@carco wrote:Hi Everyone,
FIrst thing, I enjoy reading the posts from this forum. Some of which have actually helped me increase my score from 580ish to the present 705 by following some really good information. I have a student loan in forberrance; a Credit Union credit card with $500 CL that I just paid to $0 (8 month history); a pledge loan for $500 that will be paid off in 4 months(12 month loan.)
1. A collection exists which I called and was able to get a pay for delete as long as I paid in the balance full of $374 by June 16.; a big positive!
2. I have a charged off Chase Freedom credit card that was settled for less than the full amount, but nonetheless, settled. I have written two letters requesting a goodwill removal of the charge off but the executive office denied my request. This account was settled March 2011.
3. I have two Capital One credit cards that used to be Orchard Bank cards. They each have $300 limit and I got them to rebuild my credit. I was late on one card back in November 2011 because I was hospitalized and missed a payment. I got a 30-day late on my credit reports as a result. I just recently called Capital One and requested they remove the 30-day late considering I have had the cards for 8 years and that I have a perfect payment history with them. They will send out a letter indicating their decision in the next week or so.
To make it easy the I have the following questions for each of the situations by number:
1. How much will my score increase as a result of getting the PFD letter? (How old is the collection? If it was fairly recent, you should get a nice little bump, but there is now way to tell how much exactly. If it's older, you would probably get a little bump, too, but not as much as a more recent one. Either way, having it removed is better for your report in the long run, in my opinion.)
2. Are there any other options to try and get the charge off removed after writing two letters? And how much would my credit score go up if this were removed? (What was the DOFD for the account? Do you know your state's SOL? If it was settled for less, sometimes they can come back with a CA to get the rest of the amount; or at least I've heard that from other posters. You might not run into that. I'd continue to GW them, but another member might have better advice for you.)
3. If Capital One denies my request, what other options are there to remove the 30-day late? And again, how much more would my credit score
increase if this were removed? (I'd wait for the decision. If they denied it, start sending GW letters, short and sweet, explaining the situation, and that you are diligently trying to improve your credit and make amends. If you need to, I might even pull out the bill for the date(s) of service to prove that you were indeed in the hospital.)
I would appreciate any responses and help that can help me get over 720 which will be a personal goal to reach.
Thank you!
I hope that this helps. These are my opinions, and you might get advice you prefer. Always remember, you might get different results than someone else! Good luck. :
@carco wrote:Thank you for the response. Here some information:
1. The collection is 5 years old.
2. The DOFD I believe was 2009 and the SOL is 7 years. I have communication from the CA that indicates it was settled for less as indicated on my credit report. Do you or anyone else think it's a good idea to call and offer to pay the full amount in exchange for a deletion? No, you should not have to offer more for a deletion, the deal was made and it is what it is, continue GW letters to the reporting CA until you get the desired result. You want to send them to the EO of the CA.
Just a thought.
3. I will await their response.
Anyone else have any ideas as yours are very much appreciated!
Thank you.
No one can tell you exactly how much of a score bump you will get when these items are resolved, the older the item is the less of an impact on your score as long as its not updating monthly. You will need to continue GW letters to Cap-1 until you get the desired result. A 30 day late only affects your Fico for 2 years.
