HI, Can we request it to be removed before the seven year. Mine was reported for 30 day late payments on Nov 2001 and Oct 2000. So, it is coming close to the 7 year mark but I really need to boost my score up as I need to get loan soon.
You can ask for a goodwill and maybe you'll get it but a 6 year old 30 day late will hardly have any affect at all on your score. You should focus on more recent marks, especially those in the last 2 years and most importantly, your % utilization. Pay your cards down under 10% and you will get a huge boost.
Iamoverthisalready wrote: Good Will letter? What is this exactly and have you ever heard of a lender/creditor making any adjustments? Thanks.
Yes, they do, although you may have to keep begging for a while. Many will tell you that it is illegal to remove derogatories from your report, but that is not true. It is just company policy as to whether they do it or not.
Search for GW (goodwill) in the search box above. You do a GW if you have paid the account in full, and you are asking them to do you a favor. If you have a certain creditor, you can enter something like GW Chase (or whoever) to see if you can find a useful address or something.
If you still owe money, search for PFD (pay for delete) in the search box. You have more leverage in this situation, which is grossly unfair, but there it is.
Everyone should realize that if you GW a late off of a CLOSED account, they may very well remove that account entirely, and that could hurt you more than a single, old late payment (or even worse stuff.) Make sure that if you are GW'ing (or even PFD'ing) a closed account that it is not a really old account (for instance, opened several years before your next oldest account.) You may well regret losing that TL.
Closed accounts report for 10 years after you close them. Any baddies on them (lates, collections, etc) report for the first 7 - 7.5 of those years, then they fall off and you have 3 more years of clean reporting before the whole thing goes away.
Also, for those who are new (this is not addressed to any of the posters on this thread), PLEASE read the threads posted at the top of the forums, such as Credit Scoring 101 and the abbreviations thread. Lots of us here are happy to help you out, but you won't really get what we are talking about until you do some reading at first. This is a very strange world we're in here, and the ins and outs can make you crazy if you don't know what's going on.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
I made 60 day late payment in May,2001 . I called that bank and asked to remove the entry form the history.They said its not possible and I also sent a letter ( i dont know about GW letter at that time) requesting them to remove that entry,But they sent me a rejection letter saying that they cannot do it.
I made late payment for Chase in November 2004. I called and also sent a letter . But they sent me a rejection letter instead.
Nowadays all the calls are going to India(BPO for Chase), and they dont know about these Good WIll Letter or removing entries from credit history.
I started to keep my utilization very low(Thanks to MyFico). My scoring is going up.Instead of making calls and sending letters, this methodology works out very well in increasing the score.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.