Rebuilding for Home Purchase - Need Help

[Anonymous]

Do you know if the 30/60 days weigh less and less on my credit score each month? Wondering if I can expect a slight bump from more time passing by as well.

Also, will definitely report back once I get my new scores!

[AllZero]

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@Anonymous wrote:

Do you know if the 30/60 days weigh less and less on my credit score each month? Wondering if I can expect a slight bump from more time passing by as well.

Also, will definitely report back once I get my new scores!

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In general, they weigh less with time. It's all profile specific. It could take two years before you see notable gains. Other users, the lates sting the entire time the derogatory is on their report.

You have a few lates so best course of action would be the Good Will Saturation Technique.

[Acc-Risk]

I had two 30 days that were almost 3 years old that gained me almost 25 points when I got them removed. I think getting any of those removed plus your paydown should put you in a pretty good spot. 

I've been preparing for a mortgage as well. Good luck! It's very stressful!

[AllZero]

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@Acc-Risk wrote:

I had two 30 days that were almost 3 years old that gained me almost 25 points when I got them removed. I think getting any of those removed plus your paydown should put you in a pretty good spot. 

I've been preparing for a mortgage as well. Good luck! It's very stressful!

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Thanks for sharing the data point.

From reading the forums, the penalty are:

30 day lates +- 30 points

60 day lates +- 40 points

[Anonymous]

Yikes! Really hope I can get some of these removed.

[Anonymous]

Quick update...

I've paid off all of my CC balances except one that I will let report at 1.5% and then pay off.

I also have one account in collections (2016 vet bill that I wasn't aware of) that was weighing on just my Experian report. I went ahead and called the vet and took care of it, and they're going to instruct the collection agency to remove it.

I've also been sending emails to Barclay and will mail out letters using the GW saturation technique. We'll see if they budge!

Thanks again for all of the help. Will report back once there is some movement on my scores.

[Anonymous]

If you have a collection removed, you might see a nice score bump.  I had a medical collection for about $300 removed and saw a score bump of almost 40 points.  The collection was three years old.  If the collection was less than $100, you likely won't see much of an increase at all.

[Anonymous]

Thanks for your insight!

Chase has already updated my balance (mid-cycle) to $0 and I received roughly a 20 point bump from that on my FICO8 score (now 673).

Can't wait to see the others reporting here in a couple weeks.

In the meantime, I've fired off GW letters/emails/calls to Capital One & Barclays. I know they're both particularly difficult to get 30 & 60 days removed, so wish me luck!

[Anonymous]

Credit Karma just updated with my new $0 balance on my Chase card, and my score dropped 5 points. I'm not taking it seriously because I know it's Vantage 3.0, but just thought I'd share some of their craziness!

[Anonymous]

I just spoke to Capital One in regards to my 30 day late from November of 2018.

I explained to them that the only reason I have a late payment is because they charged me an annual member fee for having the credit card, which I wasn't aware of.

The gentlemen I spoke to told me that they would love to help with this, and I need to send a letter to their PO Box with this information:

Name, address, account number, social security number, dob

Explanation of the issue

How I'd like Capital One to resolve it

Copy of credit bureau report

Has anyone received a similar response before? Wondering if they're actually going to help me!

Thank you.