Lates

[Henchman21]

So I've read that lates are counted for less as they age. I have several, maybe 10-11 lates from the middle of 2008 on three different accounts, now closed. Is this effecting my scores heavily or not so much?

I have a one account that needs to be paid and it has 5 lates alone, so if I can get that removed with a PFD, it should help out with that. And I also have around 9 unpaid collections I will begin working on after the cc account is settled. I don't really see anything else negative on my cr, other than lack of recent history but I just opened 2 accounts. My scores are still awfully low. I was denied an American Eagle Store Card!

[Anonymous]

The impact of the lates also depends on what type. I believe 30 and 60 day lates lose impact over time but 90 and up have a large impact throughout the run of the tradeline.

[Henchman21]

That makes sense. I guess the best I can do is attempt to GW them or wait until they fall off.

[RobertEG]

while the specifics of the FICO algorithm are not precisely known as to the length and effect of monthly delinquencies on scoring, anecdotal expieriences posted on the site seem to indicate that 30 lates have little remaining adverse impact after approx 2 years, and that 60 lates, while having greater initial impact, most likely also lose most of the impact after approx 2 years.

However, what I have not seen anecdotal evidence of is when there are multiple derogs, even though all minor.  The FICO algorithm may also look at the total numer of delinquencies, and take a hit even though all minor.  I would presume that based on the practice of many creditors to cite the appearance of multiple derogs as a denial factor.

It only seems logical that the FICO algorithm includes number as well as age and severity.

Another of those mysteries that accompanies a secret scoring algorithm......

[Henchman21]

I think you are right. In my denials, that is stated as one of the reasons, really the only reason that makes much sense. They're old lates but apparently not old enough!