Great Lakes 150 Day Late Reporting

[Anonymous]

Hello - Brand new to the forum after I applied for a mortgage and was denied.  I figured this would happen based on prior creidt issues.  Here is my situation and any help is greatly appreciated:

Ch 7 BK 2005

Foreclosure 8/2009

Redeemed car reposession 10/2011 - Current every month since

Captial One Credit Card - 30 day late 10/2012 - dv with all three bureaus

Walmart Credit Card - 30 day late 10/2012 - dv with all three bureaus

Auto loan - Current since 10/2011

New Auto loan 11/2012 - Never late

Student Loan with Great Lakes - 150 day late is reporting as of January 2013.  In February 2013, I requested a forbearance.  After reading on these boards it sounds like I should have let it go into default and then rehab. 

2 questions:

What are my options now as it stands with Great Lakes?  Goodwill letter? I did request DV with all bureaus.

My credit score right now is 490.  I need to be at 530 with 10% down for a mortgage or 580 with 3.5% down.  With your crystal balls...if all payments are current and studen loan is paid on time in next 12 months  - will I be at a 580 in one year?  If not, what can I do to increase the score?  TIA -

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Be careful what you send. A DV is a debt validation letter and that's allowable due to the FDCPA. In that law, DV letters only go to CAs (not CRAs). The only thing that goes to CRAs is a dispute.

Wait 30-45 days and let things clear up before starting over. Send GWs to the repo, CapOne, and WalMart. You can also send a GW to the foreclosure, but I wouldn't do so if the account was my oldest or among my oldest accounts, just in case they delete.

Try sending GWs to the SL.

Unless there are major changes, I wouldn't predict a 580 for over a year. But hitting 600s is attainable inside a year with hard work and effort.