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Question regarding late payments

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KneelBeforeZod
Frequent Contributor

Question regarding late payments

I have a question regarding late payments. About four years ago, I paid off an auto loan that had some 60 day late payments. I won't make any excuses other than say bad things happen to good people.

Given the account was paid in full, how long do those late payments stay - are they 7 years from when the loan was paid off or earlier?

I don't think Ally Bank does GW adjustments and doubt they will in my case given how many late payments there were.

My rebuild has been going well. I was able to buy a home at a good interest rate, and got approved for Amex and Discover. But I know any further forward movement will be impeded by these being around for the next three years. Just curious if someone can clarify.

Thanks for any feedback!
Current Scores (Dec 20, 2015) - EQ=719 EX=739 TU=740
Message 1 of 7
6 REPLIES 6
Whitneyy
Valued Contributor

Re: Question regarding late payments

On any of your reports it doesn't say that the tradeline is going to go into good status?

GOAL - 700 FICO across the board!
Message 2 of 7
KneelBeforeZod
Frequent Contributor

Re: Question regarding late payments

That's what I'm not sure of. I don't see a deletion date from TU like I do on one or two old baddies that will drop off later this year

Will be an adverse account for 10 years? Oh god...
Current Scores (Dec 20, 2015) - EQ=719 EX=739 TU=740
Message 3 of 7
Shogun
Moderator Emeritus

Re: Question regarding late payments

If the account did not go into a CO, there were only lates, each late has it's own CRTP of 7 years. (There's no +180 days with these)  Each late will fall off 7 years from their occurrence and the account will go to a positive (no baddie) status.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 7
KneelBeforeZod
Frequent Contributor

Re: Question regarding late payments

Thanks for the clarification Shogun! I appreciate the advice in helping me understand that.
Current Scores (Dec 20, 2015) - EQ=719 EX=739 TU=740
Message 5 of 7
Drsgwld
Frequent Contributor

Re: Question regarding late payments

If it's a date error or any kind of error, Fight it with a dispute on a bureaus listed. If it's paid off, ask the bureaus to put in a request to have a good will removal. It's easier if factual info regarding the acct is wrong.
Message 6 of 7
Drsgwld
Frequent Contributor

Re: Question regarding late payments

Many companies will also remove with a good will request if you own responsibility, and it's paid.
Message 7 of 7
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