Auto Loan/Late Payment/DOFD question

Anonymous · ‎02-22-2010

Greetings. I have a question.

Scenario, I opened an Auto Loan through Chase Back in 08/2002. I missed a few payments starting in July 2003 but the account is being reported as Paid/Closed since it was paid off several months later.

I've tried GW'ing the lates with Chase with no success yet. My question is this, would it be best to dispute with the CRA's when July of this year comes around and have them remove since the account is 7 years old? I guess what I'm really trying to determine is, does an account with late payments from literally almost 7 years ago still hurt your score? If so, is it better to have it completely removed? Thanks.

MarineVietVet · ‎02-22-2010

@Anonymous wrote:
Greetings. I have a question.

Scenario, I opened an Auto Loan through Chase Back in 08/2002. I missed a few payments starting in July 2003 but the account is being reported as Paid/Closed since it was paid off several months later.

I've tried GW'ing the lates with Chase with no success yet. My question is this, would it be best to dispute with the CRA's when July of this year comes around and have them remove since the account is 7 years old? I guess what I'm really trying to determine is, does an account with late payments from literally almost 7 years ago still hurt your score? If so, is it better to have it completely removed? Thanks.

The late payments will go away on their on without you doing anything. At least that is my experience. The negative effect of a 7 year old late is not much but to me it's more mental than anything else; knowing I had late payments bothered me until the day they were finally gone. Come this July/August you should see them all vanish.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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Jazzzy · ‎02-22-2010

In January I had a 60-day late payment fall off. I didn't even see a score jump. I think it was so old that it was no longer hurting me.

The other thing you can do is write Chase a GW letter asking them to remove the late payments for you. You are asking them a favor, so be nice and take responsibility. Tell them you know you are asking them a favor.

The account won't fall off for 10 years from its closing date or date of last activity. Your late payments, however, should fall off one by one as they turn 7 years old. Don't dispute anything that is legitimate. It can create all kinds of chaos.

Anonymous · ‎02-22-2010

They might not even be factoring into your score anymore. Normally, I would suggest a GW asking for a removal, or for them to remove the TL completely...But I don't know if I would do it with an autoloan that was otherwise paid off completely.

Anonymous · ‎02-22-2010

Thanks for the replies. I think I'll just have to be patient for a few more months for them to start coming off manually but I will keep trying different variations of a GW letter, who knows, maybe they'll be nice.