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The Saturation Technique: Best GW adjustment odds.

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Super Contributor

Re: Best GW adjustment odds; "The Saturation Technique."

Great to hear you found success with Toyota!

 

I responded to your PM as well.

 

The good news that I've found is that if you achieve GW success from a creditor once on an account, 9 times out of 10 you can achieve it again with the same account.  You've already found that your GW letter works, you found that their "policy" allows for adjustments, and you found an individual willing to work with you.  Really, this is all you need to come up with a second adjustment.

 

You could send a letter ATTN: the person that did the first adjustment for you in a month or so sincerely thanking them for removing the one late payment and telling them how much it would mean to you to have the other one removed thus making your account perfect.  Tell them that you're thinking of getting another Toyota (a new loan) and you'd love to continue being a profitable customer for them for years to come, but you're apprehensive in applying for another loan with that one black mark still on your account with them.  This will give them more incentive to make another adjustment for you.

 

While it certainly does feel good to get 1 late payment removed, remember that the account is still seen as "negative" if it possesses even a single delinquency; your goal should still be to make it 100% clean.  Also the first delinquency always carries the most adverse impact to your scores, so getting the one removed may have helped your scores some but getting the final one removed will help even more Smiley Happy

Message 11 of 246

Re: The Saturation Technique: Best GW adjustment odds.

Hi.
Thanks for your insight. I will be trying this out and I'll post about my progress.

Would you recommend sending GW to a credit union with multiple bank locations in a particular area?
Message 12 of 246
Super Contributor

Re: The Saturation Technique: Best GW adjustment odds.

Absolutely.  Remember, the goal is to get your letter into as many unique hands as possible.  The more addresses you send it to, the better your odds are going to be based on the numbers game.

 

The biggest credit union in my area has about 10 locations within a 30-45 minute drive from where I live.  If my goal was to obtain a GW adjustment from them, you can be assured that included in my database of addresses would be those 10 locations Smiley Happy

Message 13 of 246

Re: The Saturation Technique: Best GW adjustment odds.

Awesome! Thanks a lot. 

Message 14 of 246
Contributor

Re: The Saturation Technique: Best GW adjustment odds.

BBB

If the company had several addresses would you address the GW letters to the same person but at different addresses? For example CEO at address A then CEO at address B etc
Message 15 of 246
Super Contributor

Re: The Saturation Technique: Best GW adjustment odds.

No, I'd only address one to the CEO at the address of the CEO headquarters.  All of the other ones really could contain the same salutation, either "To Whom It May Concern:" or "Dear Sir or Madam" - anything generic that would make sense regardless of who opens the letter. 

 

The only time aside from the CEO that I've addressed letters to anyone specific was when replying to someone that sent me a denial to one of my letters from a previous Round.  Over time you end up compiling a decent list of names.  I've received probably 10 denials from 10 different people from one creditor, so I've got those 10 names in my database where all 10 came from only 3-4 addresses.  This way if I fire off 3 letters to the same address but put ATTN (name) on each one to a different person I can be fairly confident that those 3 different people will open the mail addressed to them.

Message 16 of 246
Super Contributor

Re: The Saturation Technique: Best GW adjustment odds.

So today I sent out Round 7 to Wells Fargo and I definitely upped the stakes as this round included 26 letters; this is the most I've ever sent in a single round.  We'll see how it goes.  I did not receive any replies at all to Round 6 unfortunately, which isn't surprising as several replies to Round 5 stated that going forward they wouldn't reply unless I raised a new concern and they consider my GW adjustment concern addressed at this point. 

 

By increasing the size of this round substantially I'm confident that I'll find several new sets of eyes for my letters, so I'm still hopeful Smiley Happy

Message 17 of 246
Contributor

Re: The Saturation Technique: Best GW adjustment odds.

Guess what!!!!!!
Goodwill Letter worked. Woo Hoo!!
Now only the 2nd Toyota 30 day late.
Message 18 of 246
Super Contributor

Re: The Saturation Technique: Best GW adjustment odds.


@2ndLife wrote:
Guess what!!!!!!
Goodwill Letter worked. Woo Hoo!!
Now only the 2nd Toyota 30 day late.

Awesome!  Glad to hear you had success!  You can try sending a letter to the person that gave you the first adjustment sincerely thanking them for it and then asking them if they could find it within to make 1 more adjustment for you.  Sometimes it can work since you've already established a relationship with them.

Message 19 of 246
Mega Contributor

Re: The Saturation Technique: Best GW adjustment odds.


@BrutalBodyShots wrote:

So today I sent out Round 7 to Wells Fargo and I definitely upped the stakes as this round included 26 letters; this is the most I've ever sent in a single round.  We'll see how it goes.  I did not receive any replies at all to Round 6 unfortunately, which isn't surprising as several replies to Round 5 stated that going forward they wouldn't reply unless I raised a new concern and they consider my GW adjustment concern addressed at this point. 

 

By increasing the size of this round substantially I'm confident that I'll find several new sets of eyes for my letters, so I'm still hopeful Smiley Happy


I think this method can work for early adopters.  Like a chain email, if and when "enough" people do this, companies will institute policies to ignore/decline all GW letters.

So make the most of it now!

Message 20 of 246