Lates

[Anonymous]

All of my lates are 4 yrs old or more.  I'm assuming that a GW, after doing so well for 4 yrs +, would not do much for my score.  As I understand it, the older they are, the less they negatively impact the score.  Is that right?

[LIGHTNIN]

Yes the lates hurt less and less as time goes on.

Also monthly delinquencies under an OC account, drop at 7yrs from their individual date of delinquency.

[MarineVietVet]

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@Anonymous wrote:

All of my lates are 4 yrs old or more.  I'm assuming that a GW, after doing so well for 4 yrs +, would not do much for my score.  As I understand it, the older they are, the less they negatively impact the score.  Is that right?

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As LIGHTNIN said lates will lose more and more impact as time goes on but that also depends on what type of lates we're talking about. Are they 30 day lates? 60? 90? 120? That can make a huge difference.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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[Anonymous]

Well, I have some really bad 120+ lates on the stupid Target card because I got behind during the divorce and they keep adding on $30 a month in late fees which made the matter worse for me.  I paid the account a few years ago... settled for less than balance.. because they waived the late fees and then reported the settled for less.  UGH!

The other account is an auto loan at NFCU... all 30 days late but A LOT of them.  I got a month behind during the divorce and it took me a long time to catch up.  I actually refinanced with them to lower the payment and haven't been late since then.

[MarineVietVet]

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@Anonymous wrote:

Well, I have some really bad 120+ lates on the stupid Target card because I got behind during the divorce and they keep adding on $30 a month in late fees which made the matter worse for me.  I paid the account a few years ago... settled for less than balance.. because they waived the late fees and then reported the settled for less.  UGH!

The other account is an auto loan at NFCU... all 30 days late but A LOT of them.  I got a month behind during the divorce and it took me a long time to catch up.  I actually refinanced with them to lower the payment and haven't been late since then.

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That is as bad as a charge off or collection. You should try very hard to get that removed.

IMO

[Anonymous]

Yikes!  That's messed up.  When the Target folks called me a few years ago and offered to let me pay the account minus the late fees, she told me it was to make good on my account and preserve my credit rating.  It should be illegal for accounts receivable reps to mislead consumers into thinking they are doing the right thing.

Should I GW Target?  I don't get warm and fuzzies from a lot of the things I read about Target and accounts receivable.

[RobertEG]

You are correct in not relying on CO reps to give you credible and complete  scoring advice.

But what the rep told you, while misleading, was not blantantly inaccurate.

Yes, paying then could help your FUTURE credit, but not because it erases anything previously reported.  Yes, paying then did remove the future  escalation of negative credit reproting by way of a CO, CA, or law suit/judgment.   They only tell you only what they think you want to hear.

[Anonymous]

True Robert.  Not inaccurate but definitely misleading to the consumer who doesn't know any better.  Had she called me today, with what I know, she wouldn't have gotten any payment over the phone like that.  I would be horrible in that line of work.  My conscience wouldn't let me mislead people like that. 

I think I am going to try a GW... it may take several attempts though.