60/90/120 day lates affect on scores

Anonymous · ‎04-13-2016

I've searched and read the different views on how long 60/90/120 day lates affect scores. But would they still have the same affect on a paid & closed account? I had a BoA cc that defaulted in June 2009 & eventually was CO'd and is currently showing 3 120-day lates. I settled it in either Jan 2010 or 2011 though. It's already been excluded from EX & TU and will fall off May 1st on EQ. I'm just curious if these 3 120s are hurting me in any way still and if my score will improve at least a couple of points once the CO is removed next month (a girl can hope can't she? Lol). EQ is showing 560 for me while TU & EX are around 605.

Anonymous · ‎04-14-2016

I've read that lates are lates, regardless of if the account is open or closed so I would say that yes, those lates on the closed account are still negatively impacting your score. Having been from quite a while ago I'm sure they are impacting it less than they were a few years ago, but I would think when they fall off completely you'll see an increase to your scores.

Anonymous · ‎04-14-2016

The 120 lates will have a negative effect on your scores until they reach 7 years.

Anonymous · ‎04-14-2016

@Anonymous wrote:
I've searched and read the different views on how long 60/90/120 day lates affect scores. But would they still have the same affect on a paid & closed account? I had a BoA cc that defaulted in June 2009 & eventually was CO'd and is currently showing 3 120-day lates. I settled it in either Jan 2010 or 2011 though. It's already been excluded from EX & TU and will fall off May 1st on EQ. I'm just curious if these 3 120s are hurting me in any way still and if my score will improve at least a couple of points once the CO is removed next month (a girl can hope can't she? Lol). EQ is showing 560 for me while TU & EX are around 605.

You will see improvement from the removal of the CO and lates as those are all considered major derogs. How much is dependant on what other derogs remain....

Anonymous · ‎04-14-2016

Okay, thanks guys. That's what I was thinking and hoping to hear. I don't expect a huge jump as I still have 7 collections (4 medical) and a CO small loan (which is now paid but waiting for balance to update) and 3 very recent 30-day lates but anything is better than going back down.

RobertEG · ‎04-14-2016

Open, closed, paid, or unpaid, prior derogs, such as monthly delinquencies, charge-offs, and collections, continue to be scored by FICO until they are excluded based on their credit report exclusion dates. Monthy delinquencies of 90+ days, charge-offs, and collections are major derogs, and continue to have significant scoring impact until they are excluded.

Once derogs become excluded, they are legally barred from your credit report, and thus cease to have any scoring impact.

However, as long as you still have other major derogs in your report and scoring, you remain in a less favorable scoring category ("bucket"), and wont usually see significant scoring improvements until your last major derogs are gone.

Anonymous · ‎04-14-2016

Okay that makes sense. Thanks!

Anonymous · ‎04-14-2016

@RobertEG wrote:
Open, closed, paid, or unpaid, prior derogs, such as monthly delinquencies, charge-offs, and collections, continue to be scored by FICO until they are excluded based on their credit report exclusion dates. Monthy delinquencies of 90+ days, charge-offs, and collections are major derogs, and continue to have significant scoring impact until they are excluded.

Once derogs become excluded, they are legally barred from your credit report, and thus cease to have any scoring impact.
However, as long as you still have other major derogs in your report and scoring, you remain in a less favorable scoring category ("bucket"), and wont usually see significant scoring improvements until your last major derogs are gone.

I have a question. I have a cap one that has been charged off a couple years. They still update every month with a late payment. I am up to 28 now. I understand they can update and report each month but can they with another late payment?

Anonymous · ‎04-14-2016

I just disputed some lates on my credit report, when I paid off a few cards in full (bad credit mistakes) I got a letter indicating they'd remove all of my lates if I PIF'd them. Well I PIF'd them and checked my credit report in March (First time in about 5 years) and found they had reported them anyway. I disputed this with a TU and EQ and submitted the letter I saved from them and my score shot up 30 poitns in a month just getting the payment history deleted (had 1 120 1 60 1 30)

Anonymous · ‎04-14-2016

@Anonymous wrote:
I just disputed some lates on my credit report, when I paid off a few cards in full (bad credit mistakes) I got a letter indicating they'd remove all of my lates if I PIF'd them. Well I PIF'd them and checked my credit report in March (First time in about 5 years) and found they had reported them anyway. I disputed this with a TU and EQ and submitted the letter I saved from them and my score shot up 30 poitns in a month just getting the payment history deleted (had 1 120 1 60 1 30)

Was your a Capital one account?