Rebuilding Your Credit

[frebay]

I went out of the country for 1.5 months and missed 1 payment on my nissan lease.  I called them and asked them to remove it as it has never happened before and they said it's it possible as it's been sent to the credit reporting agencies already.    

Anything I can do to fix this problem?  If not, how long will this affect my credit for?

[llecs]

For clarity...they said they won't remove it?

If they are saying they won't remove it, then try sending them a GW letter.

30 day lates typically remain for 7 yrs, but FICO generally starts ignoring them after a couple.

[SwiftTone]

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llecs wrote:

For clarity...they said they won't remove it?

If they are saying they won't remove it, then try sending them a GW letter.

30 day lates typically remain for 7 yrs, but FICO generally starts ignoring them after a couple.

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Really? How about 60 day lates? I have a string of 9 30 and 60 day lates in 2009. So they are not affecting my score anymore?

[MarineVietVet]

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SwiftTone wrote:

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llecs wrote:

For clarity...they said they won't remove it?

If they are saying they won't remove it, then try sending them a GW letter.

30 day lates typically remain for 7 yrs, but FICO generally starts ignoring them after a couple.

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Really? How about 60 day lates? I have a string of 9 30 and 60 day lates in 2009. So they are not affecting my score anymore?

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It's not only the severity and recency of late payments that is scored but also how many lates are reporting at the same time. It seems through anecdotal posts that a 30 day late after several years loses much of it's impact and a 60 day late begins to be looked at as a 30 day late after a couple of years.

But any negative has the potential of hurting for it's entire reporting time period. There is IMO no set in stone answer to how long any negative will absolutely affect anyone's score. Too many variables involved.

[llecs]

A former Admin had hinted that 30s diminish by 2 years and 60s are scored much less about that time, but there's still a small ding. YMMV of course. IME, I had 2 60s and 2 30s disappear at 6.5 years with no score change, despite being 100% baddie-free by that point.

ETA...I'm a slow typer