@oldcreditwoes wrote:
Hi, all
I have two separate accounts from a CU in michigan....both are PIF, and closed now since 2009/2010 one was a car loan, and the other was a revolving LOC.
both had quite a few 30 and 60 day lates at that time...the most recent late payments from 2010.
how long will those 30 and 60 day lates drag down my score? they are aging off now...one month at a time, but are they still dinging my score? at what point do they get ignored by FICO scoring?
I have gotten mortgage and car loans in recent years with no problems at my local CU...so I am just curious, more than anything.
Thanks for any insight.
I agree with NormanPH that there is no way to predict what might happen and how quickly.
The recency of any negative item is one of the most heavily weighted factors within the most heavily weighted category of scoring — payment history — amounting to 35 percent of your score. The longer the time since the negative the less impact it will have, and the higher your score will go.
Scoring looks not only at the severity and recency of negatives but also how many and what kind of negatives are reporting at the same time.
Multiple 30 day lates will impact your profile longer than one or two 30's.
