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Legally paid in full for less than full balance

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Moderator

Re: Legally paid in full for less than full balance


@CreditSage wrote:

I don't quite follow your advice regarding not disputing it but sending GW letters... 

 

Is sending GW letters considered a dispute?  They all say Paid for less than full balance generally speaking (semantics). Should I be sending GW to all of them? Please elaborate on this.  


A GW letter is not a dispute though some creditors take it as a dispute and update their TL to indicate its being disputed when in fact that is not what you are doing. All I was saying is be careful even with a GW letter, make sure you say its not a dispute but a request to have the TL removed or an individual late in an otherwise good account.

 

GW letters always go to whatever entity is reporting on your CR. If there is an OC and a CA on the same account then you would send a GW letter to both.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 11 of 14
Contributor

Re: Legally paid in full for less than full balance

Yes they were charged off and I eventually settled them. I just wasn't sure if the prescence of 30,60,90 etc was also hampering my scores. I think this was answered in that the CO is the elephant.

Current Open: NFCU AMEX $5,300 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 6 Months | AoYA 1 Year 4 Months
Message 12 of 14
Contributor

Re: Legally paid in full for less than full balance

Got it, thanks. From what I know BoA and Wells Fargo are about the hardest to get GW success with there is. Do you have any idea how much this could be holding back my score? 

Current Open: NFCU AMEX $5,300 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 6 Months | AoYA 1 Year 4 Months
Message 13 of 14
Moderator

Re: Legally paid in full for less than full balance


@CreditSage wrote:

Got it, thanks. From what I know BoA and Wells Fargo are about the hardest to get GW success with there is. Do you have any idea how much this could be holding back my score? 


The presence of a CO can be substantial depending on ones overall profile, as it ages back in time the hit is lessened but its likely to cause you to max out around 750 until your file becomes clean.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 14 of 14
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