topic Re: First ever goodwill letter SUCCESS!!!!! in Rebuilding Your Credit

First ever goodwill letter SUCCESS!!!!!

BGinVA — Sat, 21 Jan 2012 20:52:26 GMT

Thank you Chase! And thank you Myfico and all of the forum members, I'd have never had the courage to ask for a goodwill if it wasn't from all of the advice I've received here. The letter I received today from Chase says in part:

"Based on the information provided, we have furnished the credit-reporting agencies with upated information so they may delete the account from their records"

This account is currently paid off (after going to collections) but my latest cr lists 17 90 days +, 6 60 days, and 2 30 days late payments. The lastest 120 day is showing as April 2010, as that's how they were reporting it while I was making payments to the collection agency, even though my last activity with them was November 2008. I'm praying being the latest was less then 2 years I will see a nice score bump.

Thanks again everyone!

Re: First ever goodwill letter SUCCESS!!!!!

fused — Sat, 21 Jan 2012 21:02:51 GMT

Whoa! That is good news, but it might also be bad news. Is that Chase account your oldest or one of your oldest? If so, having it deleted from your CR's will hurt your FICO's. Your credit history and AAoA will be shortened.

ETA: So, Chase is reporting this account as a CO?

Re: First ever goodwill letter SUCCESS!!!!!

2NE1 — Sat, 21 Jan 2012 21:09:34 GMT

@fused wrote:
Whoa! That is good news, but it might also be bad news. Is that Chase account your oldest or one of your oldest? If so, having it deleted from your CR's will hurt your FICO's. Your credit history and AAoA will be shortened.

ETA: So, Chase is reporting this account as a CO?

*sigh* this is the same dilemma I'm doing through... I have a CHASE acct "closed" by them from 2007 (one of my oldest) and just finished paying it off... I tried to GW the lates but I was told "no, can't do... BUT we can delete the entire TL" --- I know this will deff affect my AAoA but someone on this forum said waiting for this acct to return to positive status will take years and getting the hit on my AAoA will be momentarily...

Re: First ever goodwill letter SUCCESS!!!!!

BGinVA — Sat, 21 Jan 2012 21:25:01 GMT

The thought crossed my mind, but my oldest account is 18 years and 5 months (as of Jan) and my average age of accounts is 7 years, so I think having the baddies gone will be more positive then negative. Thoughts?

So, Chase is reporting this account as a CO?

It says "bad debt/collection"

Re: First ever goodwill letter SUCCESS!!!!!

fused — Sat, 21 Jan 2012 21:33:06 GMT

When was the Chase account opened?

Re: First ever goodwill letter SUCCESS!!!!!

BGinVA — Sat, 21 Jan 2012 21:35:17 GMT

March 2005, so it is almost 7 years old. Seems to me that taking one 7 year old account out of a 7 year average shouldn't hurt too bad (but I'm just speculating, not doing the math).

Re: First ever goodwill letter SUCCESS!!!!!

BGinVA — Sat, 21 Jan 2012 21:56:59 GMT

Okay I couldn't stand not knowing, so I set up a spreadsheet, as of Jan 2012 with 20 accounts my average age of accounts (with Chase) is 7.0375 years, in February with Chase gone and 19 accounts it will be 7.0789 years, so nope, no loss on AAOA.

Re: First ever goodwill letter SUCCESS!!!!!

zhenxinqian — Sun, 22 Jan 2012 00:10:14 GMT

That's awesome! I just had a Chase account deleted as well, it was my second oldest account, 7.5 years, and my average is somewhere around 3.8 years. My FAKO on CCT jumped EX 575 to 608 and EQ 585 to 609. I'm still waiting for it to be deleted from my TU though. =( I know FAKO's aren't the real thing, but if my FAKO jumped, I imagine my FICO's going to move in the upwards direction.

Re: First ever goodwill letter SUCCESS!!!!!

