30-day late impact on scoring

[Anonymous]

Hi,

I have four 30-day lates in Jan 2008.  I have tried GW letters but no such luck.  I was told that 30-day lates have less impact as time goes by.  Should I see my score go up at least a little as time goes by.   Should I see an increase after 3, 6, 9 months or so or is it only after 1 year that I should see any raise in my credit score. 

[haulingthescoreup]

It's always hard to separate out the various causes of score changes, but as best as I can tell, my 30-day had fades at 3 months, 6 months, and definitely at 12 months. After 24, a 30 becomes negligible.

One thing to prepare for, though, is that there is a separate negative factor called "bad payment history" --in other words, having multiple accounts with missed payments or other derogatories. So that one might keep popping up over time.

[Anonymous]

If you have a high score it will haunt you. If you have a lower score it seems to fade away faster. Don't give up keep trying to gw it for years if you need to.

However I am guessing with the new FICO 08 somethings that hurt long term will be less painful if only 1 time. I think you will see a slight score bump when 08 is in effect is my guess from only 1 late. I think it will fade faster with 08.

Just keep up the GW. If you are persistent your odds improve in having it removed. Date each gw letter and note how many you sent before so they know you are not giving up.

ie... Hello this is letter # 31. As in the past 31 letters I ...... That's what I would do... I hope it doesn't take 31 letters. But keep at it, and send to different people each time.

Message Edited by ilovepizza on 06-09-2008 07:54 PM

[RobertEG]

30-lates are minor derogs.

If someone wants to pursue a GW letter, then more power to them.  But if it is a legit derog, then if I were the creditor, I would not grant it.

[Anonymous]

RobertEG wrote:

30-lates are minor derogs.

If someone wants to pursue a GW letter, then more power to them.  But if it is a legit derog, then if I were the creditor, I would not grant it.

_________________________________________________________________________

I agree with Pizza.  GW the hell out of them.  In my opinion a 30 day late stays on the credit report way too long even if it is a legit derog. I understand the rules, but disagree with them.  Like giving a criminal a 7 year prison term for a speeding ticket.     

[Anonymous]

Hi,

If I had 4 accounts with each having a 30-day late and got one company to remove the 30 day late from their account, will that have an impact on my credit score.  Or do I need all 4 accounts cleared before I see a score increase.

These 30-day lates are only 5 months old so I am hoping I see an increase as time goes by but if one account is cleared and now I have 3 left out of 4, wouldn't that make an impact.  Positive or negative.

Thanks.

[haulingthescoreup]

Since they're under a year old, I think that it will help each time to have one removed. I know there are some others who won't agree, pointing to evidence that your scores are mainly driven by the most serious derog and the most recent derog, but with all these lates occurring at the same time, I would think that something ought to happen when this one stops reporting.

I could very easily be wrong though; probably am, in fact. But I have my fingers crossed for you! Please let us know what if anything happens with your scores when the late falls off.

Congrats, btw! My record for successful GW's is .000.

[Anonymous]

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[Anonymous]

Hi,

Does the FICO scoring keep in count the number of lates or the number of accounts with lates?

For examples, If I had 2 accounts and both had 3 late payements, does that mean it will report 6 late payments and that's what my scoring will be based on or will it report 2 lates.

Just trying to figure out how it keeps the lates calculated in the scoring.

[Junejer]

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@Anonymous wrote:

Hi,

Does the FICO scoring keep in count the number of lates or the number of accounts with lates?

For examples, If I had 2 accounts and both had 3 late payements, does that mean it will report 6 late payments and that's what my scoring will be based on or will it report 2 lates.

Just trying to figure out how it keeps the lates calculated in the scoring.

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The most severe and most recent in each account will affect your score.