09-13-2012 04:15 PM
I had a 30 day late payment on a credit card Feb. 2011. The account was paid in full next month. CRA still show the 30 day late from 2/11. How long does this late payment negatively affect my credit score. It shows as potentially negative still.
Should I try to DV or GW for account deletion from CRA? I would like to see this account go away
09-13-2012 04:18 PM
I could be wrong, but I believe 7 years at the earliest. I just saw on my CR that a negative late pmt of 30 days was just removed and the account was opened in 2002 (it was likely closed in 2004 or so, can't remember). I would suggest writing a GW letter to the creditor as I have been told they work. I will be doing the same for all of mine. Hope this somewhat helps.
09-13-2012 04:35 PM
Late payments hurt your score less and less as they age. I do not know old lates have to be before they negatively affect scores less. It seems like the last two years of payment history is very important. It could be that once that late payment is over two years old, it will hurt much less than one as recent as '11.
I for one have a loan with 120 lates that I then paid off in a 1.5 years. This loan will perpetually show lates in the last two payment years history for this loan. I constantly wonder if this makes any difference or not. Do they age off the same? None the less, they will stay visible in that payment history.
09-13-2012 08:12 PM
30 and 60 day lates are minor derogs that will impact your CR drastically when they are recent. However they do diminish over time, they lose a lot of their luster after just 2 years. 90 and above are considered major derogs and will diminish some over time but will still have a significant impact over the CRTP. Each derog of an account thas not been CO'd or put in Collections will remain for 7 years of their respective dates. Hope that clears it up a little.
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.