Risk vs reward with goodwill letter for one Wells Fargo CC missed payment
Hello, I have a wells fargo credit card I've had open since roughly 2005, and it is my main source of credit history. I have one late payment (30 days) in my credit report from May of 2016 that I believe is hurting my credit score (currently 723 transunion, 731 equifax according to credit karma).
I was reading about Goodwill Letters and how to type them and use the "saturation technique," but then I came across the risks section of this post (https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-St...) and wanted to make a post asking if it is worth it to send goodwill letters to try and remove this one single late payment, when apparently there is a risk my entire account may be closed over this? Would it be prudent to just let this late payment be, or is the risk small and negligible enough to warrant mass mailing goodwill letters to wells fargo?
Re: Risk vs reward with goodwill letter for one Wells Fargo CC missed payment
A single 30 day late tends to only impact Fico for 2 years. Odds are your account isnt going to be closed if you do try and have the goodwill adjustment. If you are good customer they may do it one time for you if it hasnt happened before or after.