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Are there "degrees" of 90 day lates?

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AbsentMindedProfessor
Contributor

Are there "degrees" of 90 day lates?

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.




Starting Score: 578 (3/11/13)
Low Score: 501 (9/28/13)
Current Score: 738 (8/7/15)
Goal Score: 720


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randyrhodes
Established Contributor

Re: Are there "degrees" of 90 day lates?

As time goes by the impact is less. Although 90 days late is a major derog. The sting lessens insay two to three years. ALSO...something a lot of people don't understand is if you have gone 90 days late and only make one payment and not catch up the 90 completely it'll start reporting 60 days late every month instead of pays as agreed or OK in other cases. Good luck
Message 2 of 3
rckstrscott
Valued Contributor

Re: Are there "degrees" of 90 day lates?


@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

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
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