I am new to all this so please bear with me. I had one 30 day late payment to GMAC back in 2005. I then paid all my payments on time until 2006 when I paid my loan off 4 months early. I have written them a GW letter asking them to remove the late payment. Anyway, my question is 6 months to a year from now we will need a new car (ours has 180,000 miles and is starting to give us trouble). If GMAC grants me the GW and removes the late payment, will they remove the late payments from all records like it never existed including theirs? By next year the late payment will be 3 years old, how much effect will it have if it doesn't get removed. I use scorewatch and my score is 689, so I am hoping to be over 700 by next year. My troubles with late payments were in 2004 and 2005 and I am working getting them removed. I am at 74% utl. on my CC's but I am working on getting the high rates lowered or moved to lowered rated cards so that I can make some progress. If all goes well I should be below 50% by the beginning of next year. Thanks for any advice.
