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Hello,

I have a long standing relationship with a local bank. Last summer I took out a $10K 30 day signature loan to cover short term expenses when a commission was delayed for the umteenth time (I am in the real estate business). I wound up a little late paying off the last $2K, like 45 days. This is the only blemish on my credit report. I am wondering if the bank can have this removed, assuming they want to. I am also wondering how much this impacts my credit.

Thanks,

WHM
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WHM,

Here is my take on the situation, although, there are others on this board who are much more knowledgable.

It would not hurt to ask the bank which you have a long standing relationship with to remove the late notation off of your credit report. I would sing the song of how much business you give them, how long you have been a customer, how you have never been late, etc. The worst case scenario is that they will not remove it but try being persistent and maybe it will work out. I would not talk to the customer service rep, I would request to deal with the branch manager.

I think those notations of late payments will cost you some points off your score, but overall, if all other accounts have on-time payments then it should not impact too much.

Sheer
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I agree to try because the worst the bank can do is say "no". It may be more difficult because it was almost 2 months late.

If you are planning to purchase real estate or an automobile, it won't hurt you greatly after 2 years. If you looking into credit cards, it may hinder you depending on the amount of "good accounts" you have on your report and your length of history.

RxCPhT

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The question is CAN the bank change the tradeline reported to the credit bureaus. The answer is yes. The next question is can you get them to do it?

xtn
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