Recovering from a late payment

Anonymous · ‎03-03-2008

Like an idiot, I agreed to put a relative's car in my name...now i have two 30-day late payments on my credit report... How do i recover from that? does it ever go away?

llecs · ‎03-03-2008

It goes away in 7 years from that point or you could send a GW letter to them and it might work. Search around these forums for some great examples.

Anonymous · ‎03-03-2008

Yea, you learned the hard way, as did I. My relative's got repoed and I am paying for it, literally. But the late will stay on for 7 years. Is this relative in a financial situation where maybe they could have it put in their name and have you removed?

Anonymous · ‎03-03-2008

Not yet, but I'm encouraging her to do that...how does that work exactly, cause maybe she can find someone else to do it??

Anonymous · ‎03-03-2008

OK never co-sign for anyone or put an account in your name & expect them to pay. My son did this BUT he was able to get them removed only because the lady understood what happened & know that he never had a late payment on any other accounts.

Your best bet is....make the person pay you 1 week before the payment is due!!! then you make all payments. If they do not pay take the car & sell it!

Once you get that taken care of call the OC and BEG.....tell them that it will never happen again as you have taken over the payments & you learned your lesson!!! They do not have to delete them.

You can also do this in a GW Lay it all out

Message Edited by HappyDays on 03-03-2008 10:52 AM

Anonymous · ‎03-03-2008

Excellent suggestion..I'm going to do that and set up auto pay with the lender..my car is through a different lender of which I have never been late. Does anyone know how much this effects my credit score?

Anonymous · ‎03-03-2008

What's a GW letter?

Anonymous · ‎03-03-2008

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2661