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landa11
Posts: 1
Registered: ‎05-24-2008
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question on late pymt removal & effect on score

Can anyone give me an estimate of how much my score would increase for the following scenario.
 
I'm having a '30 day late' pymt from 3/2008 removed from my credit report.  After this is removed the most recent late payment will date back to 11/2005.  (it goes downhill from there w/ about 20 30-60day late payments occuring between 2002 and 2005).
 
Since most of these occurred greater than 2 years ago, is there a way to tell how much my score could increase?  I'm currently at ~660 and I'm trying to get to 700 or above in order to qualify for a jumbo mortgage (@90%). 
 
any thoughts would be greatly appreciated!
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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: question on late pymt removal & effect on score



landa11 wrote:
Can anyone give me an estimate of how much my score would increase for the following scenario.
 
I'm having a '30 day late' pymt from 3/2008 removed from my credit report.  After this is removed the most recent late payment will date back to 11/2005.  (it goes downhill from there w/ about 20 30-60day late payments occuring between 2002 and 2005).
 
Since most of these occurred greater than 2 years ago, is there a way to tell how much my score could increase?  I'm currently at ~660 and I'm trying to get to 700 or above in order to qualify for a jumbo mortgage (@90%). 
 
any thoughts would be greatly appreciated!


It is tough to guess that one because of the other history. Typically, any score change depends on the age of the late, how many other lates there are, how may other baddies you have (e.g. CAs, COs, other lates, etc.), and your good history in comparison to the bad.
 
Since this is March, I'd guess 10-15 points on avg. Did you see any decrease when the late was added? That would be a reliable indicator too.

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