11 year credit hit

Anonymous · ‎07-24-2016

Hello,

I had a Wells Fargo card and had one 60 day late in 2010. They closed the account and I agreed to pay the amount at $100/month until paid off with was 2014. They sent me an agreement and I was naive and didn't ask them to remove or not report after it was paid in full. So now even though the one time event happened 6 years ago, it will sit on my credit for 5 more years until 2021? That just seems so harsh and senseless to punish someone who made a simple mistake one time 6 years ago and have it haunt you for so long. Makes me regret doing the right thing. Is there anything that can be done -- maybe the law needs to be changed.

Second problem--also with Wells who I will never use again for any reason is with a student loan. I had student loans and had used all my forbearance time and so I signed up for a consolidation option from their website. The consolidation has been great and I am close to zero balance but the problem was with the loans before being consolidated. To me there was 2 or 3 different accounts (I don't remember) and long story short, their consolidation process took too long and the I went 30-60-90 until the process was done. Wells of course unpacked the loans (each loan had two loans together) and so now I have 5 separate items all reporting the exact same thing 90 days late and all from the same company. This appears that I have a problem with 5 delinquent accounts when it all stemmed from one. When I disputed a few years ago, Wells merely said the items were indeed 90 days late (not that they caused it) and now I'll not allow me to dispute again. Is there anything I can do or do I just sit and wait it out for three more years?

cj

elim · ‎07-24-2016

The late on WF Credit Card will dissapear at or around the 7 year mark and it should turn into a positive account and remain on your reports for a few more years (doesn't sound like it was sent to collections).

Anonymous · ‎07-24-2016

It was not sent to collections and was handled all with Wells Fargo.

so the late will drop off at the 7-ish year mark? That is very good news. Will I need to alert them? It seems every time I have ever disputed, they then use that as last activity date and makes me worry whether or not it was re-aged.

Thank you for your response. By the way, how do you get the cards and scores listed under your name?

Anonymous · ‎07-24-2016

There is no need to contact Wells Fargo the CRA is the one who delete the late payments as each late payment reaches seven years it will be removed if not then contact the CRA.

Anonymous · ‎07-24-2016

Thank you.

i also have a Barclays account that was 30 days, brought current and then 30,60,90 and charged off.

i paid after the charge off for a lesser amount and now this tradeline is like sorts of trouble.

1-shows lates

2--shows 60+ late

3--shows charged off

4--shows paid in full for less than owed and settled for less

I understand the 30 day will drop around the 7 year mark. Once it hits the sequence 30-60-90, do they all drop after the first delinquency or will they go one each month?

Once the lates drop off, what happens to the charge off etc, will that stay?

Anonymous · ‎07-25-2016

They will drop off as each one reaches seven years.

takeshi74 · ‎07-26-2016

@Anonymous wrote:
Thank you for your response. By the way, how do you get the cards and scores listed under your name?

There's much more to it than can be covered by replying to your post in this thread. This site whole site is about how you do that. the tl;dr version is that You build your credit and your address the issues with your credit profile. Any score is generated based on the data in a report. Any creditor will consider your credit profile as the major consideration when considering whether or not to approve you, what limit to grant. what rates to grant, whether you qualify for promotional offers, etc. There's no quick, easy fix and you're going to have to invest a lot of time and effort to educaet yourself and to work on your credit.

Here's just one resource:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

It only covers FICO scoring but you should review your reports with those factors and typical weights in mind and work an addressing issues in your reports starting with the biggest factors first. If you have any derogs they will kill your Payment History as long as they are on your reports and you need to do what you can to address them. Carefully research in the Rebuilding subforum.

Anonymous · ‎07-26-2016

@Anonymous wrote:
It was not sent to collections and was handled all with Wells Fargo.
so the late will drop off at the 7-ish year mark? That is very good news. Will I need to alert them? It seems every time I have ever disputed, they then use that as last activity date and makes me worry whether or not it was re-aged.

Thank you for your response. By the way, how do you get the cards and scores listed under your name?

If you are referring to the scores and cards in your signature here is a link explaining how to do it. http://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839