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New Member
Posts: 6
Registered: ‎12-03-2012
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Myfico score

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.
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Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
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Re: Myfico score

Welcome to the forums!  Smiley Happy

 

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.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
New Member
Posts: 6
Registered: ‎12-03-2012
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Re: Myfico score

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.
Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
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Re: Myfico score

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.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
New Member
Posts: 6
Registered: ‎12-03-2012
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Re: Myfico score

Thanks for your help!
Valued Member
Posts: 40
Registered: ‎04-18-2008
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Re: Myfico score

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.

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