I have been lurking here for a while and didnt really have anything to post as all of my questions have been answered via the search box. I had my friend pull my credit from all three CRA's back in 4/09 just so I could see what I owed and to whom. at that point I had no idea how to "rebuild" my credit. I was going to just pay everything off and wait for the negs to fall off. Then recently I found all the other, faster, options such as DV, GW, PFD, etc.
I ran up a bunch of small ($1k max) cards and couldnt pay them after loosing my job in mid 2005. I have always wanted to get into realestate investing, but knew my credit score was holding me back. Then I got a good job with great pay, benefits, etc and had a son in 2008 so I put the real estate idea on the back burner, and ignored my credit problems. Fast forward to the present, and I am going to be coming into a large lumpsum of cash due to an auto accident that occured in 12/09. I know this is my chance to get my investing aspirations off the ground but I can not do it with scores in the 500's. So here I am trying to do this as fast and as effectively as possible. I have multiple collection accts, charge offs, late pays, and one judgement from the state unemployment (long story short, they over paid me and sent me a bill. couldn't afford it, refused to negotiate, and won a judgement).
I have already disputed most of the items with the CRA's, and as expected they are coming back as verified. I have been paying all my current obligations on time for the last 2+ yrs.and have done nothing else to "repair" my past. Till now.
Just this week, I have pulled all three of my reports and organized all of the negative accts in a file so that I can track what actions I have taken and when on which accts. To date, I have completed the following, waiting for responses from all letters....
NCO Finacial - PFD- $30
Great Lakes Lending (Consolidated student Loan) - GW- Late pays reported from 2005. Had no luck with them on phone, sent letter to CEO
Capital One - GW - Late pays in 2005, sent to CEO
HSBC - GW - Late Pays in 2005, sent to CEO
WFNNB/Pacific Sunwear - GW - Late Pays 2005, sent to CEO
Collection Company of America - GW - Paid less than full in 2007. Asking for delete
Not sure if any of this will work, but I figured why not try and hope for the best. I wrote the GW letters in a slightly different manor than I have seen posted all over the net. I will post the GW letter below for comments. After I recieve my settlement, I will then begin the DV and PFD process with the CA's so that I will be able to pay at once if a deal can be reached.
I have also applied for and recieved a Capital One card with a $500 limit to begin re building my credit as I currently had no active revolving accounts reported. The only open active accts are installment loans with perfect payment history with the exception being the student loans from 2005. Just wanted to post here to say thanks, and say why I'm here, what is motivating me, and what I have done with the help of everyone here.
My GW letter, Comments welcome....
Dear CEO,
I am writing in regards to the above referenced account and am requesting a good will adjustment on my payment history as reported to the 3 major credit bureaus. During course of this account I have had some payments that were late. I am hoping a good will adjustment can be made to reflect at least some of the missed payments can be reported as on time.
I am not in any way disputing the accuracy or validity of the payment history that has been reported to the bureaus. I am taking full responsibility for the late payments as they were solely my fault. I am aware that many people write to you asking for good will adjustments with stories of job loss, bad economy, etc. I will make no such stories in an effort to sway your decision. Instead, I will be brutally honest and admit that I was unable to properly manage my finances in a responsible way. I was young, had nearly no responsibilities and didn’t have the maturity to handle credit the way it should have been.
In the 8 years since that account was opened my life has changed for the better in ways that I could have never foreseen. I am now a responsible father with a family and have a need to correct my credit and have changed my ways now that my choices have huge impact on other people’s lives. In the past few years I have found gainful and solid employment with a government transportation agency even in this rough economy. I am doing my best to make good on all my bad debts, current and past as well as attempting to rebuild my credit history and taking steps to avoid credit problems in the future. Proof of this would be my repayment history of the last few years showing no late payments on any open accounts, as well as my current efforts to settle any and all debts from my past. I would be willing to submit a current copy of my credit report if it would be of any value to you or your decision.
It is with this letter that I respectfully and selflessly request for a goodwill adjustment on my prior payment history. I understand that you have no duty to grant, respond or even acknowledge this request, however I hope that you will at least consider.
Thank you for your time
Me
My house
My City, My State
BK7 Filed 6/4/18
341 7/13/18
SCORES
7/19/18 Pre Discharge TU 8 572 EX 8 566
