I just got an alert. I gained 22 points. I think it's because I am now 12 months out from my last 30 day late on a credit card. I also paid my kohls bill in half to 50 percent utilization but that new balance has not reported yet. Hoping to see a nice bump from that too. Should I pay for a pull transunion do they usually increase at the same time ? I was 669 on that lat report from October 24th. I am waiting on a prequalify action letter for a mortgage but I needed 9 points. I looks like I got it.
After a year 30 day lates lose a lot of their sting, and almost all after 2 years. Hopefully you will see another bump from the decreased util.
Why not call the creditor that you have the late with and ask for a goodwill deletion if that is the only negative on your report and you can get your utilization down b4 close you could do a rapid rescore and get a better rate.much
Congrats! That's pretty good feeling, huh? Hope you get your pre-approval letter!
I would be cautios when sending a GW letter for that late now. You don't want them to throw the account into dispute while apping for a mortgage.
As far as the 30 day lates having less impact after a year, does the same theory hold true for 30 day lates on a mortgage? How about 60 day lates on a mortgage?
Yes, it would be the same. As far as the lates, 30 and 60 day lates are considered minor derogs and will diminish quickly. 90 and above however are major derogs and will still diminish over time but will still impact your score until they drop off.