Credit Cards Center Credit cards from our partners
Reply
Highlighted
Valued Member
Posts: 32
Registered: ‎07-04-2009
0

About lates..

So i am really confused on how lates work as far as dropping off. A current account that has had lates will drop when? Do those lates drop at 7 years from each particular late? When they say an account in good standing that's closed can stay for 10 years, does the "was late ... days ...times" stay the 10 years too? Do they change it to never late after 7 years and before 10 years? Lot of questions i know but i've been wondering this for a while. Thanks.
Senior Contributor
Posts: 4,301
Registered: ‎05-01-2008
0

Re: About lates..

I know that each late drops at the 7 year anniversary. ThenI believe, if the acct wasn't a co, it looks like a good TL.

 

I have had many drop before.  I have had entire bad accts drop early!  Those were co's & I don't think they EVER would end up as good TL's.  A couple others were CA's.



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 07/2015 TU 730 - EQ 699 - EX 724
Goal Score: 850

Bury me in the garden...last app 08.09.15

Community Leader
Epic Contributor
Posts: 26,021
Registered: ‎03-19-2007
0

Re: About lates..

 

Each individual late with the OC drops from credit reproting, under FCRA (a)(5), at 7 years from its individual date of delinquency.

The account does not drop, only the ability of the CRA to include prior delinquencies under the OC account after 7 years.

If a derog has passed its 7 years, the CRA is prohibited from making any reprot to or reference of it.

It cannot be included in any derogatory manner in any CR after 7 years from the date of each individual delinquency.

Senior Contributor
Posts: 4,301
Registered: ‎05-01-2008
0

Re: About lates..

Robert....would that include co accounts??  Just wondering.  Would that CO satatus drop & then it looks good??


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 07/2015 TU 730 - EQ 699 - EX 724
Goal Score: 850

Bury me in the garden...last app 08.09.15

Epic Contributor
Posts: 22,398
Registered: ‎01-17-2008
0

Re: About lates..

Senior Contributor
Posts: 4,301
Registered: ‎05-01-2008
0

Re: About lates..

That's what I thought...so I gw'd to remove!  FTW!


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 07/2015 TU 730 - EQ 699 - EX 724
Goal Score: 850

Bury me in the garden...last app 08.09.15

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.