cancel
Showing results for 
Search instead for 
Did you mean: 

When do late payments on CC really fall off your report?

tag
slweal87
Contributor

When do late payments on CC really fall off your report?

Hello all,

 

When I was in college, in 2008 I had some 30 day, 60 day, 90 day, and even 120 day late payments (nothing charged off, I was in a debt management program, but they did not reduce any of the APRs). Lucky for me, that was over 6 years back. I heard that these negative hits should be erased from my credit report in 7 years...

 

is this true? Will it be automatic or will I have to mail the credit bureaus to remove OR would I call the creditors to erase?

 

I'm hovering just above/below a 700 score today. Once these things are gone, will my score increase dramatically or are they not effecting it much anyways being from so long ago?

 

 

1. WFCU Visa (2,000) 2. Chase Freedom (1,500) 3. Chase Amazon (300) 4. Chase Sapphire non-preferred (5,000) 5. Discover IT (3,500) 6. Capital One Quicksilver (3,000) 7. Citibank Dividend (4,300) 8. AMEX Costco True Earnings (5,000) 9. Barclaycard Arrival w/ AF (3,000) 10. Target REDcard (2,700) 11. Amex Blue Cash Everyday (10,000)
Message 1 of 9
8 REPLIES 8
Shogun
Moderator Emeritus

Re: When do late payments on CC really fall off your report?


@slweal87 wrote:

Hello all,

 

When I was in college, in 2008 I had some 30 day, 60 day, 90 day, and even 120 day late payments (nothing charged off, I was in a debt management program, but they did not reduce any of the APRs). Lucky for me, that was over 6 years back. I heard that these negative hits should be erased from my credit report in 7 years...

 

is this true? Will it be automatic or will I have to mail the credit bureaus to remove OR would I call the creditors to erase?

 

I'm hovering just above/below a 700 score today. Once these things are gone, will my score increase dramatically or are they not effecting it much anyways being from so long ago?

 

 


Lates will fall off within 7 years of their occurrence.  You don't have to do anything, they will be excluded from your report automatically.

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+
Take the myFICO Fitness Challenge

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 2 of 9
pizza1
Community Leader
Super Contributor

Re: When do late payments on CC really fall off your report?

I was actually wondering this myself!! Thanks for asking the question, and .....Shogun, thank you for answering!!Smiley Happy
Message 3 of 9
slweal87
Contributor

Re: When do late payments on CC really fall off your report?

In terms of my score improving when they drop off? Am I thinking it's going to have a bigger impact that it is? I always thought this was what was keeping me from breaking 750...

 

Other negatives:

 

Short average credit age (closed many older accounts, opened several ones recently)

 

Many inquiries this year (but could hold off and have 0-2 in next 2 years)

 

My goal is to get over the 760 hurdle in 2-5 years for a mortgage.

 

1. WFCU Visa (2,000) 2. Chase Freedom (1,500) 3. Chase Amazon (300) 4. Chase Sapphire non-preferred (5,000) 5. Discover IT (3,500) 6. Capital One Quicksilver (3,000) 7. Citibank Dividend (4,300) 8. AMEX Costco True Earnings (5,000) 9. Barclaycard Arrival w/ AF (3,000) 10. Target REDcard (2,700) 11. Amex Blue Cash Everyday (10,000)
Message 4 of 9
Shogun
Moderator Emeritus

Re: When do late payments on CC really fall off your report?


@slweal87 wrote:

In terms of my score improving when they drop off? Am I thinking it's going to have a bigger impact that it is? I always thought this was what was keeping me from breaking 750...  Depends on the severity of the lates, and their age.  30-60 day lates are minor derogs, biggest impact is the first year, really don't affect much after 2 years.  90+ are major derogs.  Although they lessen in their impact over time, they will continue to affect your score until they are excluded.

 

Other negatives:

 

Short average credit age (closed many older accounts,Possitive closed accounts will continue to calculate into your AAoA for 10 years after they are closed, opened several ones recently  Just need to age a bit.)

 

Many inquiries this year (but could hold off and have 0-2 in next 2 years) Inqs only affect your FICO score for the first year, however they will remain on your CR for 2 years.

