topic Re: New Here - need some advice.... in Rebuilding Your Credit

New Here - need some advice....

Anonymous — Tue, 16 Apr 2013 02:41:21 GMT

OK so I'm not going to lie, I've had a decent share of late payments on a comenity store account, however never over 30 days before, my first 30 dayer was this year and it went on my credit report in march dropping my score by 58pts! I am attempting to get them to give me a GW adjustment but I'm guessing they are going to tell me to get bent. I already called and that resulted in nothing. I've now sent letters to every PO box I could find for them, 1 of which I know for sure is their dispute department, 1 was customer service, and the other 2... well I'm not really sure what departments they were but I'm hoping some one will have pity on my situation... that 58 pt drop is the only thing holding me back from doing an FHA streamline refinance on my home.... the moral of the story is I need to increase my FICO by 63 pts to get my loan. If they won't do the good will adjustment I need to find other ways to increase my score... obviously paying my bills on time will help, I have all my bills set for automatic payments and the late payment was an oversite on my end. I will be able to pay off all of my CC debt within the next month (however my Mortgage broker has suggested keeping small balances on a couple and paying it off each month, which I plan to do) other than the comenity late payment I have 1 late payment with kohls in september 2012, and a late payment with barclay in 2009. I also have a few small medical accounts in collections, the biggest is $108 and the smallest is $30. What I want to know is would paying off those small collections accounts help my credit, hinder my credit, or make no difference? Also I know once the comenity payment shows paid in full that I my score should increase and then the further time I get from the delinquent payment my score should increase... my question is I guess what kind of time frame do you think my score could improve to where I need it on it's own? And with what I've told you about my credit report what steps would you take to improve it?

Re: New Here - need some advice....

Anonymous — Tue, 16 Apr 2013 02:49:19 GMT

I believed with a FHA loan you can't have any late payments for a year

Re: New Here - need some advice....

DaBears — Tue, 16 Apr 2013 02:50:12 GMT

@Anonymous wrote:
OK so I'm not going to lie, I've had a decent share of late payments on a comenity store account, however never over 30 days before, my first 30 dayer was this year and it went on my credit report in march dropping my score by 58pts! I am attempting to get them to give me a GW adjustment but I'm guessing they are going to tell me to get bent. I already called and that resulted in nothing. I've now sent letters to every PO box I could find for them, 1 of which I know for sure is their dispute department, 1 was customer service, and the other 2... well I'm not really sure what departments they were but I'm hoping some one will have pity on my situation... that 58 pt drop is the only thing holding me back from doing an FHA streamline refinance on my home.... the moral of the story is I need to increase my FICO by 63 pts to get my loan. If they won't do the good will adjustment I need to find other ways to increase my score... obviously paying my bills on time will help, I have all my bills set for automatic payments and the late payment was an oversite on my end. I will be able to pay off all of my CC debt within the next month (however my Mortgage broker has suggested keeping small balances on a couple and paying it off each month, which I plan to do) other than the comenity late payment I have 1 late payment with kohls in september 2012, and a late payment with barclay in 2009. I also have a few small medical accounts in collections, the biggest is $108 and the smallest is $30. What I want to know is would paying off those small collections accounts help my credit, hinder my credit, or make no difference? Also I know once the comenity payment shows paid in full that I my score should increase and then the further time I get from the delinquent payment my score should increase... my question is I guess what kind of time frame do you think my score could improve to where I need it on it's own? And with what I've told you about my credit report what steps would you take to improve it?

Hi Gemini and welcome to the forums!!!! How recent are the collection accounts? the late payment from kohls is fairly recent if you can get that to be removed that would help. The late payment from Barclay has very little affect on your score based on being from 2009. If you can maybe get on as a AU it could help. On your current cards keep the UTIL between 1-9%. It's going to be close to gain 63 points. Good Luck and keep us posted.

DaBears

Re: New Here - need some advice....

Anonymous — Tue, 16 Apr 2013 02:58:51 GMT

You can't have any late morgtgage payments for 12 months with FHA, I have never missed a payment on any loan in my entire life so that is not an issue.

Dabears - can you explain what you mean by "get on as an AU" ... I know that AU means authorized user, I'm just not sure what you mean by that sentance.

Re: New Here - need some advice....

Anonymous — Tue, 16 Apr 2013 02:53:46 GMT

The collections accounts are from 2010-2011.

Re: New Here - need some advice....

DaBears — Tue, 16 Apr 2013 03:05:11 GMT

@Anonymous wrote:
You can't have any late morgtgage payments for 12 months with FHA, I have never missed a payment on any loan in my entire life so that is not an issue.

Dabears - can you explain what you mean by "get on as an AU" ... I know that AU means authorized user, I'm just not sure what you mean by that sentance.

If someone can add you on as a AU it could boost the points you need.

Re: New Here - need some advice....

Anonymous — Tue, 16 Apr 2013 03:08:59 GMT

I have a citicard, and a usbank card that have no delinquent payments on them...

Re: New Here - need some advice....

DaBears — Tue, 16 Apr 2013 03:11:31 GMT

I would GW the hell out of your recent 30 day late. Even that won't get your points back.

Re: New Here - need some advice....

Anonymous — Tue, 16 Apr 2013 03:13:57 GMT

Is there anything negative that they could do to me if I keep GWing them? I don't want to piss them off and have them do something to make it worse... also I found an address for the comenity CEO do you think that sending him a GW would be beneficial?

Re: New Here - need some advice....

DaBears — Tue, 16 Apr 2013 03:27:01 GMT

If the GW get's into the wrong hands they could possibility take it as a dispute and that would surely tank your score even more. Especially it being the OC. Believe me I learn the hard way. I took a 26 point hit on a GW to the OC. When you send your GW's you have to make it very personal do not copy gw letters off the internet. OC's and CA's see the same ones everyday. Make it very personal and I would suggest to handwrite them.

Re: New Here - need some advice....

Anonymous — Tue, 16 Apr 2013 03:32:23 GMT

Ok so one more question, I sent my first batch of letters out today... how long should I wait before I send out more? BTW - Thank you for all your help, I'm really lost in all this... I'd expect nothing less then awesomeness from a fellow Bears fan though

Re: New Here - need some advice....

DaBears — Tue, 16 Apr 2013 03:37:12 GMT

Bear Down!!!! Give or take about the time they receive it. every 2 weeks and yes I am a die hard Bear fan. Chicagoland area!!!

Re: New Here - need some advice....

Lexixc — Tue, 28 May 2013 20:46:39 GMT

How did you make out with Comenity?

Re: New Here - need some advice....

kmids — Tue, 28 May 2013 22:55:58 GMT

does that mean you cannot have any lates in order to qualify for it?

Re: New Here - need some advice....

jaeroc — Mon, 29 Jul 2013 16:01:40 GMT

@Anonymous wrote:
Is there anything negative that they could do to me if I keep GWing them? I don't want to piss them off and have them do something to make it worse... also I found an address for the comenity CEO do you think that sending him a GW would be beneficial?

Hey Gemini,

Just wondering if you had any progress with the comenity GW?

Also would you mind sending me that address via PM? Thank you!