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Late payments & their influence - First Post

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DeeDee642
Valued Member

Late payments & their influence - First Post

Hi,

I discovered this forum this weekend and it has been so helpful. I have a credit score of 616. I have about 10 different account with various 30, 60, & 90 day late payments. I would say that the most recent negative report was 2005. So they are like 4 years old. How much of an affect do you think they are having on my account? In some of my research it said that the "age" of the late payments was taken into consideration. Also, I would say that about 1/3rd of these will be hopefully dropping off in the next year. If it is true that they drop off after 7 years. Has anyone else been in a situation like this and could tell me if and by how much their score improved?

Thanks,

Dee

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Late payments & their influence - First Post

All are bad, but 60 and 90 real bad.

 

The older they get, slowly they have less impact, but they will have impact till they drop.

 

An old 30 day really becomes harmless at 4 to 6 years.  But mulitples with 60 and 90 in combination is hurting you.

 

You should consider the GW process on some of these.

 

 

Message 2 of 4
DeeDee642
Valued Member

Re: Late payments & their influence - First Post

Thanks for you reply. I just discovered this forum this weekend. I do know that G.W. is a goodwill letter. Some of these negative late payments are from 2002. Should I focus on those because they happened the longest time ago or just let those drop off (hopefully) this next year and focus on the ones that are not going to fall off for another two years? Do people have pretty good luck with these type of letters?

Thanks so much,

Dee

 

 

Message 3 of 4
Anonymous
Not applicable

Re: Late payments & their influence - First Post

No.  2002 lates are going to drop soon and are hurting you the least (7 years they drop).  If they still show at 7 years from the reported late, dispute to the CRA as "too old to report"

 

Concentrate on the newer ones which affect you more adversely.

 

Order of prioritization:

1.  Recent

2.  How late (work 90's first, then 60's, then 30's in order of most recent)

 

 

Message 4 of 4
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