topic Re: GW letter help...should I include... in Rebuilding Your Credit

GW letter help...should I include...

HighGoals — Mon, 30 Dec 2019 14:25:54 GMT

Should include that I want to buy a house and would like the lates removes or should I just include that I would like the lates removed?

Of course it would be worded better...

Re: GW letter help...should I include...

FireMedic1 — Mon, 30 Dec 2019 14:30:20 GMT

I wouldnt put you want to by a house. Then they'll think you got the money to pay them. Keep it polite and to the point.

Re: GW letter help...should I include...

Anonymous — Mon, 30 Dec 2019 14:33:56 GMT

@FireMedic1 wrote:
I wouldnt put you want to by a house. Then they'll think you got the money to pay them. Keep it polite and to the point.

I'm under the impression its already paid and just trying to get the lates removed. Are these accounts still open and what creditor? Also have you tried by phone yet?

Re: GW letter help...should I include...

HighGoals — Mon, 30 Dec 2019 14:45:15 GMT

Capital one. The account is now current. I haven’t tried by phone recently and the account is still open.

Re: GW letter help...should I include...

FireMedic1 — Mon, 30 Dec 2019 14:50:03 GMT

It isnt easy to get GW's with Cap1. Reason I posted what I did was if you have the money to get a house. You could have paid us and not be late. Go to ceoemail.com and you'll find the addresses needed and also the GW Saturartion thread here on the forums.

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

Good Luck!!!!!!!!!

Re: GW letter help...should I include...

KJinNC — Mon, 30 Dec 2019 15:53:15 GMT

It's going to come down to the people who read the letter, what influences or motivates them. Personally, I did include something like: "This is the only derogatory item on my credit. I am preparing to buy a house to improve my family's life, and this is the only obstacle to getting a good loan," or words to that effect. And, my GWL campaign did work. Would it have worked without that? Probably.

But other than a simple remark along those lines, I would keep it pretty much direct and to the point, without anything that might be interpreted as defensiveness or rationalization. I would keep it to one side of one sheet of paper. Also, think of this as a campaign, not as a letter. Mail to multiple addresses; send a batch on Monday and another batch on Thursday so different people will open the letters; you want as many different humans to read the letter as possible. You only need one of them to take your side.

Good luck!

Re: GW letter help...should I include...

Anonymous — Mon, 30 Dec 2019 18:08:35 GMT

@HighGoals wrote:
Should include that I want to buy a house ...

I would not.

Why should they care about that? Why wouldn't they think -- as someone who reads the score of letters, many quite badly written, that flow through the executive office -- "Why didn't he think of that before?"

IMO, an effective GW letter: acknowledges the bad items; takes FULL responsibility for them; apologizes (profusely can be tricky -- don't want to sound disengenuous); explains the root issues that caused the bad items (while not making excuses for them); explains what is now different & what steps have been made to prevent a reoccurance; thank you, thank you.

As someone who has scored an elusive Wells Fargo GW -- detailed here -- I found it necessary to make an emotional connect with the reader. So I offered relevant personal detail and backstory. I did not whine or grovel. I owned my mistake and respectfully asked for consideration. I got a very nice letter back with some kind comments. It was obvious the lady who helped me felt good about doing so.

There's plenty of good info in these forums, and elsewhere on the web, on this topic. Good luck.