2NE1 — Sun, 22 Jan 2012 01:28:01 GMT

@BGinVA wrote:
Okay I couldn't stand not knowing, so I set up a spreadsheet, as of Jan 2012 with 20 accounts my average age of accounts (with Chase) is 7.0375 years, in February with Chase gone and 19 accounts it will be 7.0789 years, so nope, no loss on AAOA.

how did you set up a spreadsheet to calculate your AAoA? I'm still confused on how to calculate my AAoA

Re: First ever goodwill letter SUCCESS!!!!!

MarineVietVet — Sun, 22 Jan 2012 01:45:08 GMT

@2NE1 wrote:

how did you set up a spreadsheet to calculate your AAoA? I'm still confused on how to calculate my AAoA

Which part of it are you not clear on?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: First ever goodwill letter SUCCESS!!!!!

BGinVA — Sun, 22 Jan 2012 02:24:48 GMT

2NE, what I did was run my credit report from Myfico. If you look starting around page 8, it lists all of your accounts and the date opened. Open an Excel spreadsheet and enter the creditor and the date the account was opened. Then in the next column of your spreadsheet convert to months how old the account is as of today. Add all your accounts up, divide it by 12 months (to convert your months to years), then divide that number by the number of accounts reporting, that is your average age of account. You can check that number against what is reported on your current report for accuracy. That way you can play with it and do different scenarios, like what would happen if I opened a new account? Should I ask for a goodwill on this account? It will allow you to know the changes to your aaoa before apping, or making any other change. Of course you will need to verify it against your credit report occassionally, as there are sometimes those mysterious disappearing accounts that can change things, but for a quick prediction model, it will work.

Re: First ever goodwill letter SUCCESS!!!!!

Anonymous — Sun, 22 Jan 2012 22:05:31 GMT

@BGinVA wrote:
Thank you Chase! And thank you Myfico and all of the forum members, I'd have never had the courage to ask for a goodwill if it wasn't from all of the advice I've received here. The letter I received today from Chase says in part:

"Based on the information provided, we have furnished the credit-reporting agencies with upated information so they may delete the account from their records"

This account is currently paid off (after going to collections) but my latest cr lists 17 90 days +, 6 60 days, and 2 30 days late payments. The lastest 120 day is showing as April 2010, as that's how they were reporting it while I was making payments to the collection agency, even though my last activity with them was November 2008. I'm praying being the latest was less then 2 years I will see a nice score bump.

Thanks again everyone!

IMHO, all of those lates are killing your scores. I had one single 30/60/90 late(s) from 2006 on my CR's from a closed Chase card that I opened in 1996. In October 2011 I did the GW move to Chase and they said "we only delete the entire TL" with me. I thought about living with this negative for two more years, and said no way. When they deleted the 30/60/90 lates, my scores went up across the board like 45 points and I was on my way up...

So to me, I would get rid of the 17 90's etc. in a heartbeat. Whatever AAoA you lose does not equal what those extreme lates are doing to your scores. (The 60's too BTW) Some say that lates after two years tend to matter less and I believe that to be true with 30's and even a single 60. But everything I have read makes me think that the 90's are deadly, and just fugetabout any 120's!!! In my case, a single 30/60/90 late was weighing me down well over 5 years after the fact. I would definitely take Chase's offer and get rid of it. The idea of future creditors seeing those 90's for the next few years (5 even if you get it fixed to the 11/08 DOLA) is to me a no brainer.... Payment history is 35% of our FICO scores, the length of credit history is only 15% of our FICO scores, so the math is simple to me.

Find a family member or close friend to put you on as a AU on AMEX card that has some age on it to gain or regain some of your AAofA. Like I said this is only my opinion, others may differ, we recieve a lot of info here and we are not experts so it does get confusing.

The one thing I have learned here that is always 100% true is: It is so much easier (if possible) to pay our bills on time than to have to deal with all of this!!! LOL

Re: First ever goodwill letter SUCCESS!!!!!

