topic Re: Late payments on closed accounts in Rebuilding Your Credit

Late payments on closed accounts

Anonymous — Wed, 06 Nov 2019 17:58:11 GMT

I was wondering if it’s possible to get late payments removed from auto loans even if those loans have been paid and are currently closed.

Re: Late payments on closed accounts

Girlzilla88 — Wed, 06 Nov 2019 18:06:28 GMT

Generally no but you can ask...it never hurts to ask but even if an account is closed lates will still report for up to 7 years with the affect of it lowering around the 2 year mark.

Re: Late payments on closed accounts

calyx — Wed, 06 Nov 2019 20:37:30 GMT

Search for the Goodwill Saturation technique - it's totally possible to have lates removed, results may vary by lender (and effort).

Re: Late payments on closed accounts

FireMedic1 — Wed, 06 Nov 2019 20:44:14 GMT

What kind of lates. 30, 60, 90, or 120's. And number of times late.

Re: Late payments on closed accounts

Anonymous — Wed, 06 Nov 2019 21:13:34 GMT

Ford credit
5- 30 day
2- 60 day
No late payments the last 2 years/closed account

Nationstar Mortgage
120+ day late
I agreed to a short sale and home was sold in 2014-2015.

Unfortunately my ex was joint on the ford. I had no idea of these late payments until I refinanced it and then started the home purchasing process.

Re: Late payments on closed accounts

FireMedic1 — Wed, 06 Nov 2019 22:51:31 GMT

30 day lates hurt the worse for a couple years. Then the ding is much less. Over-ruling those are the one 120 day late. Thats the killer for basically the entire 7 yrs. Wish I had better news. Getting a couple 30 day lates is tough but doable. The 120 day. Well I think you know the answer. But before you know it. It will pass.

Re: Late payments on closed accounts

Anonymous — Wed, 06 Nov 2019 23:09:24 GMT

Yeah unfortunately I do know the answer to that. When I agreed to the short sale they were to remove that 120 late payment as part of the agreement. I had all the documents until I divorced and all my stuff was “supposedly” lost and they are stating that without any documents to prove it they can’t do anything. As of today it’s only showing on 2 of the 3 reports. I’m afraid to bring it up and it getting reported to the 3rd so I’m trying to research as much as possible.

I was not aware that the 30 days were worse than the 60 day so that’s a bright spot in this situation. So I’ll take that.

Re: Late payments on closed accounts

Anonymous — Wed, 06 Nov 2019 23:25:05 GMT

They aren’t, what @FireMedic1 meant was the worst pain of 30-lates is during the first couple years they’re on there. After that you’ll start gaining points back and they’ll sting less.

Re: Late payments on closed accounts

FireMedic1 — Wed, 06 Nov 2019 23:30:53 GMT

@Anonymous wrote:
They aren’t, what @FireMedic1 meant was the worst pain of 30-lates is during the first couple years they’re on there. After that you’ll start gaining points back and they’ll sting less.

Re: Late payments on closed accounts

Anonymous — Thu, 07 Nov 2019 00:54:04 GMT

What about possibly writing a goodwill to possibly have the entire ford credit account deleted in general? Seeing how I have so many late payments on it.

Re: Late payments on closed accounts

FireMedic1 — Thu, 07 Nov 2019 02:40:55 GMT

Theres one that doesnt do much for GW requests. But like I say. Dont know until you try.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098

Re: Late payments on closed accounts

gdale6 — Thu, 07 Nov 2019 15:38:17 GMT

@Anonymous wrote:
What about possibly writing a goodwill to possibly have the entire ford credit account deleted in general? Seeing how I have so many late payments on it.

Well you could but I dont recommend as each of those lates drops at the 7 yr mark and then the entire time the account remains on file it is a total positive account after the last late drops.