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I had a single 90 day late payment almost five years ago (unfortunately, it was to a student loan company that reports four distinct tradelines (one for each year of school) so it shows up four times.
My fairly simple question: once it's a 90 day late is it just as detrimental on the 5th day after it's reported as the 2,550th (just shy of seven years) or does the impact start to lessen at somewhat defined points (i.e., after three years it means a bit less and then after 5 even less)?
I'm sure this has been asked before, but given how common the term 90 days is, it was difficult to locate an answer.
Thanks in advance.
@AbsentMindedProfessor wrote:I had a single 90 day late payment almost five years ago (unfortunately, it was to a student loan company that reports four distinct tradelines (one for each year of school) so it shows up four times.
My fairly simple question: once it's a 90 day late is it just as detrimental on the 5th day after it's reported as the 2,550th (just shy of seven years) or does the impact start to lessen at somewhat defined points (i.e., after three years it means a bit less and then after 5 even less)?
I'm sure this has been asked before, but given how common the term 90 days is, it was difficult to locate an answer.
Thanks in advance.
I definitely lessens incrementally. 90 day late payments, as mentioned in the previous response, are pretty negative listings. Credit SCORING will be greatly improved after you hit the 5 year mark on lates that bad, but alot of lenders will not give you new credit with those kind of marks on there, no matter what your credit score it.
Have you tried to send a GW letter for the removal of the 90 day late?
-scott