LATES

[Anonymous]

im on the rebuilding process in hopes of getting a first mortgage in late spring or early summer of next year. my scores started at in low 500's now are currently in the high 500's and low 600's. i need at least an 620. i have zero opencollections and currently two open credit card accounts. A capital one qs with a 300 cl and a visa card through my bank with a 500 CL.   my score sank after losing my job and being utterly irresponsible in 2015 and missing several payments to Capital one and other bills.  My last late payment was in december of 15. i have 5 30 day lates, 4 60 day lates and two 90 days.  the december 15 payment was 60 days late. im guessing this has a significant impact on my scores?? do you think with my late history c1 will even consider a gw adjustment? is it worth the effort or time. 

ever since december i have made large multiple payments a month to them carrying a low uti. they recently upgraded my platinum to the qs card.  

im guessing if they decide to adjust just a few of them it could be pretty beneficial in seeing my scores rise. 

thanks for any advice in advance. 

[Anonymous]

also my current scores are Eq:594 TU: 596 and Ex:609

[Anonymous]

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@Anonymous wrote:

im on the rebuilding process in hopes of getting a first mortgage in late spring or early summer of next year. my scores started at in low 500's now are currently in the high 500's and low 600's. i need at least an 620. i have zero opencollections and currently two open credit card accounts. A capital one qs with a 300 cl and a visa card through my bank with a 500 CL.   my score sank after losing my job and being utterly irresponsible in 2015 and missing several payments to Capital one and other bills.  My last late payment was in december of 15. i have 5 30 day lates, 4 60 day lates and two 90 days.  the december 15 payment was 60 days late. im guessing this has a significant impact on my scores?? do you think with my late history c1 will even consider a gw adjustment? is it worth the effort or time. 

ever since december i have made large multiple payments a month to them carrying a low uti. they recently upgraded my platinum to the qs card.  

im guessing if they decide to adjust just a few of them it could be pretty beneficial in seeing my scores rise. 

thanks for any advice in advance. 

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Hi Drake.

It never hurts to do a goodwill request.  In time the 30 day lates and 60 day lates fade and do not impact your score as much, but 90 day lates stay on your report the whole 7 years.   I would concentrate on the 90 day lates since there are 2 of them.  It would be wonderful if they removed all of them, but if not then those two would be the ones that you would like to see gone. 

Good luck and keep us posted.

[Fleuriste]

Check out the thread about the Saturation technique for goodwill deletion requests.  It is pretty helpful.

In your letter, you should definitely mention that your goal is to prepare for a mortgage.  I'm in the midst of a goodwill campaign to remove a 30 day late, and I've received quite a few responses due to the fact that I am seeking to refinance my mortgage soon. 

[Anonymous]

the following is what i am sending to capital one tomorrow via the executive office address i found on here hopefully it works !

Mr. Fairbank,

I have been a loyal card member of Capital One for 3 years and couldn’t be happier with my decision to join the Capital One Family. You’ve always offered some of the most competitive rates and rewards programs and have always provided excellent customer service.

Unfortunately, in between 2014 and late 2015, I took advantage of our relationship and failed to submit my monthly payment on time several different times. It was an exceptionally busy and chaotic time in my life as I was at that point laid off from my long term employment as a Paramedic, trying to find new full time employment and managing college. To be honest, that year was a "wake-up" call for me regarding fiscal organization. Since then I believe I have learned the essential organizational and financial management principles I desperately needed at that point. Thankfully, responsible credit management has become an extremely important role in my life. I wish to thank you for the opportunity you gave me to be a customer of your company and I would love to continue to have strong relations. Relations I am determined to keep positive.

 I fully respect my obligations to Capital One and have repaid every month on time since my delinquency and am now working diligently to amend my relationship with you and regain your trust. I have since maintained an on time payment history using the company’s automatic payment system (which is fantastic!) and using my account responsibly.  Recently, I have begun the search for a home it has come to my attention that the late payment records may negatively affect my chances of obtaining competitive financing. As you may know, FICO scores and credit history are being used more and more in the mortgage lending industry.

I know this impact will eventually fade with time, but in light of my renewed focus and demonstrated commitment to rebuilding trust with your company, I am requesting that you give me a second chance at a positive credit rating by deleting the late payments as reported on my three major credit bureau files (Experian, TransUnion, & Equifax). I sincerely hope Capital One believes in their customers and I humbly request your consideration to allow me to pursue the house of my dreams. I appreciate your time and hope for a gesture of goodwill and to continue doing business with Capital One.

Regards

Drake A. Hart

[Fleuriste]

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@Anonymous wrote:

the following is what i am sending to capital one tomorrow via the executive office address i found on here hopefully it works !

Mr. Fairbank,

I have been a loyal card member of Capital One for 3 years and couldn’t be happier with my decision to join the Capital One Family. You’ve always offered some of the most competitive rates and rewards programs and have always provided excellent customer service.

Unfortunately, in between 2014 and late 2015, I took advantage of our relationship and failed to submit my monthly payment on time several different times. It was an exceptionally busy and chaotic time in my life as I was at that point laid off from my long term employment as a Paramedic, trying to find new full time employment and managing college. To be honest, that year was a "wake-up" call for me regarding fiscal organization. Since then I believe I have learned the essential organizational and financial management principles I desperately needed at that point. Thankfully, responsible credit management has become an extremely important role in my life. I wish to thank you for the opportunity you gave me to be a customer of your company and I would love to continue to have strong relations. Relations I am determined to keep positive.

 I fully respect my obligations to Capital One and have repaid every month on time since my delinquency and am now working diligently to amend my relationship with you and regain your trust. I have since maintained an on time payment history using the company’s automatic payment system (which is fantastic!) and using my account responsibly.  Recently, I have begun the search for a home it has come to my attention that the late payment records may negatively affect my chances of obtaining competitive financing. As you may know, FICO scores and credit history are being used more and more in the mortgage lending industry.

I know this impact will eventually fade with time, but in light of my renewed focus and demonstrated commitment to rebuilding trust with your company, I am requesting that you give me a second chance at a positive credit rating by deleting the late payments as reported on my three major credit bureau files (Experian, TransUnion, & Equifax). I sincerely hope Capital One believes in their customers and I humbly request your consideration to allow me to pursue the house of my dreams. I appreciate your time and hope for a gesture of goodwill and to continue doing business with Capital One.

Regards

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Gah!  I just wrote out a long response and lost it.  Here I go again. 

First, I wouldn't post my name in the forums.  I deleted your name from my quoted reponse.  

Second, I struck through language that I would remove.  Basically, you want to say why you had the lates and why it was unusual.  You lost your job and were unable to meet your financial obligations for a short period of time.  After you got back on your feet, you paid them back in full and you have been paying on time ever since.

Finally, you have to make them want to do this not just because it would be a nice thing to do, but because it can be profitable to them.  So you are looking to expand your relationship with Capitol One as you search for a new home and mortgage. I would emphasize that your score doesn't reflect your current creditworthiness but is reflective of where you were during short period of unemployment.  

Good luck!