Thanks to @AllZero and many others in the MyFICO Fam, I convinced my 21 year old DS to write a Goodwill letter regarding his 60/60/90 student loan lates. Followed up with a sincere phone call and BAM, it was granted and his score increased 72 pts.!
This was his first card, a $200.00 secured Discover, so we have kept his utilization super low, had it on autopay for the Netflix, SD it since it arrived and we recently got an email saying it would be unsecured after 8 mos., if he keeps up the good work.
Since then, we have gotten his second card ($500.00 SL), from NAVY and hopefully he will now get a CLI from NAVY on his 91/3!
@CreditobsessedinFL Wow! That is amazing. Job well done. I'm so happy for you and DS. Those 60/90 day lates are or should I say, were a score killer. That is an excellent score increase!
He's lucky to have you guiding him along with his credit journey. If not, he would have had to wait 7 years for those delinquencies to drop off. You gave him a step up. DS will have a clean path to travel upon now. It's great that he is in with Navy. Have him join more of the same CUs as you. Establish those CU relationships now for a brighter future tomorrow.
@AllZero wrote:@CreditobsessedinFL Wow! That is amazing. Job well done. I'm so happy for you and DS. Those 60/90 day lates are or should I say, were a score killer. That is an excellent score increase!
He's lucky to have you guiding him along with his credit journey. If not, he would have had to wait 7 years for those delinquencies to drop off. You gave him a step up. DS will have a clean path to travel upon now. It's great that he is in with Navy. Have him join more of the same CUs as you. Establish those CU relationships now for a brighter future tomorrow.
Thank you @AllZero , for all your help and encouragement. I was so thrilled for him, I was crying when they said they would remove the TRADELINE, and give him a fresh start. I had no idea that having those lates removed would have such a significant impact on his score.
We have MYFICO to thank for all the gains we have made, by heeding all the excellent advice; next stop will be Langley for him, now that I am a member.
Congratulations to the DS!!😀
It's feels good to see the scores jump like that!!
@CreditobsessedinFL wrote:Thanks to @AllZero and many others in the MyFICO Fam, I convinced my 21 year old DS to write a Goodwill letter regarding his 60/60/90 student loan lates. Followed up with a sincere phone call and BAM, it was granted and his score increased 72 pts.!
This was his first card, a $200.00 secured Discover, so we have kept his utilization super low, had it on autopay for the Netflix, SD it since it arrived and we recently got an email saying it would be unsecured after 8 mos., if he keeps up the good work.
Since then, we have gotten his second card ($500.00 SL), from NAVY and hopefully he will now get a CLI from NAVY on his 91/3!
1. I echo @AllZero on (a) what a fantastic accomplishment this is and (b) how fortunate for your son that he had you to guide him through this thicket.
2. Would it be possible for you to share the substance of the goodwill letter and phone call. In my life I have never gotten a creditor to cut me an inch of slack, so I'm curious how you got it done. I wouldn't know what to say.
Hi @SouthJamaica ,
You are a super contributor, and I, along with many others I am sure, have learned so much from you here. I have read many of your posts, so I am happy to be able to give back to MYFICO and share the letter that he wrote to the University. I had him send the letters via snail mail, but I also did an email blitz, (from my email address, so that I knew it was done, but with his signature) to the pertinent email addresses that he was able to find online, given that the University was closed due to COVID-19.
The letter is deeply personal and it is all true; and that is what I think you want to convey to your creditors. It is a big ask; but through words, you are sharing your story with your creditors, finding common ground with them, and appealing to their sense of compassion. Reminding them that you are not just an account number, that you are a human being, and faillible. By "agreeing and admitting" that although you made a mistake, you have also taken responsibilty and paid the debt, and NOW, since ONLY they have the ability to give you a second chance, wouldn't they want someone to do the same for THEM in the situation?
Additionally, I am a huge believer, as @AverageJoesCredit shared in his APR post, in the power of the connection through the human voice. I kept calling all the numbers I could find, and eventually, someone picked up. I shared that although the emails and letters had been sent, no one had responded, and could they please help us locate the number for the people who should have received the letters? That got the ball rolling, one person forwarded the emails to two others and finally within a day, I got a call back. The woman was beyond lovely and after I spoke with her for a few moments, I put my DS on the phone to speak with her. She listened, told him that she understood. She applauded him for his honesty, his perserverance, and his letter of goodwill. She then told him exactly what to do. She instructed him to write an email, attach his goodwill letter and to go ahead and dispute it with any of the CRAs, and then it would be removed across all the bureaus. I was astounded and beyond grateful.
