Whats my chance on GW of 10 lates?

[beanie7132]

I have 10 - 30 day lates on my car loan. My car will be paid off in a few months and sadly it is my ONLY open account on my reports. I know I will take a major hit to my already crumbling scores when this loan closes. Working on opening a secured card before the closing of this loan so suggestions on that are welcome. I have 4-5 collections (depending on which credit report), 2 charge offs reporting 0 balances (not paid) and stupid LVNV reporting a 1K balance from one of those charge offs that increases by 4-6 bucks each month. <-- LVNV will fall off in the next few months as DOFD is 06/06 along with the other two charge offs. I am working on the collections now with the help of this forum.

I am wanting to try to GW off my ten 30 day lates. I know its a lot to ask such a huge favor for, but the loan will be paid off soon and I will need to purchase another car soon. I have a previous closed joint car loan with no lates at all through another lender.

2010 was rough on us as we incurred substainial medical bills on my husband after needing (un-insured) 22% BSA skin grafting because of burns in a house fire. It seemed we were a month or so behind in the car payment for an entire year. We finally got caught up around april 2011. I have no idea what is with the late in March 2012, most likely I really was late due to oversight.

Honest suggestions on how to make this request and what you think my chances are please. Do you think I have a chance of getting KMFC to GW off those TEN lates?

                                   

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[Shogun]

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@beanie7132 wrote:

I have 10 - 30 day lates on my car loan. My car will be paid off in a few months and sadly it is my ONLY open account on my reports. I know I will take a major hit to my already crumbling scores when this loan closes. Working on opening a secured card before the closing of this loan so suggestions on that are welcome. I have 4-5 collections (depending on which credit report), 2 charge offs reporting 0 balances (not paid) and stupid LVNV reporting a 1K balance from one of those charge offs that increases by 4-6 bucks each month. <-- LVNV will fall off in the next few months as DOFD is 06/06 along with the other two charge offs. I am working on the collections now with the help of this forum.

I am wanting to try to GW off my ten 30 day lates. I know its a lot to ask such a huge favor for, but the loan will be paid off soon and I will need to purchase another car soon. I have a previous closed joint car loan with no lates at all through another lender.

2010 was rough on us as we incurred substainial medical bills on my husband after needing (un-insured) 22% BSA skin grafting because of burns in a house fire. It seemed we were a month or so behind in the car payment for an entire year. We finally got caught up around april 2011. I have no idea what is with the late in March 2012, most likely I really was late due to oversight.

Honest suggestions on how to make this request and what you think my chances are please. Do you think I have a chance of getting KMFC to GW off those TEN lates?

                        

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So this is your only open TL?  I know that one 30 day late from March of last year is hurting a bit, but will lose a lot of "sting" in another month.  But remember if you GW this account you run the risk of having the only open TL on your CR go bybye.   You definitely need an open revolving TL to help thicken your file a bit.

[Anonymous]

I have seen a lot of postings on here where people were attempting to GW a late or two and ended up with the entire tradeline removed.  You may get lucky as far as them not deleting it because its open, but I would be cautious, because you cant really afford to lose it.  My general rule of thumb is that I dont GW unless i am okay with seeing the entire tradeline going away.

[beanie7132]

Yes, this is my only open TL. After the medical bills and getting overwhelmed in 2010, my husband and I swore off all credit. We opted out and paid cash for what we needed when we needed it. Bad mistake, I know that now.

I was thinking of GWing before paying it off, this way I dont run the chance of them deleting the TL - why would they want to delete the entire thing if I still owed them money right.....?

I know the lates are not hurting my score THAT much considering the age of them, but we will have to car loan shop soon, and I am scared that those lates will hurt any potential future car loans.

Also, with my biggest negatives falling off this year and working on my 4-5 collections to get them removed one way or the other, I am really trying to basically start all over with my credit.

Do you have any suggestions for open revolving to help my file? My scores are still rather low, and credit frankly scares me. I dont want to work real hard to clean it up, pay it off, and then take hard inquires applying for credit that I may not get approved for. Especially once all the bad stuff is gone and I am left with just two closed car loans on my file.

[SLR72689]

I'm in a similiar situation. I have 11 lates on my car loan (past 13 months have been paid on time) but when I lost both my parents two months apart from one another, being on my own at 21 and trying to manage bills and everything for the first time was overwhelming and I was "30 days late" for nearly 10 months in a row. I too was wondering about GWing the lates. I have 22 more payments on my car and those will definitely be on time. I'm just worried my lates will ruin my chances for a loan approval in the future.

[guiness56]

I would go ahead and request a GW for removal of at least some lates.  First let them know it is NOT a dispute but a request for a GW adjustment to your CR.  Explain why you got behind and the medical bills etc.  Be honest with them.  And I would start at the top, find the CEO. 

SLR72689 - Same for you.  Explain what happened.  All they can say is no and you will never know unless you try.

[beanie7132]

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guiness56 wrote:

I would go ahead and request a GW for removal of at least some lates.  First let them know it is NOT a dispute but a request for a GW adjustment to your CR.  Explain why you got behind and the medical bills etc.  Be honest with them.  And I would start at the top, find the CEO. 

SLR72689 - Same for you.  Explain what happened.  All they can say is no and you will never know unless you try.

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Google is not my friend tonight with finding a CEO for KMFC... grrrrr.... off to bed, will dig some more tomorrow and most likely call CSR and see what they can tell me.

[SLR72689]

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@beanie7132 wrote:

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@guiness56 wrote:

I would go ahead and request a GW for removal of at least some lates.  First let them know it is NOT a dispute but a request for a GW adjustment to your CR.  Explain why you got behind and the medical bills etc.  Be honest with them.  And I would start at the top, find the CEO. 

SLR72689 - Same for you.  Explain what happened.  All they can say is no and you will never know unless you try.

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Google is not my friend tonight with finding a CEO for KMFC... grrrrr.... off to bed, will dig some more tomorrow and most likely call CSR and see what they can tell me.

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I'm gonna call and write a letter! Can't hurt to try.