Helping my friend get lates removed. Goodwill or Pay for Delete?

[EvoX]

A friend of mine needs some help in repairing his credit. From what I've learned, I think he should wait out his bad credit card [falls off June 2013] and goodwill his student loan [would fall off February 2018]. Let me know if you have any experience with these lenders, or suggest otherwise. He has always lived in California. His CreditKarma score is a 619. After some improvement, I think I'll add him as an authorized user on one of my $15k+ limit cards and point him towards some credit unions so he can at least get 1% cashback. Thanks CBers!

 

ASSET ACCEPTANCE

Original Creditor: CHASE BANK/ HERITAGE CHASE/ C

Status: Collection account. $3,644 past due as of Jun 2012.

Status Details: This account is scheduled to continue on record until Jun 2013.

Date Opened: 11/2008

Reported Since: 12/2008

Date of Status: 01/2009

Last Reported: 06/2012

Type: Installment

Credit Limit/ Original Amount: $2,446

Recent Balance: $3,644 as of 06/2012

Payment History: Collection or No Data since December 2008

 

CHASE BANK USA

Status: Transferred, closed.

Date Opened: 06/2004

Reported Since: 06/2004

Date of Status: 12/2008

Last Reported: 12/2008

Type: Credit card

Credit Limit/ Original Amount: $400

High Balance: $1,886

Creditor's Statement: Purchased by another lender.

Account History:

180 days past due as of July 2007 to Nov 2008, Apr 2007, Mar 2007

150 days past due as of Jun 2007, Feb 2007

120 days past due as of May 2007, Jan 2007

90 days past due as of Dec 2006

60 days past due as of Nov 2006

30 days past due as of Oct 2006, Jul 2006, Jan 2006

 

 

SALLIE MAE

Status: Open

Status Details: By Feb 2018, this account is scheduled to go to a positive status.

Date Opened: 01/2007

Reported Since: 07/2011

Date of Status: 10/2011

Last Reported: 05/2012

Type: Installment

Credit Limit/ Original Amount: $24,531

Recent Balance: $27,864 as of 05/2012

Account History:

120 days past due as of Aug 2011

90 days past due as of Jul 2011

 

CITIBANK NY STATE NA [this account is listed under "Good Standing"]

Status: Transferred, closed. Deferred, payment date not reported

Date Opened: 06/2006

Reported Since: 10/2009

Date of Status: 08/2011

Last Reported: 08/2011

Type: Installment

Credit Limit/ Original Amount: $24,531

Account History:

60 days past due as of Jun 2011

30 days past due as of May 2011, Apr 2011, Jan 2011, Oct 2010, Mar 2010

[EvoX]

bump?

[EvoX]

anybody?

[smurfette]

You should check out the student loan portion of the forums, but basically goodwill letters to Sallie Mae to remove lates almost never have any effect. Student loan tradelines are the hardest to clean up.

 

If Chase sold the cc debt to Asset in 2008, it is likely that a PFD to Chase will not work because they no longer own the debt. That said, it might be worth reaching out to the OC to see if they can pull the debt back if your friend wants/needs to pay it (like for a mortgage or a security clearance).

 

You might want to look at the chart for the 1-2 punch to see if your friend can knock off these items from his credit report. As for adding as an AU, it is my understanding that most FICO models will not take that into consideration unless a spousal relationship exists.

[Ssis002]

I emailed Chase and they deleted a CO. Google their email add for the executive offices. It doesn't hurt to try that. They responded rather quickly too.

[EvoX]

You should check out the student loan portion of the forums, but basically goodwill letters to Sallie Mae to remove lates almost never have any effect. Student loan tradelines are the hardest to clean up.

 

If Chase sold the cc debt to Asset in 2008, it is likely that a PFD to Chase will not work because they no longer own the debt. That said, it might be worth reaching out to the OC to see if they can pull the debt back if your friend wants/needs to pay it (like for a mortgage or a security clearance).

 

You might want to look at the chart for the 1-2 punch to see if your friend can knock off these items from his credit report. As for adding as an AU, it is my understanding that most FICO models will not take that into consideration unless a spousal relationship exists.

 

I think I'm going to have him wait out the debt with Chase, since he doesn't NEED credit in the next 12 months.

What do you mean by the chart for the 1-2 punch?

[smurfette]

You should check out the student loan portion of the forums, but basically goodwill letters to Sallie Mae to remove lates almost never have any effect. Student loan tradelines are the hardest to clean up.

 

If Chase sold the cc debt to Asset in 2008, it is likely that a PFD to Chase will not work because they no longer own the debt. That said, it might be worth reaching out to the OC to see if they can pull the debt back if your friend wants/needs to pay it (like for a mortgage or a security clearance).

 

You might want to look at the chart for the 1-2 punch to see if your friend can knock off these items from his credit report. As for adding as an AU, it is my understanding that most FICO models will not take that into consideration unless a spousal relationship exists.

 

I think I'm going to have him wait out the debt with Chase, since he doesn't NEED credit in the next 12 months.

What do you mean by the chart for the 1-2 punch?

 

http://creditboards.com/forums/index.php?showtopic=428895

 

There have been reports of people having success lately with Chase because of some poor accounting practices so it might be worth it for your friend to try to dispute away those tradelines.