60 days late on Citibank SL

[buytheredcar]

First some history and many questions, thanks!

 

I recently checked my CR, it listed a 60 days late on my Citibank student loans from 1999. My excuse is I moved, I checked the little square on the last bill I sent. I dont know what happened, but the bill never came. I tried to call them but Citibank in NY didnt have the number to the Student Loan Corporation. Believe it or not.

 

In a month or so, the bill finally came and I continued paying as usual. My only blackmark in my credit. Since it was like 9 different loans, it looks way worse on paper.

 

I know ultimately its my responsiblity. My record show I have made every payment, even through some umemployment periods. Just makes me mad at myself I guess.

 

My question is:

 

1. Since it was back in 1999, does it still have a serious affect in my scores?

2. How long before it goes away? 7 years? 10 years? Never?

3. If it does drop off eventually, does the (7 years) start from the time when I

was late? Or from the time I totally pay off the whole

amount of the loan then does the (7 years) start? That way I may only have

to wait a couple of more years.

3. I have around 6K left,(loan was for about 25K I think) would paying it off

improve my score and will that look good to lenders even with the late

payments?

4. Is there a way to actually have late payments removed or have it reduced to

30 days late? Anyway to negotiate to have that removed?

 

I'm reading about others situation, like writing to the DoE , etc.. I dont know if thats even applicable to my situation but if someone can give me some advice on ways to get rid of the late payments, that would be great.

 

Thanks again!

[ziggypop]

First some history and many questions, thanks!

 

I recently checked my CR, it listed a 60 days late on my Citibank student loans from 1999.  My excuse is I moved, I checked the little square on the last bill I sent.  I dont know what happened, but the bill never came.  I tried to call them but Citibank in NY didnt have the number to the Student Loan Corporation.  Believe it or not.

 

In a month or so, the bill finally came and I continued paying as usual.  My only blackmark in my credit.  Since it was like 9 different loans, it looks way worse on paper. 

 

I know ultimately its my responsiblity.  My record show I have made every payment, even through some umemployment periods.  Just makes me mad at myself I guess.

 

My question is:

 

1. Since it was back in 1999, does it still have a serious affect in my scores?  Probably not, especially since this is your only "baddie."  It was quite a few years ago.

2. How long before it goes away?  7 years? 10 years? Never?  7 years

3. If it does drop off eventually, does the (7 years) start from the time when I was late? Or from the time I totally pay off the whole amount of the loan then does the (7 years) start?  That way I may only have to wait a couple of more years.  You're almost done.  It's 7 years + 180 days from the time it was late.  If it was in 1999, you only have until next year.

3. I have around 6K left,(loan was for about 25K I think) would paying it off

  improve my score and will that look good to lenders even with the late

  payments?  It won't really make that big of a difference and since SL rates are so low, it probably won't help you much to use your savings for this.  Again, the late payment is about to fall off next year and it's old enough that it probably isn't doing too much to your score at all anymore and, even in a manual review, you have had quite a few years of good payment patterns since then, so it's probably not having too much of an effect there, either. 

4. Is there a way to actually have late payments removed or have it reduced to

  30 days late?  Anyway to negotiate to have that removed?  You can try writing a goodwill letter to Citibank asking that it be removed, especially now that you've had quite a few years of good payment history since then.  Goodwill letters are comparatively less effective with SL lenders than with other creditors, but it can't hurt.  Others may suggest a "never late" letter first, but those work so rarely that I don't know that it would really do all that much (again, SL lenders tend to be a little less amenable to these types of arguments).  You might try a search of the SL forum to see if anyone has posted about a positive "never late" with Citi to see if it would be worth it.

 

I'm reading about others situation, like writing to the DoE , etc..  I dont know if thats even applicable to my situation but if someone can give me some advice on ways to get rid of the late payments, that would be great.

 

Thanks again!

<{POST_SNAPBACK}>

 

Good luck!! Hope this helps!!

[buytheredcar]

Thanks Ziggy.. your reply was very helpful. Youre right it was along time ago, I shouldnt stress too much about it...

thanks again.

[Q]

Goodwill won't work either, tried that last year with them. Citibank didn't even budge, and my students loans were paid off.

[Q]

By the way, PFB didn't work either.

[tindung]

Hey buytheredcar,

 

The Citibank student loan website is www.studentloan.com. Go to that website, and you will find their phone number.

 

I had a different experinces with Citibank. Citibank actually deleted all the late payments I had on their loans. I had like 20 student loans with them.