Hopefully, this might help someone else who has stumbled to tell their personal story, to get back up and keep going. There are a plethora of sample goodwill letters out there on the www, this is just ours.
Our Goodwill Letter (names and locations changed, of course) :
03/30/2020
Late payment status for Student #200 -----/SS# xxx-xx-xxx
Student Affairs
XYZ University
408 N. Main Street
ANYtown, USA
To Whom It May Concern:
I am writing to you regarding my time at XYZ University during the academic year of 2017-2018. My experience at the University of XYZ was monumentally impactful and I would like to express my gratitude for my brief time on such a special campus.
My time as a student at XYZ University in ANYtown began in ---- and unfortunately, it was abruptly upended by a severe personal and familial situation. My father lost his job, only a few weeks after my classes began. This proved to be quite financially catastrophic for my entire family and it negatively impacted my freshman year.
My financial instability combined with my academic workload left me feeling completely overwhelmed and depressed. Ultimately, I am aware that it is my fault that I allowed my personal issues to interfere with my education and I am deeply sorry for my family’s inability to meet their financial obligations to the University on my behalf.
I was forced to return home, enroll in community college and get a full-time job. I paid the $639.00 balance that I owed to XYZ, with my first paycheck. I still miss all my friends and I often reflect on my brief time there. Having to give up living on campus and instead, having to move home and work to help my family has been a major wake-up call for me.
I am not proud of falling behind on my account at XYZ and the black mark it has left on my record and it is the only one that I have. I would be extremely grateful if you could honor this request to remove the lateness from my credit report as it will help me to build and improve my credit.
If the lateness cannot be removed entirely, I would still be appreciative if you could make a goodwill adjustment.
Please let me know if I could provide any further documentation that would assist you in your determination process. I would like to thank you again for your time and consideration.
Sincerely,
Honest Kid, who made a huge mistake student #200---
Great work and echoing others in that DS is lucky to have you guiding him! Any GW info you can share would also be helpful as I'm in the same boat as @SouthJamaica in that I strike out with creditors any time a GW is sent.
@19eighty5 wrote:Great work and echoing others in that DS is lucky to have you guiding him! Any GW info you can share would also be helpful as I'm in the same boat as @SouthJamaica in that I strike out with creditors any time a GW is sent.
Hi @19eighty5 and @SouthJamaica,
I shared the actual letter above and as far as calling, I learned from the forums to just be persistent, and HUCB until you reach someone who seems to actually give a FICO about helping you.
1) be sincere- try to tell them YOUR story
2) thank them for taking their time and "trying to help you, when no one else would", (profusely is my motto, and try to make a bit of small talk in the lulls, why they type in your information, break the ice and the monotony of their day)
3) be succinct and ASK for what you want, tell them why a second chance would make such a difference for you (or whomever) and like a CLI, if you don't ask, you don't get, right?
All they can say is no, right? and if they do, hang up and call back... Good luck.
@CreditobsessedinFL wrote:
@19eighty5 wrote:Great work and echoing others in that DS is lucky to have you guiding him! Any GW info you can share would also be helpful as I'm in the same boat as @SouthJamaica in that I strike out with creditors any time a GW is sent.
Hi @19eighty5 and @SouthJamaica,
I shared the actual letter above and as far as calling, I learned from the forums to just be persistent, and HUCB until you reach someone who seems to actually give a FICO about helping you.
1) be sincere- try to tell them YOUR story
2) thank them for taking their time and "trying to help you, when no one else would", (profusely is my motto, and try to make a bit of small talk in the lulls, why they type in your information, break the ice and the monotony of their day)
3) be succinct and ASK for what you want, tell them why a second chance would make such a difference for you (or whomever) and like a CLI, if you don't ask, you don't get, right?
All they can say is no, right? and if they do, hang up and call back... Good luck.
Ah! I missed your earlier post. Thank you for sharing and for the guidance!