HELP! How to remove late payment flag successfully that happened 4 years ago!!

[Anonymous]

I have a BOA Credit Card -- 4 years ago during college I missed a payment. It was due to bad communication between myself and my dad once I graduated. Anyways, I called BOA Customer Service and they said there's no way to remove previous "late payment" flags.

This was over 4 years ago and for an amount less than $100!! This sounds ridiculous. I am applying for a mortgage loan soon and I would like to wipe this off my record. I know it will disappear in 7 years but I would rather have this removed now. My score is 716 but I'm sure it would be higher without this flag. It is one of the factors negatively affecting my score according to myFico.

[ArisGreek]

Unfortunately, we cannot advise on such information on this forum.  However, most mortgage companies will overlook such a ding especially if it is your only one.  I have been through the mortgage process a few times with a few houses and they only care about the last 2-3 years.  They give consideration for blips. 

[fused]

Welcome to the forums, BaylorBear!

Since your question is about fixing your credit, I'm moving this thread to the Rebuilding Your Credit forum.

[haulingthescoreup]

The purpose of credit reports is to share with other creditors your ability to use credit over the last seven or so years. That's why things stay on, even when you pay them off.

If you've paid BofA, you can try what we call a "GW" letter, a letter asking for "goodwill" in removing the reported late. Sadly, BofA is famously hard-nosed on this.

If you haven't paid, you can try a "PFD", Pay for Delete, where you get them to agree in writing beforehand that they will cease reporting the late if you pay your debt.

Check the stickies for examples.

Note: GW's and PFD's are OK to talk about here, because you're not trying to trick the lender. They're agreeing with their eyes wide open. It's a violation of their agreements with the credit bureaus, though, so many lenders won't do this.

[RobertEG]

+1

The theory behind the CRA policy against deletion of derogs based on payment of the debt is that it violates the integrity of the credit reporting system by the arbitrary deletion of information that is otherwise accurate.  So they include such a "restriction" in their credit reporting agreements.  But they dont monitor this "guideline," and never ask for reasons for deletion, so it's all kinda academic.  If a creditor reports deletion of information, the CRA usually just deletes. I have never heard of a CRA questioning a deletion based on their credit reporting "agreement."

Creditors may wish to grant GW deletions, either out of charity (?) or to retain a good business relationship with you.  Being capitalists, that may be more business-significant to them than an unenforeced CRA guideline.  A persuasive GW letter that makes them want your future business in exchange for their showing of GW now might be viewed as beneficial, and granted. To me, that should be the thrust of a GW letter whenever possible... making them want to keep your business by showing you are now a desirable consumer.

[rckstrscott]

What type of missed payment? 30 day? or greater..

If it is 4 years old, and a 30 day late, it isn't really impacting your score anyway. And if your score is 716, you are already isitting pretty for a mortage, so to me it seems like a fruitless effort anyway. Most lenders will overlook a one time late payment.

Are your credit cards paid down? 716 isn't a bad score, I don't know if getting rid of this late would do anything. What other factors do you have?