 

My goal is to get over the 760 hurdle in 2-5 years for a mortgage.  Best of luck to you!

 


 

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+
Take the myFICO Fitness Challenge

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 5 of 9
guiness56
Epic Contributor

Re: When do late payments on CC really fall off your report?

All OC accounts count toward AAoA.  Even negative ones.  Those will either turn positive or at one time or another be excluded from your CR.

Message 6 of 9
slweal87
Contributor

Re: When do late payments on CC really fall off your report?

Okay, yeah all the negative accounts are closed. Basically when I was about 20 years old (26 now) my parents forced me into a debt management program, which closed all my accounts and consolidated my payment into 1 monthly payment. I paid that off early with the help of a family friend so I could avoid all the interest. (I've paid off thousands on my own before and since though including lots of interest. Now my credit is good enough to churn 0% APR opening offers so I haven't paid any CC interest in the past 2 years)

 

My oldest card now is about 2 years- with 4 or 5 new this year. So my AaoA is small. 

 

I'm also an AU on my father's gas card... but he always has high utilization on it (over 80%) and one time recently he went over limit. He took that card (it was a gas card) away from me when I was in high school and I've never had the ability to make a payment, especially since not using it. I'm considering getting it removed from my account, but it does come with a 20 year history. 

 

I just need to stick to 2 or less inquiries a year (I have to pull the score when I move unfortunately, and possibly for the Chase Slate so I can avoid paying any interest if I need to move over some 0% CC debt before the interest promo ends on my old card)

 

Also, I need to keep utilization under 10%. My total CL is now just under 25,000.... does that mean I can spread up to 2,500 among my cards a month? I don't think I would spend that much as that's nearly equal to my income and can't pay rent with credit)... but I do carry about 2k of 0 % APR debt right now. I have 3,000 of credit used right now, but it's actually only spread among two cards (one 3,500 limit and one 3,000 limit). So my goal in just the next month is to use my new AMEX (with 12 months @ 0%) to hold some balance of things I always spend money on (like gas, food) and then use my income to pay on those 0% cards holding higher than 50% utilization. Also I am waiting on a 1,300 reimbursement from work for part of the 3,000 - just started studying for my CPA (I'm an accountant) and the review course was 75% reimbursed! So maybe I can get that paid off before the card reports the balance).

 

I wish FICO would tell us more about their scoring system. To me it seems rather unpredictable. I'm looking forward to using my Discover card to follow my Transunion score (even if the score is a bit outdated). Last month it said 709. But Credit Sesame saw a huge decrease of 40 points since I had 2 more hard inquires recently... scary

1. WFCU Visa (2,000) 2. Chase Freedom (1,500) 3. Chase Amazon (300) 4. Chase Sapphire non-preferred (5,000) 5. Discover IT (3,500) 6. Capital One Quicksilver (3,000) 7. Citibank Dividend (4,300) 8. AMEX Costco True Earnings (5,000) 9. Barclaycard Arrival w/ AF (3,000) 10. Target REDcard (2,700) 11. Amex Blue Cash Everyday (10,000)
Message 7 of 9
gdale6
Moderator Emeritus

Re: When do late payments on CC really fall off your report?

There is something you can try now on those closed accounts showing the lates. If you successfully completed the DM and they are paid off I would send them a GW letter and see if they will update the record to paid satisfactorily and remove the lates that are showing.

Message 8 of 9
slweal87
Contributor

Re: When do late payments on CC really fall off your report?

That would be a LOT of work since the baddies are spread among 7 or 8 accounts. Since I am already waiting on my inquiries to drop for the next year/two I guess I can wait on the baddies dropping off by next November too. I'm studying for my CPA and working full time... but maybe I will consider asking for goodwill if I find the time...

 

Thanks for your advice everyone

1. WFCU Visa (2,000) 2. Chase Freedom (1,500) 3. Chase Amazon (300) 4. Chase Sapphire non-preferred (5,000) 5. Discover IT (3,500) 6. Capital One Quicksilver (3,000) 7. Citibank Dividend (4,300) 8. AMEX Costco True Earnings (5,000) 9. Barclaycard Arrival w/ AF (3,000) 10. Target REDcard (2,700) 11. Amex Blue Cash Everyday (10,000)
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.