Wait it out or start the process?

[jrhamilton9]

Hi everyone! 

To start, I have begun to clean up my credit report after becoming more fiscally responsible and have entered my "adult responsibility" years. Most of my damage occured in 2006 when I was 20-21 and in college. Here is my damage:

• WellsFargo - overdrawn checking account, charge off, account transferred to another lender
• DoFD 02/2006
• CitiBank Credit Card - paid charge off, account paid for less than full balance on 06/2007
• DoFD 03/2006
• Credit Protection Association (Charter Cable) - not paid ($191 balance)
• DoFD 05/2006
• Georgia Power - utility - This was paid in full in 10/2008 in order to get power to new apt
• DoFD 06/2006
• Bank of America Credit Card - account paid for less than full balance on 9/2010
• DoFD 10/2008
• Regions Bank - auto installment loan - went into repossession in 2006 but paid all fees and got the car back, repo does not show on credit report, paid in full 03/2009
• DoFD listed as 01/2007
• 30 day late May 2006, 60 day late June-Sept 2006

Collections

• Williams & Fudge - $2281 (student account, NOT a loan) - unpaid
• DoFD 07/2008
• National Credit Systems - paid in full to CA on 02/2011
• DoFD 06/2006
• I actually sent a GW letter to executives and they have agreed to remove tradeline, waiting for this to hit report

I have numerous positive accounts, however, the debt to credit ratio is high due to a low limit Capital One account that I am working on paying off (79% ratio)

My current score is 550 across the board (I was 648 Feb 2012) and am unsure of why it has fallen so much.

Anyway, my focus right now is on the negative accounts. Many are SO close to falling off of my CR, however, I am SO impatient and want these off ASAP. My question is, should I send a GW letter to the accounts that are close to coming off in the next few months or just wait it out? I am working on a GW letter for Regions Bank to remove the 30 and 60 day negatives and am waiting out the Williams & Fudge account until I have more leeway with them. 

Any advice is greatly appreciated as I don't want to waste my time on these letters if it's worth waiting out!

-J

[RobertEG]

It's certainly worth the effort to pursue earlier deletion.

HOwever, GW is unlikely if the account still has unpaid debt, as their reporting is one tool in their collection box.

[jrhamilton9]

I am happy to report that National Credit Systems successfully deleted the collections account for all three bureaus, however, due to the age of the account (2006) my score did not change. I am currently working on Regions Bank for the late payments and Citi for the charge-off. The only account I am not disturbing at the moment is Williams and Fudge because I believe I am still within SOL in GA and do not have the funds yet to pay off the account (working on it!). It is the only collection account that has not been paid besides the CPA for $191 but I am sure I am out of the SOL with that account. 

[Shogun]

Majority of these are going to fall off next year.  However there is no harm in trying to GW those that are paid.  The Williams and Fudge you believe is still in SOL, how much longer is it in SOL?  Reason being is I would try to settle it also at your convenience to keep it from popping up with bottom feeder CAs in the future.  Just a suggestion.

[jrhamilton9]

The William & Fudge account is an unpaid balance for a student account at a university. It was not a "loan" per se and I don't believe that I ever signed a document for it. My financial aid package was less than promised and I wasn't informed of this until after I finished a semester at the school. Since I was unable to pay the balance at the time (hence the need for financial aid), I have let it sit until I figure it out. In Georgia an oral contract SOL is 4 years, written is 6, Promissory Note is 6, and Revolving is 4. Like I said I never signed anything so I don't see how it would be written or Promissory? Maybe someone can shed some light.

I have mailed a letter to Regions regarding the lates on the account and am eagerly awaiting their response. I do not have the account number for the Citi card and attemped to contact Citi to get the information last night. Even if you jump through hoops and try to recall information on your acount from 6 years ago they refuse to give you your account number, even the last 4 digits. Does anyone know a way I can obtain this information for my GW letter or is it OK to leave it off and provide different information?

[jrhamilton9]

So I was putting together a GW letter for BoA tonight and noticed something confusing. I paid the account for less than the amount owed in Oct 2010. The DoFD listed on my report is Oct 2008, however, upon reviewing my Experien report, the true first date of deliquency was Oct 2006 with a 30 day progressing to 180 for close to 2 years, then Aug and Sept 2008 show OK and Oct 2008 shows a 30 day with progression to collection. It looks like a CA took over in Oct 2008 and is reporting that as the DoFD, however, in my eyes at least, the true DoFD is Oct 2006. Does this make sense?

[Walt_K]

---

@jrhamilton9 wrote:

So I was putting together a GW letter for BoA tonight and noticed something confusing. I paid the account for less than the amount owed in Oct 2010. The DoFD listed on my report is Oct 2008, however, upon reviewing my Experien report, the true first date of deliquency was Oct 2006 with a 30 day progressing to 180 for close to 2 years, then Aug and Sept 2008 show OK and Oct 2008 shows a 30 day with progression to collection. It looks like a CA took over in Oct 2008 and is reporting that as the DoFD, however, in my eyes at least, the true DoFD is Oct 2006. Does this make sense?

---

If you didn't bring the account current in August 2008, you should be able to correct the DOFD via dispute.  Though it might not be worth your while if you are trying for GW deletion.  If the GW requests are unsuccessful, you can always correct DOFD later when it is closer to causing the account to be deleted.

30 and 60 day lates that are 6 years old aren't having a major affect on your score.  It's the collections and charge offs that are hurting you.  I'd concentrate on those rather than worrying about the old lates.

[mmmagique]

---

@jrhamilton9 wrote:

The William & Fudge account is an unpaid balance for a student account at a university. It was not a "loan" per se and I don't believe that I ever signed a document for it. My financial aid package was less than promised and I wasn't informed of this until after I finished a semester at the school. Since I was unable to pay the balance at the time (hence the need for financial aid), I have let it sit until I figure it out. In Georgia an oral contract SOL is 4 years, written is 6, Promissory Note is 6, and Revolving is 4. Like I said I never signed anything so I don't see how it would be written or Promissory? Maybe someone can shed some light.

---

I wouldn't be too sure that you didn't sign something in regards to the school funding. Remember all those papers the loan officer (or whoever you spoke with at the school) shoved in front of you? I'd be shocked if there wasn't something in those agreements binding you to pay for any/all tuition not covered by grants/loans even if they told you you would receive them. 
 

---

[favored12]

How were you able to get national credit systems to delete? They are on all three of my reports and I can't get them off for nothing! I'm in my second round of goodwill letters to them. Grrrrr

[jrhamilton9]

I mailed letters for Regions Bank and Bank of America last week. Anxiously awaiting a reply. I sent my GW letter to three different addresses for BoA, I heard they were hard to convince but we will see.

I did a dispute via Experian for the Credit Protection Association account. On Experian it was listed as being opened on 8/2008, but I started receiving information from them WAY before this date and was able to prove it, it has since been removed from Experian report. Working on Equifax and Transunion. Due to the age of the account it did not affect my score.

Saving up to pay off Capital One revolving account and Williams & Fudge, I'm pretty sure these two are my biggest problems (High Credit/Debt ratio and Collection Acct from 2008), but I HATE seeing the negatives just sitting there even though they aren't really affecting anything right now.