How long does it take Lates to fall off?

Anonymous · ‎03-05-2017

I'm kinda confused on when lates fall off your credit I've always heard 7 years but looking at my mortgage payment history...it appears they are falling off or shall I say...not being counted?!? This pic shows lates as far back as 7 years but CK only shows 38 late payments if it were counting 7 years back it would be more than 38 (don't judge me 😔). So my question is...with each month that passes...along with ontime payments...will my total of late payments decrease by one and payment history increase? OAN: I just finished my trial payment plan for my loan modification so I'm hoping it will report current any day now. dec-February were my trial payments...March is my first payment outside of the trial period. I'm hoping since they haven't reported anything this year...everything will reflect current from the first payment the trial.

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Anonymous · ‎03-05-2017

@Anonymous wrote:
I'm kinda confused on when lates fall off your credit I've always heard 7 years but looking at my mortgage payment history...it appears they are falling off or shall I say...not being counted?!? This pic shows lates as far back as 7 years but CK only shows 38 late payments if it were counting 7 years back it would be more than 38 (don't judge me 😔). So my question is...with each month that passes...along with ontime payments...will my total of late payments decrease by one and payment history increase? OAN: I just finished my trial payment plan for my loan modification so I'm hoping it will report current any day now. dec-February were my trial payments...March is my first payment outside of the trial period. I'm hoping since they haven't reported anything this year...everything will reflect current from the first payment the trial.

The 7 year rule still applies. While you will see the one's from 2010 start to go away, your current history will determine if the lates continue to be added on.

Anonymous · ‎03-05-2017

Well why are thy only showing 37 late payments?

Anonymous · ‎03-05-2017

@Anonymous wrote:
Well why are thy only showing 37 late payments?
Sometimes for whatever reason information is not reported to the CBs.

RobertEG · ‎03-05-2017

Monthly delinquencies, as mentioned, have a required exclusion date of no later than 7 years from their month/year of occurence.

However, scoring of derogs is not a simple matter of adding up the neg pts for each derog.

While the specific algorithm for scoring multiple delinquenicies remains a trade secret, it is probable that the highest level in each chain controls scoring.

As a higher level of delinquency is reported, it necessarily must have been delinquent at the next lower levels, whether or not they were alll reported.

The total number of individual delinquenies is likely not a factor in scoring, but rather the number of delinquency chains and the highest level in each chain.

My major concern, with the repetitive history of being delinquent for much longer periods than being current, would be the threat or foreclosure as soon as a next new delinquency might occur.

What are the terms of the mentioned loan modification?

Anonymous · ‎03-05-2017

That's rather confusing. Lol oh well...I'll just wait my life away and hopefully...one day...my credit will rebound. 😩😔 I'm. It sure of the terms yet as they have not been communicated yet. I'm waiting on that info. I just know I needed to pay the trial payment for 3 months and then they would bring me current. I really didn't care what the terms were lol but I should know soon. I get so upset with the weekly emails telling me they just want to give me an update that there is NO update. Amy

RobertEG · ‎03-06-2017

The point is simply that the exclusion of a lower level of delinquency, such as a 30 or 60-late, may have little or no effect on scoring if a higher level of delinquency was also reported. Thus, scoring is not directly dependent upon the number of reported delinquencies.

Anonymous · ‎03-07-2017

@Anonymous wrote:
That's rather confusing. Lol oh well...I'll just wait my life away and hopefully...one day...my credit will rebound. 😩😔 I'm. It sure of the terms yet as they have not been communicated yet. I'm waiting on that info. I just know I needed to pay the trial payment for 3 months and then they would bring me current. I really didn't care what the terms were lol but I should know soon. I get so upset with the weekly emails telling me they just want to give me an update that there is NO update. Amy

When my wife first started medical school we struggled to pay a car loan on time and pretty consistantly were 30 days late so we have quite a few reporting still. Its been a couple of years since the last one and the impact is clearly diminishing already. MY advice would be to work on your rebuild, do all you can to avoid any further lates and move forward. You will be surprised at how quickly you can rebound as long as you keep your expectations realistic. We are a couple of years into the rebuild and hope to break 700's this year so it takes some time.