General Credit Topics

[Cb86]

Just wondering how long it takes my fico to raise? My score is 564. The only thing hurting my credit is the history of late payments. I got an auto loan in may and have been making payments on time.

[laz98]

Welcome to the forums! 

How old are your late payments?  Your scores will improve as the late payments age & drop off of your reports, & as your positive history grows.

[Cb86]

The most recent late payment was 2 years 6 months. I have a new credit line of good payments on time for 6 months now.

[laz98]

How many lates are we talking about?  Are they just 30-day lates, or more serious?  30-day lates shouldn't be hurting your score quite as much after 2 years, but if you have 60 or 90-day lates, those are probably keeping your scores down.  Combined with having very little & very new positive credit, it could be a little while before you see a vast improvement in your scores.

[Cb86]

Thanks for your help!

[Fenerbahce]

Usually after 2 years have passed since your most recent late payment, your scores are affected very minimally. My last and only 30 day late was about 2 and a half years ago and I noticed improvement in my scores after the 2 year mark. Then again, this all depends on how many lates, whether they are 30-60-90, and how much new good credit you have reporting. To keep it simple, have good revolving credit with utilization below 15% and continue making your payments on time. After 2 years you should at least be in the 600's with your score.