Late Payment Help

[goofysteph]

I am frustrated and feel like I'm at a dead end. I enrolled in a DMP in Sept. 09. As a result of enrolling in that, several of my cards reported late for approx. 3 months. I have 2 BOA accounts that are reporting 30 days late for 3 months. I have one Citi account that is reporting 30 (2x), 60 (2x), 90 (1x)and 120 (1x) days late. I also have a Macy's that was reporting late, but that one has been resolved.

I disputed all of these through all 3 CRA's, and they all came back as verified. I tried GW letters to Citi and BOA to no avail. Is my next step a 623? What can I do now? I really need to get the Citi lates removed, since I know those 90 and 120 day lates are killing my score.

This is also very time sensitive. I need my score above a 680 in about 30-45 days. Right now, it's a 669 through TU, a 620 with Equifax, and Experian says it's 715 through their "PLUS" system, but I know that's over inflated.

Any suggestions as to my next steps? I am desperate.

[Lian]

Was payment responsibility that of your credit repair organization, and they failed to pay timely? Do you have proof of payment?

If there was no error on the part of the creditor, it would not be disputable.

[goofysteph]

Thanks for getting back to me so quickly!

Payment was the responsibility of the DMP. And payments were made each month. However, I believe payments were not made in the full amount each month until the banks accepted the DMP, which took several months. So, for instance, my BOA payment was $250 and the DMP was paying $200 because that's ultimately what was agreed upon.

Do I have any shot at getting these removed?

[Lian]

Since the facts seem to support that the creditor reported accurately, I dont see a grounds for dispute. You can try asking for a GW deletion, pointing out your intent vs. their actions, and hope for their clemency.

[goofysteph]

Originally Posted by Lian

Since the facts seem to support that the creditor reported accurately, I dont see a grounds for dispute. You can try asking for a GW deletion, pointing out your intent vs. their actions, and hope for their clemency.

I tried that, and failed. That's why I was wondering what your thoughts were on a PFD. I can use my tax refund to pay off this OC in full, in the hopes that they will delete all of the lates associated with this account? I know that once those are removed, my score will be where I need it to be...

[Lian]

If the account was paid back into good-standing after the prior monthly delinquencies, there would be nothing delinquent to pay in exchange for deletion.

Apparently, the account is still open, in good standing, with a balance owed. Correct?

I don't see how a PFD applies in your case, unless the account is currently in a delinquent status.
From my understanding of your situation, it looks like GW is the only recourse.

[goofysteph]

SUCCESS (I think)!!

I wrote to the Citi card and asked for a PFD. Even though the account is currently in good standing and paying as agreed, I had a gazillion really late payments (see above). I needed those OFF my credit report ASAP. I offered to pay the full amount due, if they would delete the entire tradeline. I have enough other untarnished credit not to take a big hit by the deletion of this particular account. Anyway, here's the response:

"As to your offer to pay the balance in full in exchange for the deletion of the account from your credit profile, enclosed is a self-addressed envelope for your convenience in providing your payment. Upon clearing of the payment from your bank, we will make the necessary request with the three major credit reporting agencies to delete the account from your credit profile."

That sounds pretty successful, right? I can't believe it!! This will delete all of the late payments. Woo hoo!!

Or am I missing something? Please tell me before I send off my check...

[Lian]

Account deletion will result in loss of its CL and of its age in your average age of accounts calculation. Why not just ask for deletion of the derogs only?

[goofysteph]

Originally Posted by Lian

Account deletion will result in loss of its CL and of its age in your average age of accounts calculation. Why not just ask for deletion of the derogs only?

Yes, I'm aware of that. I have already asked for JUST deletion of the derogs, and they were not willing to do that. So, my next step was to ask for them to delete the entire account. While I understand it's not the MOST desirable situation, it is still better to delete the account in its entirety, than to have several 60, 90 and 120 late payments on my credit report. From what I understand, a single 120 late payment is the equivalent of a BK or judgment. Removing that should significantly boost my credit score, regardless of whether I have to delete the account to do so.

I also have a very lengthy credit history with several other open CCs. So I'm not concerned that the loss of this account will negatively affect that part of my score.