Ok I have a friend of mine and i'm trying to help him out with his credit and i'm unsure of what needs to be done with these to get his score as high as possible
Should we try GW letters? and has anyone had any luck with these companies and GW letters? he wants to pay the SBC one first so he can have two reports clear as long as we can get them removed from his CR.... I dont want them paid and remaining on his CR... any help would be very helpful thanks in advance
MyFICO: TU 709, EX 710, EQ 675 as of 12/15/07 MyFICO: TU 689, EX 699, EQ 672 as of 01/24/08 MyFICO: TU 706, EX 731, EQ 701 as of 02/24/08
GWs won't help if there's a balance with these CAs. I'd save the $$$ first and DV the account. Once verified to your liking, send a PFD for the balance in full and pay if they agree. Contacting any CA or OC with a balance will result in increased collection activity.
I was in a similar spot several years ago.. I sucked up my pride & called both original creditors & set up a payment schedule. Both were very cooperative & had one paid off in a year & the other a short time later.
If he can call & get on good terms with the same person (specifically ask for their name & extension) & over time, build a rapport, when it's paid up that person can definately be the link to getting the negatives removed...permanently.
I guess he could ask to have them removed now, but chances are better if he shows an ongoing willingness to pay & get caught up.
If I were him, I'd call each one before they get sent to collections. Can he pay anything right now? Maybe he can just call & let them know he wants to pay. Set up some kind of minimum (& then maybe send even more now & then?) The original creditor will be happy HE called them. During this process, he can lightly suggest that baddies get removed maybe after he hits the 50% pif point? This will be his "extending the olive branch" in payment, but also grabbing those fico points with the other hand!!
If they agree to & remove baddies...no letter needed. But certainly don't ask for bads to be removed before he begins to pay, as it sounds like he wants something for nothing. I doubt they'd agree to it anyway.
Message Edited by BungalowMo on 05-06-200802:14 PM
That might work only if he actually can pif right now. But...if he sends the $$ & they don't remove the neg's, he has no proof they said they would. Maybe he can send 75% right now...get neg's removed & then send the other 25%.
It would be like them saying "ok we'll take all the negs off today...just send us a check". Neither party should be that trusting.