done a great job of keeping my own records.

The account was closed by Cap One shortly after the late payments, but before the lates I had 4 years of on time payment history.

Hope this helps. Good luck to you!

[rmduhon]

Closing the account won't remove the account from your reports. You can send GW letters asking for removal of the lates or removal of the account if it is closed. Removing the account will remove the lates also. But I wouldn't suggest the last.

[Anonymous]

Thanks for the advice everyone! I sent a goodwill letter and hear back from the executive office today, they are going to be investigating the circumstances and get back to me in 3 to 5 business days. I don't have the highest hopes but any little bit will help. Thank you!