30-Day Late - When will it have minimal impact

[EW800]

I have one thirty day late with a US Bank credit card from 6 months ago, that they will not budge on as far as GW to remove it.  Can anyone tell me how much time has to go by before the impact is not much of a factor on my score?   Thanks!

[haulingthescoreup]

You should see a decent score bump (~10 points, depending on your current credit profile) at one year, and after two years it's pretty much negligible.

In fact, you might even see a bump when it hits 7 months. For FICO scoring, "recency" (that can't possibly be a word) carries more weight than severity (how late the late was.)

Hang in there, and wait it out. After my 30 went over 12 months, I got everything that I app'd for, although I set my sights pretty low.

Message Edited by haulingthescoreup on 06-07-2008 03:52 AM

[RobertEG]

From all I have read on credit scoring models, most differentiate strongly between minor and major derogs.  30-lates are only minor derogs.  FICO has 12 scorng buckets, some of which are based on the level of the most serious prior derog, which can put you into a higher risk FICO bucket/model.  I dont think this is a major concern for your situation, especially as the minor derog ages, as it is doing.

Message Edited by RobertEG on 06-06-2008 08:33 PM

[Anonymous]

Does a charge off follow this same path or does it take longer for it to be less severe? I have been helping my brother rebuild his credit, and I told him it takes about two years before the impact of a CO is minimal. Was I right?

[jmbfl]

The impact of a CO is far more serious and long lasting than a single 30 day late.

Another factor is how many accounts you show lates on - one or more that one.

HTSU -

Recency or recentness are both actual words and are synonyms.

[atlastontheroad]

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RobertEG wrote:

From all I have read on credit scoring models, most differentiate strongly between minor and major derogs.  30-lates are only minor derogs.  FICO has 12 scorng buckets, some of which are based on the level of the most serious prior derog, which can put you into a higher risk FICO bucket/model.  I dont think this is a major concern for your situation, especially as the minor derog ages, as it is doing.

Message Edited by RobertEG on 06-06-2008 08:33 PM

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Now this is an evaluation that makes sense. 

Implies what seems logical to me: three and four year old 60 and 90 and 120 (yes, dreaded serious, agregious delinquencies) area  long, long sentence to an undesirable bucket.

The advice to "dilute" those old, old baddies with current and squeaky clean accounts makes sense.  In short, I should be grateful to have risen to the high 600's (except for the EQ devil) so quickly.

The great healer plods onward.

Thanks.

atlast.....

[haulingthescoreup]

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@jmbfl wrote:

The impact of a CO is far more serious and long lasting than a single 30 day late.

Another factor is how many accounts you show lates on - one or more that one.

HTSU -

Recency or recentness are both actual words and are synonyms.

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Oh, I realize, but it just seems one of those trendy words, like prioritize and malware.

Agree about the CO. A 30 day is the only minor derog, so it is almost meaningless after 2 years. Other derogs also fade, but they definitely take longer than 2 years. And as mentioned above, the presence of one can assign you to a major derog score bucket. I'll be staring at my 90 for another 4 years and 8 months.

[Anonymous]

So how long will his CO last as a major baddie? I know they are not good for the full 7 year period, but at what point do they start to show a minimal negative affect?