Negotiating to get a late removed

[uktaurusbulba]

I joined a DMP earlier this year, mostly for the interest rate savings. I joined and my score was 634. The only problem I had credit wise was my debt ratio. Everyhthing else was pretty solid. My score nosedived to like 471, now 515. I need some advice. When I joined, the payments got screwed up and I now have like 10 lates added on my account, mostly from Bank Of America. And a couple from Discover. I havent tried goodwilling yet but I tried to dispute the Discover and that was denied. If I had them removed, I think my score would jump back up to the 600 area. Can I negotaite with them to get them removed? Like offering a payoff? Just curious what I can do. I joined the DMP to raise my score and instead, I just hammered it more.

[Schoolbuskid]

so you have about 10.....30,90, 120 day lates? Are they with one company or multiple, as you know you can GW them for removal!

[fishbjc]

Were these lates during the dmp?  Bank of America has a hard and fast rule...it's your responsibility to check your statements monthly to make sure they're paid correctly.  They are PITA's!!!!!

In this instance, I'd go to your counselor....let her know what happened...have them negotiate with Bank of America. 

I had the same thing happen to me with BofA...absolutely no budging from them on 4 gw's.  I emailed the President of my CCCS & he shot my email to his Assistant.  She worked with BofA and they granted my gw.  Score shot up.

Give this route a try! 

[marty56]

I had a problem with BofA while in DMP too.  I opened a Sams Club card and the kicked me out of they program and I would up with 120 day lates from them because they wanted more money then the CCCS was sending to them.  My DMP company basically said it was my fault and BofA said too bad.  That was almost 3 years ago.

Funny thing was BofA never called me till after the account was several months late.

I few times while in the DMP, I had to pay discover directly since the way they paid the CCCs, it could be over a week between the time the CCCS makes the payment after they were paid by me.

The best advice I can give someone in DMP is that they werent kidding about you having to be proactive in monioring your statements and not opening up the ams card. 

My scores would all be well over 800 if I had done so

[marty56]

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fishbjc wrote:

They are PITA's!!!!!

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Whats a PITA?

[Schoolbuskid]

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marty56 wrote:

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fishbjc wrote:

They are PITA's!!!!!

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Whats a PITA?

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LOL! Pain In The A....!

[marty56]

I'm getting slow in my old age.  My bad.

[PayYouNever]

The unreported problem with DMPs is that when you join, you voluntarily close you CC account with them, thus nullifying your CL with each CC. This really harms you, because if you still owe a balance (and most people do, otherwise why be in the DMP), your UTL can go over 100%. Say you have 3 CCs with 1000 CLs, that are 95% utl, giving you a total CL of $3000, with UTL of $2985; if you DMP two of 3CCs, you have a CL of 1000, but a UTL still of $2985, so your UTL% if close to 200%! You'll have to bring you total CL balances to well below whatever you're remaining CL is... that might take a few years, and keep your scores in high 500s until you pay off the closed accounts.