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WFDS GW advice

Regular Contributor

WFDS GW advice

Does anyone have any tips for good will letters?  I sent one about a month ago but never heard a response.

 

I've heard very limited success with Wells Fargo Dealer Services but my chargeoff happened in 2012.  Since, it's been paid (settled less than balance) and is the primary reason my score is as low as it is.  It's stuck on my reports for another 3 years.  TU only lists it as "derogatory" while EQ and EX also include payment history along with that huge ding.

 

It's for a car had three 30 day lates in 3½ years before getting really spotty and finally charging off after 55 months of the loan.  It was during the financial crisis and my pay was drastically affected as well as some medical attention and addition of two babies to the family.  Long story short, rent and food had to come before a car payment.

 

 

I sent them a letter asking for some good will but no response.  Should I just keep sending the same letter?  Should I change wording?  I've heard of success from a hand-written letter compared to typed.  Should I try faxing?  Emailing?  Calling?

 

I know it was ultimately my fault and I shouldn't expect any help from them, I should have probably known better when negotiating the deal they offered in 2014 when I paid what I did for them to close it.  Do I have any shot at it, or am I just wasting postage and hope?

Starting score 3/31/15 CK 552/572. Current score 3/2/18 CK 752/752.
FICO TU (Barclay, 2/15) 710; FICO EQ (Citi, 1/23) 704, FICO EX (FCS, 3/6) 699.
Message 1 of 20
19 REPLIES
Super Contributor

Re: WFDS GW advice

Wells Fargo is one of the most difficult creditors to gain a GW adjustment from IMO. Sending them one or two letters without question will not yield you a positive result.  I've sent them over 60 letters at this point and have yet to receive a GW adjustment.  I recommend reading about the Saturation Technique which multiplies your chances of success by many times and will increase your odds.  You can read about it here:

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-o...

 

Using as many methods as possible such as letters, calls, emails, faxes, etc. is certainly worthwhile and will only help your odds.  There are a lot of threads out there that give advice on writing a solid GW letter.  IMO the contents of the letter are far less important than whether or not it makes it into the right hands.  Keep at it though; if you can get through and get an adjustment from WF I'm confident you can from anyone!

Message 2 of 20
Regular Contributor

Re: WFDS GW advice

Thanks, Brutal, I've heard that WF is extremely hard to get success, but it's the boat I'm in, so I gotta try Smiley Happy

 

I had been hesitant to spam them with copies of my letter, in thoughts that it appears insincere if the same person did get it.  But this week I'm going to give it a try.

Starting score 3/31/15 CK 552/572. Current score 3/2/18 CK 752/752.
FICO TU (Barclay, 2/15) 710; FICO EQ (Citi, 1/23) 704, FICO EX (FCS, 3/6) 699.
Message 3 of 20
Valued Contributor

Re: WFDS GW advice


Turkeyb0y wrote:

Thanks, Brutal, I've heard that WF is extremely hard to get success, but it's the boat I'm in, so I gotta try Smiley Happy

 

I had been hesitant to spam them with copies of my letter, in thoughts that it appears insincere if the same person did get it.  But this week I'm going to give it a try.


I keep writing new ones every week. I make references to my other letters in the new ones. I've gotten 1 thing removed so far... but it shouldn't have been there to begin with so I'm not sure how effective it was. :[


EX08 659 EQ08 660 TU08 695 Starting: mid 300'sGoal: 700
Message 4 of 20
Super Contributor

Re: WFDS GW advice


Turkeyb0y wrote:

Thanks, Brutal, I've heard that WF is extremely hard to get success, but it's the boat I'm in, so I gotta try Smiley Happy

 

I had been hesitant to spam them with copies of my letter, in thoughts that it appears insincere if the same person did get it.  But this week I'm going to give it a try.


If you are sending your letters to different addresses, the chances of the same person opening them is slim to none.

