potter28

Your post was very interesting. You have come a very long way from a bad situation. Congratulations to you. Maybe it would be helpful for anyone like myself for you to try to prioritize in another post exactly what you want to do first. It looks as if the Chase lates are the most important intervention for you to begin working to complete. This is what you said, "My CR lists a total of 5 late payments, 3 of which are ‘60 days late’ (Mar 05, Apr 05, May 05) and then a ‘30 day late’ for both Jan and Feb of 2005. " If I understand correctly, your decision seems to revolve around whether to try to get the lates off now or in the future. If this is correct, my suggestion would be to do it now. Start working on the goodwill letter now to Chase. Then, once you have one composed, come back and ask for an opinion. Sound good? Thanks for your response and kind words! The thing I had wondered about in relation to my question was what would be the course of action that would give me the best results. I'm thinking that a goodwill letter is the best route to take and if they say no, I'll see if I can dispute. Thanks again for your advice!

*bump* Would really appreciate anyone's advice!

Hey all, I must first start out with a HUGE ‘thank you’ to CB, for I have learned so much in the past year reading this site than I had learned during my 30 plus years using credit. I count my self extremely lucky to have stumbled across this amazing place in my quest to become debt free! Now, a little about my situation... In mid 2001 I was laid off by my employer of 12 years due to cutbacks. By this time I had accumulated a sizable amount of debt due to my son’s medical problems and just day to day living on the small salary I got from this most awful former employer. After I lost my job the only work I was able to find were short term contact jobs that compensated me just enough to continue with the minimum payments on all of my cards. However, in 2005, my hardship program with my Chase Visa (formally Bank 1 Visa, originally my First Chicago Visa) came to an end while I was in-between jobs and I was unable to pay the new, higher minimum payment in time. Over a period of four very dark and depressing months where my interest rate shot up to 30% and I was hit with numerous late fees and over the limit charges, the balance skyrocketed, five late payments had been posted on my credit report and I permanently lost charging privileges on a card that I had for nearly 20 years. To add insult to injury, another credit card, my Citi MasterCard, was up for renewal right in the middle of this. Needless to say, the card was not renewed and closed, due to the late payments that had been posted on my credit report when I had never had any problem with them. This was particularly upsetting because this was my first (and oldest) card which I got in 1978. As of today, I have been gainfully employed by an AMAZING company for two years and am on my way of becoming completely and permanently debt free in ten months. The thing I am wondering about though, is what is the best way to go about removing the late payments from my Chase account? If that is at all possible. At the time this was happening, I of course called to tell them about the situation and was told by a CSR that they would not report me as late, which they did anyway. My CR lists a total of 5 late payments, 3 of which are ‘60 days late’ (Mar 05, Apr 05, May 05) and then a ‘30 day late’ for both Jan and Feb of 2005. This right there confuses me because how could I have three 60 day lates all in a row? Anyway, I am considering trying to squeeze some goodwill out of the Chase and wondered would it be better to ask for the lates to be removed while I still have a balance or should wait until it is paid off (in four months time) and petition then? I’ve also been reading about the option of disputing the TL on my credit report and getting the entire account, along with the lates, from my credit report once it is paid off. At this point it really does not matter to me whether I get the account (or any account with Chase) open again, I would just like these baddies gone. I am afraid though if they look at the account, see that everything is indeed valid and do not remove the account. Will I suffer any aftereffects then? As for an account I WOULD like to have open, that would have to be my Sears/Citi MasterCard. I still have a balance of 7K, which will be paid off in 10 months time. I have never been late or over the limit on this card; a CSR even described my record with the company as ‘pristine.’ Does anyone have any experience out there regarding this matter? Although these two accounts are listed as ‘closed by credit grantor’ on my credit report, they still contribute to my total revolving credit (as well as history) as far as I can tell. The reason I say this is because it shows my overall utilization at 45% whereas if the credit limits were $0 my utli would be over 90%. Is this a glitch in my report or am I misunderstanding how that aspect of the scoring works? Many thanks in advance if any advice can be given regarding my situation! Thanks guys and gals!