Credit Card Center Advertiser Disclosure†
06-16-2013 10:03 PM
I keep hearing that late payments that are three years old or more are not "current lates."
What does this mean?
I also keep hearing that 180 day lates will affect your score for the full seven years that they are on your file. I know late payments hurt your score less as they age but is there any truth to the idea that late payments fall into different "scoring brackets" as they get older and older?
It would be nice if my 180 day lates were not used against me three or four years into the seven year period.
06-16-2013 10:34 PM
30 and 60 day lates are minor derogatories and the impact of those generally have no affect after 2 years. These lates may be overlooked by lenders as not being current lates.
Anything 90 days and older a major derogatories and will impact your score for nearly 7 years. Even though the impact may lessen with time they are still scored against you as long as they are on your report.
As for the scorecard or bucket, I believe you stay in the major derogatory bucket until they are gone.
06-17-2013 07:09 AM
Does "major derogatory" mean no new credit?
I guess what I'm asking is I'm trying to figure out what I can and cannot do with these "major derogatories" while they are reporting.
06-17-2013 07:18 AM
Have you tried writing a GW letter to get them removed?
06-17-2013 08:37 AM
Being scored by FICO is one thing, what a creditor may or may not think is something else.
Some creditors will approve or deny on score alone while others will do the same by actually looking at your report and determining your credit worthiness. What one creditor may say is old, another may not.
Everything about credit, obtaining and maintaining, is a YMMV thing.
06-17-2013 04:40 PM
Do all CC companies go by the computer or will a human manually review your file?
It seems like wherever you go for a CC, it's all about a computerized decision--at least the initial decision.
06-17-2013 05:29 PM
It depends on the creditor. Sometimes they use an UW, sometimes it's just an automatic computer assessment. If denied, you can always call for a recon.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.