46 point score drop after collection removal!

[thornback]

You are basically out of the hole 🤗  the scores will follow -- I promise.

Are you working on getting rid of those late payments too or plan on just letting them stay til they fall off? 

[thornback]

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@refereeguy1390 wrote:

You're still making progress.  You moved from the top rung of a really bad ladder (scorecard) that could collapse at anytime to the bottom rung of a more sturdy one.  You now have more rungs to climb in the coming months.

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Well said. 

[Anonymous]

What should I do with the late payments? They are only on one account, GM Financial. We had the car repo'd and brought the payments back up to date. Would they forgive something like that?

[Anonymous]

That was back in 2014

[thornback]

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@Anonymous wrote:

What should I do with the late payments? They are only on one account, GM Financial. We had the car repo'd and brought the payments back up to date. Would they forgive something like that?

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You won't know til you try.  People goodwill lates and chargeoffs all the time. 

Basically, you send letters to the creditor explaining why the lates occurred (financial hardship, medical, oversight - whatever it was), take responsibility for the mishap, and request they remove as a good faith gesture.

Some reading on that process -- 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-...

Some success stories-- 

https://ficoforums.myfico.com/t5/forums/searchpage/tab/message?advanced=false&allow_punctuation=fals...

Goodwills sometimes require multiple attempts, and they sometimes don't work -  but it's worth trying because when they do work... it's glorious.  It took me 1.5 years of letters to successfully goodwill away my last derogatory - I was determined and ultimately successful.  Some get lucky and see success after the first try...  most have several attempts before success... and some never see success. 

You have nothing to lose from trying and everything to gain...

[Anonymous]

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@Anonymous wrote:

That was back in 2014

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Depends on when they happened in 2014, but they will age off this year.

With EX, they drop entire strings of lates, so if they were consecutive lates, you will drop them all at once. If they were broken up, they will drop off 1 or a chunk at a time.

TU & EQ drop lates one by one, every month.

You are closer to clean report than you think!

You may want to double check exactly when the lates were so you know whether it is worth even doing a GW campaign.

[thornback]

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@Anonymous wrote:

That was back in 2014

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I thought the late payments on the tradeline were from 2016 (your earlier post)? If the tradeline closed in good standing, then your goodwill will only request removal of the late notations - not the entire tradeline.  You want to keep the tradeline for history.

If the late payments are from 2014 then they'll drop off soon (just the late notations will fall from the payment history) - this year. So it wouldnt be worth starting a goodwill campaign- just wait it out.  

[Anonymous]

Thank you so much!!

[Anonymous]

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@thornback wrote:

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@Anonymous wrote:

That was back in 2014

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I thought the late payments on the tradeline were from 2016 (your earlier post)? If the tradeline closed in good standing, then your goodwill will only request removal of the late notations - not the entire tradeline.  You want to keep the tradeline for history.

If the late payments are from 2014 then they'll drop off soon (just the late notations will fall from the payment history) - this year. So it wouldnt be worth starting a goodwill campaign- just wait it out.  

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+1

OP did say 2016.

@refereeguy1390 were the lates from 2016 or 2014? Or both?

If 2016 or both, then you would definitely want to go on a GW campaign, or it will be another 2+ years before those lates ages off.

[thornback]

Here's another really good thread breaking down the anatomy of Goodwills (with examples) in case you decide to give it a try: 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-St...