Jump to content

Is sending SYNCB/TJX a Goodwill letter a good idea?


CreditFix123
 Share

Recommended Posts

In 2019, with impeccable credit, I requested a TJMAXX card with Synchrony Bank (SYNCB/TJX) and got approved for $2,000. 

Amidst crisis and turmoil where I live, paying about $200 I owed from a purchase slipped through the cracks. I have 5 negative marks for late payment. I immediately paid the balance in full. In fact,  I always do. The account was closed by the credit grantor. 

 

This small sum owed, essentially ruined my credit and I’m in the process of recovering it now. 

 

Even though I’m sending dispute letters to the 3 credit bureaus, I’m wondering if it’s a good idea to send a request for Goodwill elimination of my marks directly to Synchrony Bank. My credit history since then shows that I pay all my balances in full in a timely way. I even have bank statements of significant purchases made at the TJMAXX stores since. 

The crisis and unrest experienced during the period of time where I live when the late payments were made is a testament to the hardships at that time….which led to notices received about late payments slipping through the cracks. 

 

I’m confident I can make a good case in a Goodwill letter and offer to open a new card once credit is restored, but I don’t even know if its worth a shot and if that kind of consideration is commonly granted. Logic tells me that pleading to the actual bank for consideration would be more efficient than continuing to knock on the bureaus’ doors with disputes. 

 

Any insights or help? 

D9479A63-E928-4337-9703-ED7C98FCF460.jpeg

Link to comment
Share on other sites


Sending a request for goodwill consideration is never a "bad' idea.  Reportedly, Synchrony can be responsive to such requests.  It's recommended that you address such a request to the CEO's office by email.

 

If you haven't sent the CRA disputes off yet, I strongly recommend that you hold off on that action.  Your gut feeling on this count serves you well.

 

In seeking "goodwill" from the lender, you're essentially owning up to the delinquencies as valid, asking consideration for their removal because of extenuating circumstances that (presumably) you addressed as proactively as possible until such time as you brought the account current.  To at the same time dispute the delinquencies as inaccurate with the CRA's sends a very mixed message and suggests you may merely be making an indiscriminate effort to remove the black marks.  That's in direct opposition to the sincerity out of which your goodwill request is best postured.

 

Your goodwill request is best structured as follows:

-- Acknowledgement of the past delinquencies

-- A concise, but reasonably convincing explanation of the circumstances that prevented you from maintaining payments on the account. 

-- A statement to the effect that you brought the account current as soon as it was feasible.

-- A request that in consideration of the underlying circumstances, the credit reporting of those delinquencies by removed.

 

I wouldn't unduly stress the fact that statements and notices were overlooked.  Bottom line, you had knowledge of the outstanding debt and the missed communications weren't the key reason why the delinquency persisted.  (You had access to the account by website and phone, allowing you to check up on the debt in absence of the communications.)  Instead, convey how your circumstances interrupted your functioning in general, and that you were relieved once you brought the account up to date.

 

Other anecdotes re goodwill requests posed to Synchrony suggests that your prospects are reasonably strong.  It's very much in your favor that the delinquency didn't persist beyond 90 days.  And if your credit report is largely free of anything but an infrequent 30 day delinquency, at the worst (outside of this account), it provides a strong testament that you strive to handle your credit obligations responsibly.

 

Best of luck!

 

 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Similar Content

    • By 127B
      What's the best way to maximize your relationship with NFCU? I have that. With them for almost 10 years. I have 3 Credit cards with them, multiple accounts. Any advice?
    • By Roddy1212
      Why Pay for someone to help you build your credit with this tool its very easy and will help you build credit back up in no time!
    • By Chriskinda
      I'm 3 for 3 on firm no's. I don't know what else to do. 
      All CEOs, or their staff, replied saying they are required to report accurate information. As far as I'm aware that is true, but technically, they can choose whether or not to report the account at all? Is it worth responding and telling them that, or am I just wasting my time? The worst ones are paid charge offs from 2017, so I suppose they won't be affecting my credit in the near future. 
      But the most recent is synchrony/paypal credit from 2020. Worst status 120 days late, not charged off, but last 30 day late was in January 2021. Then I paid it off completely. It's tanking my credit score and I really want to get a better interest rate on my car. Side note: being bipolar sucks. I was diagnosed in 2020, it consists of impulsive spending followed by months long depression. I've got a handle on it now that I know what I'm dealing with... But do I really need to wait 7 years to stop dealing with the consequences of my manic episodes?
       Thank you.
    • By Compton56
      Iv been battling this car loan late payment with Ally financial for a year now. Iv called and sent dispute/forgiveness letters to Ally trying to get the 30 days late payment removed but they wont budge. I've always paid a lil more then what's due. Because of Covid I looked up the Fair credit act to see if there's protections for us from having negative marks on our credit during the pandemic but still no luck for me. Does anyone have any suggestion for me this is my only late payment.
    • By Compton56
      I tried a 100 day trial for a mattress and didn't relies I was basically  taking out a small loan. Before the trial ended I refunded the mattress and they gave me back my money and now I have a closed installment account on my report.  All my payments where on time I just want to remove the closed account from my Experian credit report. My original dispute was rejected does anyone have any suggestions?



  • Member Statistics

    • Total Members
      184,365
    • Most Online
      2,046

    Newest Member
    TeamUsaCreditRepair
    Joined
×
×
  • Create New...

Important Information

Guidelines