Tascani or someone with Knowlegde, Please help!!

[Anonymous]

I have this car loan that I have almost 4 years, and has about 6 late payments through its history. About 6 months ago, I decided to write them a letter of GW to the credit bureau to try to erase those late 30 to 60 days late from my history. When I received that credit report back, it says that loan account its been erased, and since then my credit has been getting better.

    I want to take a loan, in two months from now, and I only have now one car loan with a total of 16,600 and so far the balance is $12,500. The other car loan, which it has been erased from my credit history, had a total balance of $18,600 and only has a balance of $800 left to finish my loan.

My fears of re-instated my carloan into my credit profile are:  

*Credit drop, because of the 6 late payments.

*A ratio of debt, which would be higher then my income.

My question is: Is there anyone of your with enough knowledge do give some good advice. Thank you.

Hi Redamagon:

Thank you for posting an excellent question! I am going to move this thread to the General Credit Issues Forum, that way you will receive a quicker reply.

Thanks,

Fused--

Message Edited by fused111 on 08-12-2007 09:36 AM

[Anonymous]

Why do you want it back?

[Anonymous]

I don't know I feel that this a solid account, because it is a car loan that I am paying off. There is only months left in this account, so this would be a solid account. I just don't know that is solid because of my 6 late payments that I made over a year ago, since then I have paid on time.

 My proble is: Is this a solid account? or I am better off account.

[Tuscani]

So they deleted the account instead of just the lates right?

I would ask them to reinsert the TL (without the lates of course).

[Anonymous]

Tuscani,

    Do you think I should send a GW letter to the auto loan company. Since, I have been paying on time for more than a year, and I have about 6  30 days late payment through this 4 years of car payment..

[Tuscani]

Yes

[Anonymous]

If you have multiple late pays over the last 2 years and they show back up when they reinstate your TL you will be hurting your score ALOT.

I would be happy with what you have and not worry about the loan unless it is the only installment account or the oldest account on your report. Then I would GW and see if you could have it reinstated.

Many people get screwed bc they ask for something and the OC says ok and then BAM you find out they didn't and the next person you talk to won't help you.

[Anonymous]

That one is my oldest account, as a loan instalment, and I believe that since it drop it from my credit report, it hsa improved great. My score was always around 541 one and I could never could get up. however, my credit limits on my cards were almost over limit. I have 6 30 late payment in last then one 1 year. Therefore, I believe it would hurt my credit score, eventhough, this account is almost at the end of its 48 months installment. Bamf70, do you think they would accept a GW letter for those 6 late 30 day. It is Chrysler Financial.

[Anonymous]

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@Anonymous wrote:

That one is my oldest account, as a loan instalment, and I believe that since it drop it from my credit report, it hsa improved great. My score was always around 541 one and I could never could get up. however, my credit limits on my cards were almost over limit. I have 6 30 late payment in last then one 1 year. Therefore, I believe it would hurt my credit score, eventhough, this account is almost at the end of its 48 months installment. Bamf70, do you think they would accept a GW letter for those 6 late 30 day. It is Chrysler Financial.

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Everybody will accept the GW letter but they may deny your request

Simple as this Red.....nothing ventured, nothing gained. But I wouldn't ask them to re-report the TL until they agreed to remove the lates....they don't need to know the TL has been removed in order to grant your request.