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Established Contributor
TimeToRecover
Posts: 568
Registered: ‎03-21-2013
0

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 (666) Fair Isaac Ver24/21/2014, EQ (669) Beacon 5 4/21/2014, TU (699) Fico Classic 04 4/21/2014 (ALL MORTGAGE PULL So close to that 700)
Goal Score: 750
NEW HOUSE - Building 60% complete
In My Wallet: GE Care Credit (8K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) VS Angel Card (900)
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Would it be worth the effort

Community Leader
Senior Contributor
myjourney
Posts: 26,175
Registered: ‎02-07-2013
0

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

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Established Contributor
TimeToRecover
Posts: 568
Registered: ‎03-21-2013
0

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 (666) Fair Isaac Ver24/21/2014, EQ (669) Beacon 5 4/21/2014, TU (699) Fico Classic 04 4/21/2014 (ALL MORTGAGE PULL So close to that 700)
Goal Score: 750
NEW HOUSE - Building 60% complete
In My Wallet: GE Care Credit (8K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) VS Angel Card (900)
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Would it be worth the effort

Established Contributor
TimeToRecover
Posts: 568
Registered: ‎03-21-2013
0

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 (666) Fair Isaac Ver24/21/2014, EQ (669) Beacon 5 4/21/2014, TU (699) Fico Classic 04 4/21/2014 (ALL MORTGAGE PULL So close to that 700)
Goal Score: 750
NEW HOUSE - Building 60% complete
In My Wallet: GE Care Credit (8K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) VS Angel Card (900)
Community Leader
Senior Contributor
myjourney
Posts: 26,175
Registered: ‎02-07-2013
0

Re: Would it be worth the effort

I also like 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13



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