topic Re: Wells Fargo line of credit 30-59 days late in Rebuilding Your Credit

Wells Fargo line of credit 30-59 days late

Anonymous — Thu, 01 Feb 2018 04:57:18 GMT

Hi everyone, the credit line from Wells Fargo charged me an annual fee ($10) and for some reason I missed the payment so they reported it to credit bureaus. What would be the best approach to get rid of this record?

Re: Wells Fargo line of credit 30-59 days late

gdale6 — Thu, 01 Feb 2018 23:01:03 GMT

wrote:
Hi everyone, the credit line from Wells Fargo charged me an annual fee ($10) and for some reason I missed the payment so they reported it to credit bureaus. What would be the best approach to get rid of this record?

First try to get it resolved with a call to cust service and see if they will waive the late if its your first one, acknowledge you made the mistake too. If this fails then you will need to try to get a goodwill deletion of the late and I would send it to the CEOs office

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Re: Wells Fargo line of credit 30-59 days late

Anonymous — Wed, 28 Feb 2018 21:16:12 GMT

UPDATE: I just checked and it looks like I was never charged a late fee. $10 was what they charged me for the annual fee and that is the only balance that was outstanding. What should I do?

Thank you so much for your response. Can you kindly explain how would it help to waive the late fee? Would it remove the record from the credit bureaus?

I sent them a message via their website and they replied with the following:

I received your inquiry regarding having your late payment removed from
your credit report. I certainly understand the importance of your
request.

Information reported to the credit bureaus is only removed or changed if
a bank error occurs. I apologize for any inconvenience this may cause.

If we can be of further assistance, please respond to this email by
clicking the "Reply" button or call us anytime at 1-800-642-4720, or
collect at 1-925-825-7600.

Re: Wells Fargo line of credit 30-59 days late

Anonymous — Wed, 28 Feb 2018 21:11:53 GMT

BUMP

Re: Wells Fargo line of credit 30-59 days late

Adkins — Wed, 28 Feb 2018 21:21:32 GMT

What gdale6 said is solid. You've tried basic customer service and it didn't work - now move on to the CEOs office with a goodwill campaign.

Re: Wells Fargo line of credit 30-59 days late

Anonymous — Wed, 28 Feb 2018 21:27:42 GMT

Okay. Thank you. Just one more question. It looks like because of this one missed payment (first time in my life), my credit score went down from 750 to 640. Is it normal? Is it going to get up over time back to 750 even if I don't remove the late payment?

Re: Wells Fargo line of credit 30-59 days late

Adkins — Wed, 28 Feb 2018 21:38:53 GMT

Yes. ABCD2199 has a good graph on how much and how long it can mess up your score. The older it gets, the less it'll hurt. I have no way to tell you if you'd touch 750 again with the late because it really depends on your credit profile.

Re: Wells Fargo line of credit 30-59 days late

Anonymous — Mon, 28 May 2018 22:20:17 GMT

Guys, I did what you recommended and I received a few letters from WF. Most of them informing me that they transfer my case to the personal loans department and one or two saying that they are obliged by law to provide accurate information to credit bureues. However last week I received another one saying that my request to dispute the late payment was declined and they were going to put a mark on my credit score about that.

In the meantime I paid attention to paying off everything before they report it to credit bureus and my credit score according to Credit Karma went up to 780 points! That is even more than I had before the late payment!

Today I received a message from CK saying that my cs dropped. When I checked the changes I saw this:

Between May 23, 2018 and May 28, 2018 the following remark was added to this account:
Dispute resolved; customer disagrees

BY WELLS FARGO BANK - PCM

What the hell? Now my score dropped to 720 by CK. I don't understand what happened.

Re: Wells Fargo line of credit 30-59 days late

RobertEG — Mon, 28 May 2018 22:27:30 GMT

Once an account becomes delinquent under the payment terms of your account agreement, they can assess any late fees that are authorized under your account agreement.

All lates are not reportable to the CRAs. An account must become at least 30 days past the billing due date to be reportable to a CRA.

That means it is actually 60 days from the billing date.

If you contest the basic holding that you are late under the terms of your account agreement and the account is a revolving type credit. then you have the right to contest their billing assessment of any charges by filing a formal dispute under the Fair Credit Billing Act, which imposes very restrictive requirments on the creditor far in excess of a dispute under the FCRA.

However, billing related disputes under the FCBA must be filed within 60 days of the asserted billing inaccuracy.

Re: Wells Fargo line of credit 30-59 days late

Anonymous — Mon, 28 May 2018 23:26:18 GMT

I just noticed that it wasn't the annual fee that I failed to pay for but something called "ONLINE ADVANCE" on 10/28/2017 due on 12/16/2017. They received my payment on 1/25/2018. Do you see anything wrong here?

Why WF treated my GW campaign as a dispute request and they put a mark on my CS that I disagreed? Why did it lower my CS as well? Is it normal?