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Would it be worth the effort

Established Contributor

Would it be worth the effort

So I have a CC old charge off that was paid "settled for less then full amount"  At the time I thought it was a good thing to accept the partial payment. 

 

So the CA was removed last year but the OC still shows with the above note, closed, 0 bal, but 120 days late.  Even at 6 1/2 years old this is affecting my score.  This is due to fall off in January (but we all know it will take the CRAs 1-2 months to delete it) 

 

So my quesiton is this.  is this something I could try a GW with?  Is it worth it for 7 months early. 

 

The reason I am thinking of trying this now is I want to try to get a home loan and I would like to get the pre approvals start etc to possibly try to close on something by the end of DEC (so i don't have to sign another lease).  If I wait for it to fall off naturally well ya probrably looking at march at the earliest and probrably more like May or june of next year.

 

So asking many of you GW experts out there.


Starting Score: 570 ish
Current Score:EX (701) EQ (711) TU (705)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (7K) Cap One Quicksilver (10.5K) Chase Freedom (4K) Lowes (6K) VS Angel Card (2.4K), Macys (4K)
Message 1 of 7
6 REPLIES
Epic Contributor

Re: Would it be worth the effort

Message 2 of 7
Super Contributor

Re: Would it be worth the effort

 

A GW or two while your waiting until Janurary can't hurt

You have nothing to lose but everything to gain

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 7
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Established Contributor

Re: Would it be worth the effort

With all the other things I have done rebuilding this would be the first GW I have done.  I pasted what I came up with below.  No I have not sent it yet as I would like to get everyones feedback.  (to short, not enough info, etc.)

 

Discover

Address

City, State, Zip

April 29, 2013

 

RE: Account #

 

I was a customer with Discover for five years beginning in 2003.  I always appreciated my relationship with Discover.  For 5 years was never late or missed a payment.  In early 2007 I was laid off from my job, and faced the death of my mother, father and brother.  I was to embarrassed and ashamed to ask for help and attempted to live off of just my savings, not even accepting unemployment.  This resulted in my falling behind in my ability to pay my discover bill.  I had several years before I was able to find a new job and when I did I agreed to the settlement that was being offered to me.

 

I am writing to see if you would consider making a “goodwill” adjustment to the reporting to the three credit agencies and remove the credit line from my report.  I have learned so much over the last few years in recovering from that very hard time in my life.  I have learned and understand the proper use of credit and would like to be considered as a potential customer of Discover again in the future. 

 

I am aware that the reporting of this is due to age off the reports in only a few months but it would be greatly appreciated if it could be removed sooner.  I have continued to recommend Discover and their products to others as I believe in your company.  I look forward to hearing from you.

 

Sincerely,


Starting Score: 570 ish
Current Score:EX (701) EQ (711) TU (705)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (7K) Cap One Quicksilver (10.5K) Chase Freedom (4K) Lowes (6K) VS Angel Card (2.4K), Macys (4K)
Message 4 of 7
Epic Contributor

Re: Would it be worth the effort

Message 5 of 7
Established Contributor

Re: Would it be worth the effort

Thanks Guinness.  I have a very early flight to catch in the morning so I will get this printed up and sent off this week.  with the drop off date so close if it works that would be icing and if it doesn't its ok too. 

 


Starting Score: 570 ish
Current Score:EX (701) EQ (711) TU (705)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (7K) Cap One Quicksilver (10.5K) Chase Freedom (4K) Lowes (6K) VS Angel Card (2.4K), Macys (4K)
Message 6 of 7
Super Contributor

Re: Would it be worth the effort

I also like 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 7