Hi there MyFico
I'm struggling to resolve an issue that I created back in 2008 when 14 of my Nelnet school loans become current. My EQ is 554 and Tr is 601. I'd love to purchase a house sometime in the near future, but can't for the life of me figure out how to remove these stains off my CR. I have one Capital One CC with a limit of 500 and one medical bill from 2006 reporting past due. Other than that, all other accounts have been in good standing.
I consolidated my loan some years ago, and so Nelnet has been paid. What incentive do they have to work with me in this case? And what would a GW letter look like in my case at all? Other than drowning in personal issues at the time(baby, moving to new state/new house/new marriage/medical bills from a complicated pregnancy/and family health problems), I have no excuse for overlooking my grace period. :/ What to do? Thanks in advance!
The only thing you can do is send a GW letter explaining why you were late, pointing out that you corrected the mistake and asking them to adjust their credit reporting. Be persistent, very few people report success after the first try, but if you send your letter to multiple people/departments over time, the chances of your information finding someone who is willing to make the adjustment is higher.
The good news is that the negative impact from the lates goes down every year, and they will disappear entirely after 7 years. Honestly, I would expect that the medical collection is having the same or possibly even larger impact on your score at this point because it is an active collections account, as opposed to 4-year old late payments.