CS800 — Sun, 22 Jan 2012 22:13:15 GMT

@BGinVA wrote:
Thank you Chase! And thank you Myfico and all of the forum members, I'd have never had the courage to ask for a goodwill if it wasn't from all of the advice I've received here. The letter I received today from Chase says in part:

"Based on the information provided, we have furnished the credit-reporting agencies with upated information so they may delete the account from their records"

This account is currently paid off (after going to collections) but my latest cr lists 17 90 days +, 6 60 days, and 2 30 days late payments. The lastest 120 day is showing as April 2010, as that's how they were reporting it while I was making payments to the collection agency, even though my last activity with them was November 2008. I'm praying being the latest was less then 2 years I will see a nice score bump.

Thanks again everyone!

Love these GW success stories. Knowledge is power

Re: First ever goodwill letter SUCCESS!!!!!

CS800 — Sun, 22 Jan 2012 22:15:41 GMT

@2NE1 wrote:
@BGinVA wrote:
Okay I couldn't stand not knowing, so I set up a spreadsheet, as of Jan 2012 with 20 accounts my average age of accounts (with Chase) is 7.0375 years, in February with Chase gone and 19 accounts it will be 7.0789 years, so nope, no loss on AAOA.
how did you set up a spreadsheet to calculate your AAoA? I'm still confused on how to calculate my AAoA

The way I do it is that in a column, i list the age of my account and at the end, i use the formula to do an average on the age.

Re: First ever goodwill letter SUCCESS!!!!!

Matstarr — Sun, 22 Jan 2012 23:19:42 GMT

Who did you contact Ive been trying to do this for months and keep getting a generic letter back

Re: First ever goodwill letter SUCCESS!!!!!

Teasha — Fri, 06 Apr 2012 16:22:44 GMT

I thought this to be the best place to post my current good news!

I've had a paid collection lingering on my EQ report and decided to send a GW letter to the president of AR Resources collection agency. My score has gone from 694 March 19th to 739, a nice 45 point jump! Yay!!

I'll be updating my fico challenge scores next. I now have a clean report on all 3 CRA's, now just need to sit back and patiently wait.

thanks everyone for all the help!

Re: First ever goodwill letter SUCCESS!!!!!

Trel76 — Fri, 06 Apr 2012 20:28:35 GMT

Congratulation!

can you share the gw letter verbiage sent Chase.

Thanks in advance.

Re: First ever goodwill letter SUCCESS!!!!!

randaljon — Fri, 06 Apr 2012 20:40:26 GMT

I had a success through the BBB in regards to badcock home furnishings doing a one time deletion of a 30 day late. It's been over 30 days and Equifax is stil showing 30 days late. Should I send Equifax a copy of the BBB correspondence?

Re: First ever goodwill letter SUCCESS!!!!!

Teasha — Fri, 06 Apr 2012 21:07:49 GMT

My letter is very destictly personal. Please take any information that is helpful to achieve success with your own GW Letter. I hope the letter is helpful for those of you seeking inspiration. good luck!

Dear Mr Macrone,

I am writing this letter in order to request your help and understanding. I'm an Australian National and was on an athletes visa here in the U.S. when I had a medical emergency and needed care in 2007 when I did not have insurance, finances or the ability to work to take care of the account. Because I didn't live in the United States, I was not informed of the debt.
When I return to the U.S. I pulled my credit report and the debt was immediately paid in full.

Upon recent review of my Equifax credit report I notice AR Resources Inc. reflected a paid collections account. This account is affecting my credit score and I'm currently trying to obtain a mortgage for my family me. The medical account was "paid" but the collection account is hurting my credit worthiness and my families future.

I, by no means am excusing my error or defending it. My error was eradicated and it has taught me a valuable lesson. I would like to request that your company AR Resources Inc. have some mercy on me and please make a “Goodwill Adjustment” by remove the account from the credit reporting agency. Your kind gesture would be sincerely appreciated by my family and me.

I know you will take all the facts provided and show compassion in your decision. I would like to thank you in advance for the help you provide. You may contact me through my address above or email me at blah@blah.com.

Thank you again!

Re: First ever goodwill letter SUCCESS!!!!!

Anonymous — Tue, 01 May 2012 20:18:37 GMT

Is it only the credit card accounts used to calculate the AAOA or all accounts( closed, open, mortgage, laons etc) in credit report?