Rebuilding Your Credit

[changeisvital]

I have been so inspired by the blogs in this forum that I am committed to starting over and rebuilding my credit. The only problem that I am having is that I have several late payments showing from Santander in the last 24 months. How should I go about sending my GW letter, mail or email? What exactly should I be asking for? I have read on some of these forums that Santander is good about deleting late payments for their customers. Also, I am going to pay my car off by the end of Dec., should I send the GW letter before or after I pay the car off? 

I just got a secured credit card through my credit union (Vystar) for $1000 with a 13% APR. My plan is to get another secured card from BofA in the beginning of Jan. I have no other active credit cards or revolving CL's.

Starting FICO: 495 EQ 

Goal Score: 640s (to start) 

[annielorie]

Both email and mail this is the giving and caring season. Yes on the Bank of America as Fico gives top points with two or more cc's besides Santander lates any other derogs and how old os your oldest account

[changeisvital]

I have some older CA accounts and CO's. I do not have any other active accounts with dergo's.

[annielorie]

Are they paid?

[changeisvital]

No they are not. I am just starting this journey. From what I have read, it's best to begin with the letters i.e. DV, PFD, etc.

[annielorie]

Yes this is a great time for PFD. Persistence is key. Do not admit to debt but inquire about PFD after verified through CRA cause if they are that old the reporting CA may not own the debt anymore. How many CO and with whom and what is the DOFD's

[changeisvital]

I have 3 CO's and none of them SOL will be up until 2015.

[annielorie]

I would verify one at a time. They may not be still with that CA that is reporting but also word of caution when you start have the funds available to Pay in full so you dont triigger a lawsuit.

[changeisvital]

Thank you for the advice! I will definitely make sure I have the funds before I contact the companies.

[jadeite788]

Rumor has it Santander might be in a class action lawsuit.  I can't say more .  I am also in the midst of paying off my car loan from Santander this month , however I have errors on my account.   But its good to start out with GW.  The credit card is a good start, it raised my credit score instantly.  You are lucky, my credit limit is at $500.00.