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Myfico score

New Member

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.
5 REPLIES
Senior Contributor

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

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.
Senior Contributor

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

Re: Myfico score

Thanks for your help!
Valued Member

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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