Credit repair project.

[Anonymous]

Ok, so let me start from the beginning...

1.)Chase auto had three lates(oct,Nov,dec of 2007) Account was opened

in March of 2004 and is currently closed because it was paid off in

April of 2008. Last year at that time was a very difficult time and in

order to get my Mortage current, my truck payments suffered for three

months.

2.)Discover card had one 30 day late in Sep of 2007, 30 day late in Jan

of 08 which became 60 days late in Feb. The account had a high balance

of $5300 and paid in full in May of 2008. Prior to paying this account

off I was put on a payment plan in March of 08. The card was put on

suspension with the plan. I was told it would be reinstated once it was

paid off. As of September they would not reinstate the card because of

credit score. I was told to call back in January of 09.

3.)GEMB/Lowes CC just went into collection and is my only collection.

I'm currently working on a settlement payment. You might have seen my

thread about this? Settlement amount is $1600

4.)GEMB Mohawk had a 120 day late in August of this year. I'm current

and plan to pay this off in full come tax return time in Feb. I owe

$1800 on this one.

5.) PHH Mortgage, here is the biggie and the one that most likely

killed my credit. The account was opened in May of 2006 and had a 30

day late in Jan,Feb,Mar,Apr,June,Jul. 60 day late in Aug. 90 day late

in Sep. 30 day late in Oct and Nov of 2007. All late are in 07. The

reason for so many 30 lates was simply because my wife failed to

realize the correct date in which the Mortgage had to be made, which

put it behind. Now i'm not exactly sure the 90 day late is correct and

I might be able to dispute it? My wife is an idiot, but I'm an even

bigger idiot for not finding it sooner...

6.) Well Fargo opened in April of 2007 has two 30 day lates and 1 60 in

 Feb,Mar,Apr of 2007. Balance is $1100 as of today. I also planned to

pay this off in feb.

In May of 2006 my credit score was around 750-760 range. In April of

2008 it was in the mid to lower 500's. Havn't checked it since because

the thought of it dropping made me sick.

As you can see, some of the accounts suffered some in order to get my

mortgage current. We paid the CC late because the car/Mortgage was

obviously more important. We are doing a much better job of managing

the bills as my wife clearly needed help in doing so, but failed to

communicate this to me untill it was to late. New house, new job, new

baby and my mother was very sick for two year prior to passing in Oct

of 06 all helped in this mess.

I believe i've already started the repair process, but still need a

little advice.

Thanks

[Anonymous]

---

DLM77 wrote:

Ok, so let me start from the beginning...

1.)Chase auto had three lates(oct,Nov,dec of 2007) Account was opened

in March of 2004 and is currently closed because it was paid off in

April of 2008. Last year at that time was a very difficult time and in

order to get my Mortage current, my truck payments suffered for three

months.

Send GW letters to ask them to remove the lates. If you happen to have your mortgage with Chase, point out that you did keep that current, which resulted in being late on the auto.

2.)Discover card had one 30 day late in Sep of 2007, 30 day late in Jan

of 08 which became 60 days late in Feb. The account had a high balance

of $5300 and paid in full in May of 2008. Prior to paying this account

off I was put on a payment plan in March of 08. The card was put on

suspension with the plan. I was told it would be reinstated once it was

paid off. As of September they would not reinstate the card because of

credit score. I was told to call back in January of 09.

Send GW for the late. Communicate the agreement and how they haven't reinstated because of your credit score, but without this late, your credit score would likely see an improvement.

3.)GEMB/Lowes CC just went into collection and is my only collection.

I'm currently working on a settlement payment. You might have seen my

thread about this? Settlement amount is $1600

Are you settling/negotiating with the CA or OC?

4.)GEMB Mohawk had a 120 day late in August of this year. I'm current

and plan to pay this off in full come tax return time in Feb. I owe

$1800 on this one.

Send GW letters for the late.

5.) PHH Mortgage, here is the biggie and the one that most likely

killed my credit. The account was opened in May of 2006 and had a 30

day late in Jan,Feb,Mar,Apr,June,Jul. 60 day late in Aug. 90 day late

in Sep. 30 day late in Oct and Nov of 2007. All late are in 07. The

reason for so many 30 lates was simply because my wife failed to

realize the correct date in which the Mortgage had to be made, which

put it behind. Now i'm not exactly sure the 90 day late is correct and

I might be able to dispute it? My wife is an idiot, but I'm an even

bigger idiot for not finding it sooner...

This is hurting you a lot, as you suspect. All you can do is try to GW the lates.

6.) Well Fargo opened in April of 2007 has two 30 day lates and 1 60 in

 Feb,Mar,Apr of 2007. Balance is $1100 as of today. I also planned to

pay this off in feb.