 

As long as you put a month or so between sending a letter to the same address I think you're in a good place.  There's a strong chance someone else will open it the second time, and even if it is the same person and they remember your first letter it will just seem like you're being persistent which can be a good thing.  I've found that over time you can "break down" these people at times Smiley Happy

Message 5 of 20
Regular Contributor

Re: WFDS GW advice

Mailed 9 out today all to different places, and faxed one as well.  Now I just hope one a state away doesn't grant GW only to have one in another state "fix" it when they get the letter 2 days later...

 

Fingers crossed.

Starting score 3/31/15 CK 552/572. Current score 3/2/18 CK 752/752.
FICO TU (Barclay, 2/15) 710; FICO EQ (Citi, 1/23) 704, FICO EX (FCS, 3/6) 699.
Message 6 of 20
Super Contributor

Re: WFDS GW advice

Nice work!  10 in a Round is a very strong start.

 

Don't worry about having a GW adjustment reversed.  I've never had this happen.  I've sent out a Round of 6-10 letters before and the next day received a favorable GW letter response granting an adjustment based on a letter from my last Round.  I've then gone on to receive 2-3 denial letters from the most recent Round, but the previous adjustment isn't reversed.  I think 9 times out of 10 those that read your letter simply throw it out and not respond, or if they do respond they give you the old cut-and-paste response that they give to most GW letters and never actually look up your account. 

 

I think they only time they actually access your account and look into it is if your GW letter makes it into the right hands or it says exactly the right thing at the right moment to whoever is reading it.  In that case, if they go into your account they'll probably just see that an adjustment was already made and that's that.

Message 7 of 20
Regular Contributor

Re: WFDS GW advice

I get an alert today from CreditSesame that "Congratulations! A creditor has reported that you recently paid one of your accounts down to $0."  I go to the alert, and it's WFDS, and it is dated today.  Funny, it's been "$0" since January 2015.  No other alerts from anyone else.

 

Nothing has changed on my reports, still showing 11/29/2012 as last reported date.  Payment history has been msising on TU all along, EQ still showing the dings.

 

Should I take this alert as hopeful, it can't be coincidence 2 days after flooding them with letters that some activity is happening, what could this mean??

Starting score 3/31/15 CK 552/572. Current score 3/2/18 CK 752/752.
FICO TU (Barclay, 2/15) 710; FICO EQ (Citi, 1/23) 704, FICO EX (FCS, 3/6) 699.
Message 8 of 20
Super Contributor

Re: WFDS GW advice

They are more than likely just verifying the info on your account and how it was reported to the bureaus.  The first step whenever you request GW is that the lender will double check what they reported to ensure that it was accurate.  This could mean subtle things could be changed like an open account getting closed, a date could get changed, etc.  Nothing really to worry about here, but it does mean that they're looking into it which means your letters have reached their hands... which again is the Number 1 Goal.

Message 9 of 20
Regular Contributor

Re: WFDS GW advice

Received back my first denial letter this week, from the address listed on the credit report.  It read as a form letter of course, but said "at this time, WFDS cannot grant your request for a goodwill adjustment to your credit bureau reporting.  We are required to report your payment history accurately to the consumer reporting agencies".

 

Something that jumps out to me (maybe I'm desparately hopeful in looking for the bright side) is the line, "at this time" they could not grant my request for goodwill.  Sounds to me like they're willing to dance if some conditions or parameters were present.

 

Second thing that jumps out is they are required to report my history accurately.  Should I reference this in my rebuttal round and remind them that I am not asking them to report inaccurately (as in, lie), rather, I'm asking the negative information be removed, or better yet, delete the tradeline completely?

 

I am still holding out hope that some of the other letters that had to go cross-country could have some effect, but I'm just trying to tailor my response appropriately.

Starting score 3/31/15 CK 552/572. Current score 3/2/18 CK 752/752.
FICO TU (Barclay, 2/15) 710; FICO EQ (Citi, 1/23) 704, FICO EX (FCS, 3/6) 699.
Message 10 of 20