Score Simulation - Late Pmt Removal - Whatd'ya think?

[dcw0405]

So here's something that I feel should be added onto the "Score Simulator" if possible... As you know a lot of people on these boards talk about writing GW letters and even talk about how GW letters work and late payments are removed from the credit reports. I just recently had a goodwill letter accepted and was told that a very very recent 30-day late payment will be removed from my credit reports (showing on EX, not TU or EQ yet).

I would LOVE to go into "Score Simulator" and go into my accounts and click a button that said "What would my score be if this payment was removed or never here to begin with?" I don't believe this would be too difficult, at least I hope it wouldn't. You could of course put a HUGE disclaimer saying that late payments are not guaranteed to be removed or have an effect at all on your FICO score. Anyway, I'm just so eager to know what my FICO scores will be once this recent 30-day late is removed and I really wish that there was a way to "simulate" that in my FICO reports.

Anyone else agree with me?  Maybe if we can get enough people to agree with this suggestion, we can have it changed somehow!

[DI]

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@dcw0405 wrote:

So here's something that I feel should be added onto the "Score Simulator" if possible... As you know a lot of people on these boards talk about writing GW letters and even talk about how GW letters work and late payments are removed from the credit reports. I just recently had a goodwill letter accepted and was told that a very very recent 30-day late payment will be removed from my credit reports (showing on EX, not TU or EQ yet).

I would LOVE to go into "Score Simulator" and go into my accounts and click a button that said "What would my score be if this payment was removed or never here to begin with?" I don't believe this would be too difficult, at least I hope it wouldn't. You could of course put a HUGE disclaimer saying that late payments are not guaranteed to be removed or have an effect at all on your FICO score. Anyway, I'm just so eager to know what my FICO scores will be once this recent 30-day late is removed and I really wish that there was a way to "simulate" that in my FICO reports.

Anyone else agree with me?  Maybe if we can get enough people to agree with this suggestion, we can have it changed somehow!

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How old is the 30 days late?  

[dcw0405]

Real recent.  December 2009.  Begged and pleaded and cried and GE Money Bank agreed to remove them so I'm sure it'll have a good impact on my score.

[DI]

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@dcw0405 wrote:
Real recent.  December 2009.  Begged and pleaded and cried and GE Money Bank agreed to remove them so I'm sure it'll have a good impact on my score.

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Depending on your AAoA's and how strong your credit rating was before the derog hit, it's well worth getting it removed.  You may gain between 10-20 points if it's your only negative.  Keep us posted.  You can expect to see an update on your EX report within 24 hours of the creditor updating the Universal Data Form.  

[dcw0405]

Right.  Yeah I said in my first post that it was already showing on EX, which is great.  But the point of my post is, I wish MyFICO's score simulator allowed you to see the difference in your score if you could "erase" late payments, like they never happened.  That way people/customers can see the actual number impact it's having on your score.  Of course late payments are a huge impact and they lessen as time passes but if we could get the score simulator to add this on, especially since so many people are writing GW's and such, I think it'd be great.

[DI]

BTW, GE has good people working for them.  I sent an email to the CEO of GE Finance to get the last of a derog removed. My score increased 46 points.   He didn't reply via email.  I received a letter within a week from his secretary.  Plus, at the same time, I had a complaint going with BBB about the account. 

[DI]

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@dcw0405 wrote:
Right.  Yeah I said in my first post that it was already showing on EX, which is great.  But the point of my post is, I wish MyFICO's score simulator allowed you to see the difference in your score if you could "erase" late payments, like they never happened.  That way people/customers can see the actual number impact it's having on your score.  Of course late payments are a huge impact and they lessen as time passes but if we could get the score simulator to add this on, especially since so many people are writing GW's and such, I think it'd be great.

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The simulator isn't accurate.    To me it's just a game of hide and seek without any real benefits. 

[dcw0405]

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@DI wrote:
BTW, GE has good people working for them.  I sent an email to the CEO of GE Finance to get the last of a derog removed. My score increased 46 points.   He didn't reply via email.  I received a letter within a week from his secretary.  Plus, at the same time, I had a complaint going with BBB about the account. 

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That's what I did!!  Haha, I emailed the CEO and got a call from a Becky.  Not sure who that is but she said I'd also get a letter to confirm the removal.  way to go!

[DI]

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@dcw0405 wrote:

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@DI wrote:
BTW, GE has good people working for them.  I sent an email to the CEO of GE Finance to get the last of a derog removed. My score increased 46 points.   He didn't reply via email.  I received a letter within a week from his secretary.  Plus, at the same time, I had a complaint going with BBB about the account. 

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That's what I did!!  Haha, I emailed the CEO and got a call from a XXX.  Not sure who that is but she said I'd also get a letter to confirm the removal.  way to go!

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Awesome! 

[dcw0405]

Hey do you happen to remember how long it took the Credit Bureaus to update?  My Experian is good to go, just waiting on EQ and TU still...