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How long does it STING... ????

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theREBIRTHofCREDIT
Regular Contributor

How long does it STING... ????

How long doe these baddies STING/HURT your Credit Score ......????

 

90 Late ???

120 Late ???

120+ Late ???

 

does these STING any "Less" IF the account has been paid to a $0 balance and/or $0 & Closed

 

Thanks In Advance Smiley Happy

 

 

 

Goal Score 680+
Start Score ........ 2/05/14: ...EX 612 -TU 575 -EQ 567
Current Score .... 5/02/14: ...EX 652 -TU 655 -EQ 646

I almost paid for credit repair......until I found myFICO!!!!!
Message 1 of 7
6 REPLIES 6
drkaje
Senior Contributor

Re: How long does it STING... ????

'Till the bitters end.

 

90 and 120 day lates pretty much affect one's scores the entire 7 years.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 2 of 7
gdale6
Moderator Emeritus

Re: How long does it STING... ????

30-60 typically affects score for 2 yrs, 90+ is considered major delin and can affect it for up to 4-5 yrs though both will still affect the score for a few points at the time they come off the report at 7 yrs.

Message 3 of 7
drkaje
Senior Contributor

Re: How long does it STING... ????

My EQ went up 25 points when the last negative information (a 60 day late) fell off. Of course there could be other factors, but the number is all I have to go by.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 4 of 7
theREBIRTHofCREDIT
Regular Contributor

Re: How long does it STING... ????

THANKS!!! this really clarified things for me ...

 

Another question ...

 

STUDENT LOANS reporting 120 day late that has been paid to $0 balance WHEN will this fall off and/or STOP affecting my score?

I ask because I believe STUDENT LOANS ''can'' stay on report for longer than 7 years .... am I correct???

 

Thanks Again Smiley Happy

Goal Score 680+
Start Score ........ 2/05/14: ...EX 612 -TU 575 -EQ 567
Current Score .... 5/02/14: ...EX 652 -TU 655 -EQ 646

I almost paid for credit repair......until I found myFICO!!!!!
Message 5 of 7
gdale6
Moderator Emeritus

Re: How long does it STING... ????


@theREBIRTHofCREDIT wrote:

THANKS!!! this really clarified things for me ...

 

Another question ...

 

STUDENT LOANS reporting 120 day late that has been paid to $0 balance WHEN will this fall off and/or STOP affecting my score?

I ask because I believe STUDENT LOANS ''can'' stay on report for longer than 7 years .... am I correct???

 

Thanks Again Smiley Happy


Student loans have to conform the the FCRA as well so if its paid off any negs would drop as their 7 year time comes up and then you should get a positive acct for the next 3 yrs after all negs are gone.

Message 6 of 7
guiness56
Epic Contributor

Re: How long does it STING... ????


@gdale6 wrote:

@theREBIRTHofCREDIT wrote:

THANKS!!! this really clarified things for me ...

 

Another question ...

 

STUDENT LOANS reporting 120 day late that has been paid to $0 balance WHEN will this fall off and/or STOP affecting my score?

I ask because I believe STUDENT LOANS ''can'' stay on report for longer than 7 years .... am I correct???

 

Thanks Again Smiley Happy


Student loans have to conform the the FCRA as well so if its paid off any negs would drop as their 7 year time comes up and then you should get a positive acct for the next 3 yrs after all negs are gone.


Actually they don't conform with the FCRA.  Federall backed student loans reporting are dictated by the Higher Education Act and the CRAs may report for 7 years from the time of default, the time the loan was paid off or when they were first reported.

Message 7 of 7
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