cancel
Showing results for 
Search instead for 
Did you mean: 

Looking for advice

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Valued Member

Looking for advice

So I'm going through and trying to GW some of my old baddies after just discovering that is a thing. Back in 2015 I had a Synchrony/Walmart card that I couldn't handle at the time and went AWOL with.

 

I just recently sent Synchrony a GW letter and I got a call back from them telling me that because the account was purchased by a collector (Midland Credit), they are the ones who have to report anything different to the bureaus. Makes sense, except my only bit of disbelief in that is because on my report, Synchrony is listed as the creditor and there is nothing from Midland. Let me know what you think about this.

 

However, a second consideration of mine brings to light that this account was one of my older accounts. AAoA is currently a primary concern on my credit profile.

 

What I would like to know:

1. Is there any value in the age of it or because of it being charged-off/closed and old, is it not considered?

2. Assuming the age of it still holds weight, would it be better to try and remove the delinquency and take the age hit, or leave it for the age benefit and keep the delinquency?

 

Credit Karma makes this account seem irrelevant because it does not show for both payment history and credit age and I wasn't sure if it's because it's "closed", but at the same time it shows an auto loan of mine that's labelled incorrectly as closed (in dispute, another story) as being part of their credit age and payment history factors.

 

Here on myfico, though, it's listed in my accounts with a red "negative indicator" flag signalling to me that it is still very much relevant... Below is a link to a screenshot of the account because I can't figure out how to post an image.

 

https://imgur.com/a/UrpWDcW

 

It is true that closed accounts will stay visible on your report for 7 years, correct? I'm just trying to figure out the best approach to this to make the most informed decision I can. Please share some thoughts.


FICO 8: 6/13/2019 - 10.5%
Message 1 of 4
3 REPLIES 3
Valued Contributor

Re: Looking for advice

Those lates are killing your score. I don't think you are getting near any benefit from the age. I'm pretty sure Midland is one of the ones who will pay for delete. If you search the rebuilding forum you will find some threads. Getting this one gone can only help your scores as those lates and the chargeoff is holding you back way more than any age-related factor.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 1/03/20:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 2 of 4
Valued Member

Re: Looking for advice


@dynamicvb wrote:

Those lates are killing your score. I don't think you are getting near any benefit from the age. I'm pretty sure Midland is one of the ones who will pay for delete. If you search the rebuilding forum you will find some threads. Getting this one gone can only help your scores as those lates and the chargeoff is holding you back way more than any age-related factor.


I did kind of figure as such, but really wanted to get second opinions.

 

Any thoughts as to who would be appropriate to send GW letters to? The way I understand it is the creditor on the report is responsible for reporting the account, but they're saying it has to be Midland. Also, the account has been paid off for some time. Wouldn't that make it ineligible for a PFD?


FICO 8: 6/13/2019 - 10.5%
Message 3 of 4
Moderator

Re: Looking for advice


@ThatGuyXx wrote:

@dynamicvb wrote:

Those lates are killing your score. I don't think you are getting near any benefit from the age. I'm pretty sure Midland is one of the ones who will pay for delete. If you search the rebuilding forum you will find some threads. Getting this one gone can only help your scores as those lates and the chargeoff is holding you back way more than any age-related factor.


I did kind of figure as such, but really wanted to get second opinions.

 

Any thoughts as to who would be appropriate to send GW letters to? The way I understand it is the creditor on the report is responsible for reporting the account, but they're saying it has to be Midland. Also, the account has been paid off for some time. Wouldn't that make it ineligible for a PFD?


GW letters always go to whomever is reporting the negative information it can be an OC, a CA or even both. If the account is paid off the PFD is irrelevant. Midland has a new policy of removing a collection 2 years after they received it and its been paid so you want to contact Midland if this time period has passed and ask for removal.

"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 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.