Credit score when late payments reach 2 years?

[Anonymous]

I keep reading that after 2 years, late payments don't matter as much.  Does that reflect in the score itself, or is that something that the lenders just look at.  My last late payment was in November 2010, so it's reaching the 2 year mark soon.

[JohnPTEX]

My understanding is that lates continually hurt your score but hurt it less as time goes on - I've never heard of the "two year mark" though - I'd be interested to know this answer too!

[westo12]

I've read that 30 day lates pretty much run out of steam around 2 years, where as 60+ day lates are key derogs and pretty much affect your score for the entire 7 year period, until they age off.

[bahbahd]

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@westo12 wrote:

I've read that 30 day lates pretty much run out of steam around 2 years, where as 60+ day lates are key derogs and pretty much affect your score for the entire 7 year period, until they age off.

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I have heard that 30 and 60 day lates mainly hurt the most in the recent 2 years then less and less. The 90, 120,150 and 180+ are the ones that hurt for the long haul.

[Shogun]

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@bahbahd wrote:

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@westo12 wrote:

I've read that 30 day lates pretty much run out of steam around 2 years, where as 60+ day lates are key derogs and pretty much affect your score for the entire 7 year period, until they age off.

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I have heard that 30 and 60 day lates mainly hurt the most in the recent 2 years then less and less. The 90, 120,150 and 180+ are the ones that hurt for the long haul.

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+1

[mtrsprt]

A 30 day late will bounce back as early as the one year mark.  For affecting a score that is.

A friend has a 30 day late from November of 2011.  His score dropped 32 points from 653 to 621.  His score is now is back up to 652 after 10 months.  This was with NO other changes on his report in the 10 month period.  YMMV.

[westo12]

I had a 30 day late hit 6 months last month and got a little score bump because of that too.