late payment question

[Anonymous]

I have a CO from a cc from 05.  They are showing late up until jan 08 when they apparently sold the account to a CA.  My report is saying I have a recent late.  When are late payments not considered recent anymore?

[llecs]

Is it reporting a balance now?

How recent is the late?

[Anonymous]

no the balance says 0 and the recent I'm referring to is january of 08

[llecs]

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@Anonymous wrote:
no the balance says 0 and the recent I'm referring to is january of 08

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They can continue to report lates up through the date it was paid or sold. In this case, I beleive they are reporting correctly. DW has a CapOne acct that reported "120 days" every single month up to the point they sold it. As of today, there are still 26 "120 days" on her report.

[Anonymous]

but when are they not considered recent anymore 1 year, 2 year???????

[Anonymous]

In general I believe recent is up to 2 years, if it is within one year it would state "within the past year"

As for how long it will affect your score that depends on the individual late

I could be wrong but I understood it this way

30 days - only effects your score for 2 years

60 days - has a worse effect than 30 days for 2 years then has the same effect as 30 days after 2 years ( Does that mean it has no effect after 4 years I dont know?!?!?!)

90+ days has the same effect for the full 7 years that it is visible and can always harm you during manual review if the TL is labeled "Pays as agreed/ Was 90+days late"

Again I must state.... Not an expert only spitting out something I read in the way I understand it.

Would LOOOOOVE to know the definitive answer myself as OLD OLD OLD late payments are the biggest problem on my CR. But I don't know that there is a definitive answer since CS are determined using a formula and there are far too many other factors that are specific to individual situations.

[Anonymous]

well, it is actually stated CO not 90 or 60 or 30.  the whole years 06 and 07 look the same.  05 has the 30, 60 90

[Anonymous]

oh.... well in that case a CO is a CO is a CO.... regardless of how "Recent" it is ... it's still bad.

All of my CO's are from before 2005 and I didn't start checking my credit reports until june of 05 so I can't tell you for sure when they stop calling them recent.

Maybe someone with a more recent CO can tell you.

[Anonymous]

all of my other late payments were from 05 when I had a failed business, foreclosed house, etc. and the other reports aren't showing anything as a recent late.  It's only this one company that is reporting on one bureau (ex). I was just curious, because it the things that is hurting your score section it states that you have recent late payment from 9 months ago. So it has to be the CO.  I was just curious when it isn't considered recent anymore.  I highly doubt FP will GW all them late payments away.

[Anonymous]

Yeah I have some that are like that too. Strings of late payments, then I would bring it current, then another string of late payments, then current, then eventually charged off.

When it gets down to that nit picky of details on the "credit repair" part of the process it may be time to start the rebuilding stage.

I started my "step 2" a little prematurely I think but its true ... sometimes the best way to make something "bad" go away is to dilute it with good...

It could just be that they are starting to have a hard time finding things wrong with your CR and they are just being picky... at least that is an optimistic way to look at it.

Just don't let it stress you out too bad. You could always try GW....stranger things have happened