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New Member
cubiclemonkey
Posts: 10
Registered: ‎08-04-2012
0

Effect of aging of late payments

I did a pull of all three credit scores today on the Equifax site today, and all were in the 680s (scratch my early post on the discrepancies between the scores).

 

The Good News: I've pulled up my scores around 100 points in the past six months, by getting goodwill removal of lates on my mortgage and lowering my credit utilization to 3%.

 

The Bad News: After getting the standard from letter on GW requests, I'm stuck.  

 

Besides a six-year-old charge off on PayPal, the only things I have left are these late payments:

 

30-day: One in November 2011 and one in April 2012 (both on credit cards)

60-day: Two in November 2011 and one in December 2011 (all on student loans)

 

What kind of progress in my score should I expect to see in the short- and mid-term as these lates age? 

 

And -- I know this isn't the forum for it -- but when can I expect a CLI increase on my two credit cards, both with a CLI of $1500, without a hard pull?

 

I'm hoping to get a loan for a new car this week and refi my house in the summer or fall of next year.

 

Thanks in advance.

Valued Contributor
annielorie
Posts: 1,207
Registered: ‎02-19-2012
0

Re: Effect of aging of late payments

What cards and how long are they open

 


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New Member
cubiclemonkey
Posts: 10
Registered: ‎08-04-2012
0

Re: Effect of aging of late payments

They are both a little over two years old. (I've had other CCs in the past with higher balances and without late payments, if that helps.)

 

Chase Amazon -- $1500 CL. I had a 30-day late payment in November 2011, and went a bit over my CLI about the same time.

 

Capital One Platinum -- $1500 CL. I had a 30-day late payment in April 2012.

Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: Effect of aging of late payments

Lates are killing my score as well. I got this from credit union website. I hope its true!

 

Payment History: 35%

This category includes payment history information about several different types of accounts such as credit cards, retail accounts and installment loans. Many factors are considered including number of past due items on file, amount past due on delinquent accounts or collection items and severity of delinquency (how long past due)1. Below is a chart depicting the weight assigned to each year of an individual’s payment history:

Timeframe
Approximate Weight Assigned To Year
Most recent 12 months
40%
Prior 12 to 24 months
30%
Prior 24 to 36 months
20%
Prior 36 to 48 months
10%
Older than 4 years
0%

 



Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
New Member
cubiclemonkey
Posts: 10
Registered: ‎08-04-2012
0

Re: Effect of aging of late payments

Thanks for that, Unique. That's a big help.

 

I'm guessing that means, lates count for 100% the first year, 60% the second year, and so on.

 

I've managed to bump my score up 100 to 140 points in six months. It looks like it's going to take another 3.5 years to increase it again by the same amount.

Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: Effect of aging of late payments

Your welcome,

 

Since student loan lender denied removing after several GW letters I decided to wait it out. Congrats on your success. I went from 523 March 2012 to 643 November 2012 thanks to myFICO forums. I have learn that time heals all wounds.

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
New Member
cubiclemonkey
Posts: 10
Registered: ‎08-04-2012
0

Re: Effect of aging of late payments

Good on you. 120 points is a big jump. 

 

My student loan lender didn't even respond to my GW letter.

Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012
0

Re: Effect of aging of late payments


Unique620 wrote:

 

Timeframe
Approximate Weight Assigned To Year
Most recent 12 months
40%
Prior 12 to 24 months
30%
Prior 24 to 36 months
20%
Prior 36 to 48 months
10%
Older than 4 years
0%

 


So after 36 months it's minimal and after 48 it's a non-issue.  I wonder how accurate this is?


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Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: Effect of aging of late payments

[ Edited ]

Not sure and won't be able to tell until my default is removed in the next 60 days. The only thing negative will be my lates after that. My score has increased every month so I am satisfied. Lates will be a year April 2013. I think the article is a great read and since its from a credit union website, I will be open minded and see what happens.


jake619 wrote:

Unique620 wrote:

 

Timeframe
Approximate Weight Assigned To Year
Most recent 12 months
40%
Prior 12 to 24 months
30%
Prior 24 to 36 months
20%
Prior 36 to 48 months
10%
Older than 4 years
0%

 


So after 36 months it's minimal and after 48 it's a non-issue.  I wonder how accurate this is?


 

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: Effect of aging of late payments


cubiclemonkey wrote:

Good on you. 120 points is a big jump. 

 

My student loan lender didn't even respond to my GW letter.


I went all the way up to VP and he sent me this 3 page letter basically to state they have to report accurately....blah blah blah. So I spoke to a friend in banking and she told me that in 3-4 years it will barely effect my score, so since I am not looking to buy a house until 2014 or 2015. I'm ok with that.

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013

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