GW the lates. If you are closing the account when paying it off, GW before you pay off.

In May of 2006 my credit score was around 750-760 range. In April of

2008 it was in the mid to lower 500's. Havn't checked it since because

the thought of it dropping made me sick.

As you can see, some of the accounts suffered some in order to get my

mortgage current. We paid the CC late because the car/Mortgage was

obviously more important. We are doing a much better job of managing

the bills as my wife clearly needed help in doing so, but failed to

communicate this to me untill it was to late. New house, new job, new

baby and my mother was very sick for two year prior to passing in Oct

of 06 all helped in this mess.

I believe i've already started the repair process, but still need a

little advice.

Thanks

---

[Anonymous]

I am in a similar situation DL.  Please keep us all posted.  I am in the process of putting together quite a few GW letters now.  The only thing I fear is that I have many lates on old, now closed, student loans as well as recent lates with my car payments.  I also have a few medical collections that are definate violations of my rights.  I feel your pain...  If you are in the postion to pay anything off, try to GW the lates and negatives prior to paying them off.  As sidewinder pointed out, you mean more to them if you have an open account with them.

[Anonymous]

I realize some of those accounts might benifit me more being open and not paying them off in full. IMO it's one less bill i have to send out each week.

As far as GW letter goes, never thought they worked? Or else I would have done so already...i can right some up after the holidays and send them out. So PFD/GW some of them prior to PIF?

[Anonymous]

"So PFD/GW some of them prior to PIF?"  YES - Makes total sense to me now (I'm slow sometimes.)  If they see you as a current customer making the effort to make all your future payments on time it makes sense that they would be more willing to work with you.  If you are an ex-customer with a bad payment history - you are just that an ex-customer with bad payment history... Not impossible to get help from them once PIF but much more work for very little to no return in their eyes.

They don't need to know yhat you plan to PIF after they've removed your negatives.... 

Message Edited by TheAten on 12-23-2008 08:47 AM

[Anonymous]

Aten, have you sent any letters with any luck? 

I wrote two letters last night and put them in the mail today. They were both truthful and from the heart. Over the weekend I'll write the rest of them up. I did some research and found Goodwill letters seem to be hit or miss. With the companies replying back saying changes can't be done, because they are required to report accurately.

I have many lates in 07 on the Mortgage, do you really think they'll dismiss some of, or all of them Sidewinder? I hope this horrible recession the country is in, works in my favor. thanks for the advice! 

[Anonymous]

Sidewinder, if the goodwill letters don't work, should I consider PFD?

[Anonymous]

---

DLM77 wrote:
Sidewinder, if the goodwill letters don't work, should I consider PFD?

---

GW letters go to OC's to remove lates, negative comments, etc and to CAs/OCs on paid closed accounts to remove the entire accounts.

PFD letters usually go to CAs to have a collection removed in exchange for payment, and on occasion to the OC.

Having said that, who are you sending GW letters to, what is the status of the account, etc?

If you are meaning you are going to send GW letters to have lates removed on open accounts that are still with the OC, and you are wondering if the GW letters fail if you should PFD the OC.

This depends on several factors. The fact that the account is open and within SOL, you'll have a hard time getting this agreement from a OC and remember that OC accounts are counted in age and can have positive impacts on your reports, even if a negative account.

I've never seen a PFD letter go to an OC on a current, open account that you have not defaulted on yet.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:
Sidewinder, if the goodwill letters don't work, should I consider PFD?

---

GW letters go to OC's to remove lates, negative comments, etc and to CAs/OCs on paid closed accounts to remove the entire accounts.

PFD letters usually go to CAs to have a collection removed in exchange for payment, and on occasion to the OC.

Having said that, who are you sending GW letters to, what is the status of the account, etc?

If you are meaning you are going to send GW letters to have lates removed on open accounts that are still with the OC, and you are wondering if the GW letters fail if you should PFD the OC.

This depends on several factors. The fact that the account is open and within SOL, you'll have a hard time getting this agreement from a OC and remember that OC accounts are counted in age and can have positive impacts on your reports, even if a negative account.

I've never seen a PFD letter go to an OC on a current, open account that you have not defaulted on yet.

---

I'm sending GW to those you suggested to...

I've actually received my first responce. Last week I sent a GW letter to the CEO of Discover finacial via email. He had a women from the excutive office contact me today. They told me they couldn't remove the lates because they are required to report 100% accurate info. So I struck out on this one....

[Anonymous]

I received a letter from Chase Auto in response to the GW letter I sent them. They removed 1 of 3 30 day lates. As a result of them removing the 30 day late, my score improved 6 pts.

Just a small update.