Back in March of 2020 I got behind on a number of my credit cards. I spoke to all of them and made arrangements to make payments. Fast forward to today, I sent the following letter to them to attempt to delete the late payments . I got responses from three credit card companies, they are completely ignoring it.
"Effective January 31, 2020, creditors should have changed the way they are reporting late payments. In light of the recent CARES Act, creditors should not report any late payments to the credit reporting agencies during the CARES Act period* to avoid harming my credit score. This change is temporary, and applies ONLY during the CARES Act period as defined below.
On March 27, 2020, the United States congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to help Americans during this uncertain time. Among other things, the Act is designed to help protect my credit during the pandemic.
Based on this information about my rights and protections under the CARES Act please remove any late payments you have reported to the credit agencies ASAP.
* CARES Act Period- Requirements apply to certain consumer account payments made between January 31, 2020 and the later of either: 120 days after March 27, 2020 or 120 days after the national emergency concerning COVID–19 ends."
I am able to pay off my credit card, car and student loan (everything except my mortgage.)
I have read that paying off most of your debt lowers your credit score. (Something about if you don't have to make payments then you can't show you make payments on time.)
It has taken me years to get my 844, so of course I don't want it to drop. But I don't think I'm up for paying interest just to keep my score high.
Also, if I pay my accounts in full, and use a credit card and carry a balance in the future, will my score lower more because the balance of what I owe has increased?
I want to dispute two of my personal loans as having zero balances. Then use the resulting score bump to hopefully increase my chances of getting instant approval. Will this work or will the disputes cause potential instant approvals to automatically fail? I know, I know, once it's to an underwriter they'll be some explaining to do but will disputing help for auto approvals?
Yay!! My Equifax score finally hit 802! I almost cant believe that my score has risen to this level. Im now focused on raising Experian and Transunion. Ex and TU both still show my Bk. Ive disputed each CB a few times to no avail. Ex even told me over the phone that it was going to do the deletion. But, no dice. Ill keep reading and hoping that I finally will get Ex and TU to move.