CH7 Lates Reporting on CRs.

Anonymous · ‎07-17-2016

Good Day! I have 28 lates being reported on my CRs, from 2014 thru 08/15. My BK was discharged 12/28/15. How long will my lates continue to impact my credit score(s)?

Anonymous · ‎07-17-2016

Bankruptcy doesn't stop creditors from reporting lates. They will continue to report until the account falls off.

Anonymous · ‎07-17-2016

I've read someplace it's less of an impact after two years of discharge date. Dunno if that is a true statement?? Will it put a damper on my scores until they fall off?

Anonymous · ‎07-17-2016

@Anonymous wrote:
I've read someplace it's less of an impact after two years of discharge date. True, everything on your report has less of an impact as it ages Dunno if that is a true statement?? Will it put a damper on my scores until they fall off? Sadly yes - any lates that occurred before filing will stay with you - the good news is that the account falls off at 7 years from the date of >>FIRST<< delinquency...so they may fall off a lot sooner than the BK itself

Anonymous · ‎07-18-2016

They will continue to affect you until they fall off which is 6.75 years from reporting. Ideally if you missed one or two that's not too bad, however if it was more then sometimes that's a concern for some lenders. Generally if you were late, once or twice (without banko) you can recover from them at least 6 months after credit score wise, and with a general staetment as to why you were late would usually satisfy lenders.

Anonymous · ‎07-18-2016

Thanks

Scupra · ‎07-18-2016

Off memory so please someone correct me if I am wrong... I think at 2 years they hurt less and at 5 years even LESS.

Scupra · ‎07-18-2016

@Anonymous wrote:
Bankruptcy doesn't stop creditors from reporting lates. They will continue to report until the account falls off.

OP was not asking for them to be removed due to BK Late payments also fall off after 7 years, not when the account drops off.

Anonymous · ‎07-18-2016

It might also depent on the lender Sculpra. I applied for a personal loan a few months back with US Bank, and they would have given it to me except for the fact that I had a 30 day late that didn't show on my credit report, but was "listed" so they denied it since they didn't want any lates. I didn't really understand that, since it didn't show on any of my credit reports.

Scupra · ‎07-18-2016

@Anonymous wrote:
It might also depent on the lender Sculpra. I applied for a personal loan a few months back with US Bank, and they would have given it to me except for the fact that I had a 30 day late that didn't show on my credit report, but was "listed" so they denied it since they didn't want any lates. I didn't really understand that, since it didn't show on any of my credit reports.

I was specifically answering, "How long will my lates continue to impact my credit score(s)?"