To GW or not to GW

[Anonymous]

In high school, I started a very successful company and was doing my banking with Wells Fargo. When I turned 18, they gave me a card with a 10k CL. Shortly thereafter, I left for college and pretty much right away went 60 days delinquent bc my parents weren't forwarding my mail (like I dummy, I had all business mail but forgot that I would be getting personal mail now). I paid it off and it was closed. Anyways, this is my first and oldest account and has a high CL. I know Wells is pretty stringent with GWs but assuming that they would be on board, would this hurt my credit more than it would help due to age and CL?

[pizzadude]

IMO it never hurts to ask them to delete late payments.   Are you concerned that they might just delete the entire account ?

How old are the late payments and are they only 60 day lates, or 90 day and worse ?   30 and 60 day lates will lose their scoring ding faster.

[Lois5669]

It's a slippery slope. A 60 day late will lose it's "power" as time passes.

I GW'd an old closed auto loan company. I had a perfect record with them until the month before I paid them off (had a 30 day late). I GWd for them to remove that one 30 day late and they removed the entire TL.  It didn't hurt too bad but if it was my oldest account, it would've.

[RobertEG]

Even though the acct is closed, it is still scored in length of credit calculations, so there is no current FICO impact in that scoring category.

As for the high CL, the account is closed, so you dont have any CL now.  That is prior history.  Sending a GW wont change that fact.

I would send a GW, as the derog is hurting in your highest scoring category.....payment history.

You take the chance in sending a GW that they may just decide to delete the entire account rather than just the delinquency.  If they choose to do that, you will lose its lenght of credit entirely.  Their motivation for deleting the entire account could simply be to avoid any further disputes, etc., involving the account, or to avoid internal review of its status.

It is a risk I would take, as the derog will remain for 7 years from its date of occurence, and will continue to hurt, both in your FICO score and in a manual review of your CR.

I presume the account does not have a lot of age to loose.

[Anonymous]

The account was opened July 2007 and DoFD is Nov 2008. The rest of my accounts are fairly new so it may affect AAoA.

Edit: Just realized I didn't turn 18 until the end of July in 2007 so I guess they gave me the 10k limit as a 17 year old.

[pakman92]

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@Anonymous wrote:
The account was opened July 2007 and DoFD is Nov 2008. The rest of my accounts are fairly new so it may affect AAoA.

Edit: Just realized I didn't turn 18 until the end of July in 2007 so I guess they gave me the 10k limit as a 17 year old.

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for lates on paid acct dofd does not matter.  lates will come off after seven years independently.  ie your last late wil come off after seven years of its date regardless of when the first one happened

[Anonymous]

Ok well there was only one delinquency at the date I listed. It was paid, and the account was closed.

[LS2982]

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@Anonymous wrote:
In high school, I started a very successful company and was doing my banking with Wells Fargo. When I turned 18, they gave me a card with a 10k CL. Shortly thereafter, I left for college and pretty much right away went 60 days delinquent bc my parents weren't forwarding my mail (like I dummy, I had all business mail but forgot that I would be getting personal mail now). I paid it off and it was closed. Anyways, this is my first and oldest account and has a high CL. I know Wells is pretty stringent with GWs but assuming that they would be on board, would this hurt my credit more than it would help due to age and CL?

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I would keep sending the GW's, it doesn't hurt and the worst they can say is no.

[Anonymous]

I haven't sent any yet. I wanted to see if it makes sense. Worried that deleting the whole TL would hurt my score.

[Anonymous]

To gw or not to gw, that is the question!

(couldn't help myself) lol