 

I suggest that you write a goodwill letter to them. explain that you always pay on time before you moved, and you did not get the bill when you moved to the new house. Emphasize in the letter that you are grateful for the service they provide...blah...bhah....etc. Then saying that the late payments had tremendous impact on your creditworthy and now you need to apply for mortgage...etc.

 

I remembered before the goodwill letter, I was rejected by MBNA (for a credit card) and the reason was that I had a history of late payment ( man, 20 student loans!!!). But after Citibank deleted my late payments (after goodwill and consolidation of the loan), I was easily approved for every cards I want.

 

 

Try the goodwill letter, the worst thing is they reject the good will letter but you can always try couple more times. Persistent goes a long way.

 

 

Good luck, man.

[buytheredcar]

Tindung,

Hey thanks for the advice. I will go ahead and write the good folks at Citibank a Goodwill letter. I have nothing to lose right?

Good to know someone has had good luck with them too.

Good for you!

Thanks.

[cgibisser]

Hey buytheredcar,

 

The Citibank student loan website is www.studentloan.com. Go to that website, and you will find their phone number.

 

I had a different experinces with Citibank.  Citibank actually deleted all the late payments I had on their loans. I had like 20 student loans with them. 

 

I suggest that you write a goodwill letter to them. explain that you always pay on time before you moved, and you did not get the bill when you moved to the new house.  Emphasize in the letter that you are grateful for the service they provide...blah...bhah....etc.  Then saying that the late payments had tremendous impact on your creditworthy and now you need to apply for mortgage...etc.

 

I remembered before the goodwill letter, I was rejected by MBNA (for a credit card) and the reason was that I had a history of late payment ( man, 20 student loans!!!).  But after Citibank deleted my late payments (after goodwill and consolidation of the loan), I was easily approved for every cards I want.

 

 

Try the goodwill letter, the worst thing is they reject the good will letter but  you can always try couple more times.  Persistent goes a long way.

 

 

Good luck, man.

<{POST_SNAPBACK}>

 

Tindung,

 

Who/Where did you address your goodwill letter to at Citi?

 

Thanks,

Charles

[Q]

Whoa!!! Thanks for bringing this thread back up as Citibank did remove my lates as well. I got my results with a goodwill letter through PFB. My goodwill letter did not work though.

[cgibisser]

Whoa!!!  Thanks for bringing this thread back up as Citibank did remove my lates as well.  I got my results with a goodwill letter through PFB.  My goodwill letter did not work though.

<{POST_SNAPBACK}>

 

 

Q,

 

Did you send your PFB letter to Citibank NA or elsewhere? Just want to make sure I send it to the right place.

 

Also, what options/topics did you select? Did you send it as a complaint, question, etc.

 

As much info as you can provide would be greatly appreciated.

 

Thanks,

 

Charles

Edited February 16, 2005 by cgibisser

[tindung]

Hey Charles,

 

 

I sent my letter to

 

Credit Dispute Department

Citibank USA, N.A.

P.O. Box 6191

Sioux Falls, SD 57117

 

 

I don't have a specific person to send to. so I just use the common phrase Dear Sir/Madam.

 

If you have solid evidence that they reported you wrong then I think you can complain. Otherwise, I suggest you try to be polite as much as possible, For example, by telling them you are grateful for their service and you "don't know" why the CR report shows you are late. And you think it is the CRA mistake (and not Citibank).

 

 

Thus, you need Citibank's help to correct the mistakes ...blah...blah.

 

Emphasize that you are always on time and you are looking for a mortage and this late payment has tremendous impact on your credit worthy...etc.

 

 

I believe the goodwill letter is a crap shot. I succeeded and someone failed. But I think it's worth to try (even couple times). You don't even have to send certified mail. Citibank is very good in responding to credit dispute letter.

 

 

Good luck, Charles.

 

 

Tindung

[Q]

Whoa!!!  Thanks for bringing this thread back up as Citibank did remove my lates as well.  I got my results with a goodwill letter through PFB.  My goodwill letter did not work though.

<{POST_SNAPBACK}>

 

 

Q,

 

Did you send your PFB letter to Citibank NA or elsewhere? Just want to make sure I send it to the right place.

 

Also, what options/topics did you select? Did you send it as a complaint, question, etc.

 

As much info as you can provide would be greatly appreciated.

 

Thanks,

 

Charles

<{POST_SNAPBACK}>

 

I selected complaint, but that was for my situation though. Just do both. Some people had success with the PFB way and others had success the opposite.

[cgibisser]

Tindung & Q,

 

Thanks for your time and information.

 

Charles