? regarding late payment aging

[hawaiitony]

I have 3 60-day lates and 1 30-day late which will pass the 2 year mark as of 10/1, but have one more 60 and one more 30 that are under 2 years. Should I expect to see any kind of score boost with the aging past 2 years of the 4 derogs or will I stay about the same until the remaining ones go past 2 years?

[Anonymous]

IMO- Fico really only pays attention to your most recent and most severe baddie-

I would not expect any big jumps until you hit 2 years clean-

Try the Fico simulator-

[Miner]

When my most recent lates went from 2.5years to 3 years old, I got a whole 1 point on my EQ score (haven't check the others yet), though I also had 2 new loans (car and home) go from 6months to 1 year around the same time.  Utilizaton remained around 9%.

When I think of my scores from 1 and 2 years before, I guess I did get a good bump at the 2 year mark, but apparently 3 years isn't such a big deal.  I've been on a plateau for 6 months, and I've been assuming that any big moves will start to happen when the oldest lates start falling off in 2010. 

But, you are saying that when the oldest 20 of my 48 lates fall off (they all happened between 2003-2005), it won't effect my score very much, but the aging of my most recent lates will?  I would have assumed that someone with 12 lates would be much more credit worthy then one with 48.

Message Edited by Miner on 09-30-2008 08:42 PM

[Anonymous]

The scoring formula is much simpler that we think-

But it also a double edged sword - it take the most recent date and the most severe- the number of major degors does not matter over 2.  you could have 50 30 day lates and then a 60- Fico will only see the 60

This is why FICO says "get current and stay current"  -

This is why people that never have lates after BK can recover a score quickly

This is why someone that has a few years of clean payments gets smashed with a 30 day late.

So yes- it's not about the number of lates-

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Miner wrote:

When my most recent lates went from 2.5years to 3 years old, I got a whole 1 point on my EQ score (haven't check the others yet), though I also had 2 new loans (car and home) go from 6months to 1 year around the same time.  Utilizaton remained around 9%.

When I think of my scores from 1 and 2 years before, I guess I did get a good bump at the 2 year mark, but apparently 3 years isn't such a big deal.  I've been on a plateau for 6 months, and I've been assuming that any big moves will start to happen when the oldest lates start falling off in 2010. 

But, you are saying that when the oldest 20 of my 48 lates fall off (they all happened between 2003-2005), it won't effect my score very much, but the aging of my most recent lates will?  I would have assumed that someone with 12 lates would be much more credit worthy then one with 48.

Message Edited by Miner on 09-30-2008 08:42 PM

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[Anonymous]

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@Anonymous wrote:

The scoring formula is much simpler that we think-

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Haha you took your funny pill this morning!!

[hawaiitony]

As a follow-up, I decided to pull my scores today. None have changed even a point.

[Anonymous]

The lesson to learn from all this is, if you're looking to clean up your credit, focus on the most recent derogatory entry on your CR.  Gunning for older entries is next to useless.

[Anonymous]

Yep- 

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TheNewWorldMan wrote:
The lesson to learn from all this is, if you're looking to clean up your credit, focus on the most recent derogatory entry on your CR.  Gunning for older entries is next to useless.

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[rob22]

Good news to know that the number of lates do not factor mush into current fico.... does anyone know if a mortgage or other lender gets to see the number of older lates or do they just get the calculated fico?

[Anonymous]

Key here is "current FICO" - I have a feeling this might change with future versions.

Yes- mortgage co's see ALL of your lates.

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rob22 wrote:
Good news to know that the number of lates do not factor mush into current fico.... does anyone know if a mortgage or other lender gets to see the number of older lates or do they just get the calculated fico?

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