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What hurts more?

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Anonymous
Not applicable

What hurts more?

Hey guys,

 

I have been working a GW campaign on a CU that I have a paid auto loan through, reporting three 30 day lates. The loan went from 7/10 to 6/13. I do have another paid auto loan in my history, with no lates.

 

They have been adamant that they cannot remove the lates. I am considering asking them to remove the tradeline altogether. Will the removal of the tradeline (and thus the three 30 day lates) hurt more than the lates remaining on there? Just don't want to shoot myself in the foot.

 

Thoughts?

Message 1 of 5
4 REPLIES 4
CH-7-Mission-Accomplished
Valued Contributor

Re: What hurts more?

30 day late payments more than 24 months old don't hurt very much.  Whether getting it deleted would hurt more or less is kind of a crap shoot.  It depends on your average age of accounts and how that would change with the account gone.

 

That said, I would fully expect the CU to refuse to delete the trade line if they have refused to remove the lates.  Just a hunch based on lots of reading.

Message 2 of 5
redbeard
Frequent Contributor

Re: What hurts more?

30 day lates lessen in impact as they age pretty quickly.  3 has an impact, but my guess is, given your current scores, the tradeline adds to your score, not hurt it.

 

I would leave it alone, at least until you get other things cleaned up.  If this was one of the last remaining things on the report, it might be worth it, but I'd focus elsewhere for now, which will age these even more.

 

 

Just trying to get my scores to rise from the dead......

Wait.... I think I just heard a heartbeat!

Message 3 of 5
EW800
Valued Contributor

Re: What hurts more?

I would agree with leaving it alone. It sounds like the 30 day lates are more than two years old, therefore probably not having a real big impact on your scores, if at all. If the lates were more toward the beginning of the loan (you mentioned 2010), then you are already quite a way into the seven year clock.
Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
April 2023: EX8: 840; EQ8: 832; TU8: 842 -- Middle Mortgage Score: 822
In My Wallet: Discover $73.7K; Cap1 Venture $48.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $22.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $21K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $296K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 4 of 5
Anonymous
Not applicable

Re: What hurts more?


@Anonymous wrote:

Hey guys,

 

I have been working a GW campaign on a CU that I have a paid auto loan through, reporting three 30 day lates. The loan went from 7/10 to 6/13. I do have another paid auto loan in my history, with no lates.

 

They have been adamant that they cannot remove the lates. I am considering asking them to remove the tradeline altogether. Will the removal of the tradeline (and thus the three 30 day lates) hurt more than the lates remaining on there? Just don't want to shoot myself in the foot.

 

Thoughts?


They are already over two years old - don't even worry about them. 30's are a minor derog and lose just about all of their impact at 24 months.

Message 5 of 5
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