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Posts: 28,098
Registered: ‎04-01-2007
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After 2 years, what's the hit on lates --isn't there a new scoring model?

I know that lates keep staring at you for 7 years total on your report, but after two years, what effect do they have on your score? 20% of the original hit? 10% of the original? No longer a deduction on your score, but be prepared to explain things during a manual review? The simulator, which I know is just a guesstimate, implies that wonderful things happen after two years, as that is as far out as their what-ifs go.

And if you would, could those of you who contribute tell us where you get your info? Not to be snippy, or anything! I could swear that I saw some mention of a new FICO scoring model that figures that if you've kept your nose clean for 2 years of timely payments, you're OK.

Since lates are my only baddies, I'm reduced to obsessing about them. Thanks, everyone!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
Posts: 4,596
Registered: ‎09-14-2007
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Re: After 2 years, what's the hit on lates --isn't there a new scoring model?

Good question hauling. I'd like to know the answer to that one too. I have some 30day lates approaching a year old, and I'm curious what if any impact a year old baddie would have.

btw, I have other baddies, other than lates. Would you like one or 2 to obsess about to tide you over? giggle

TU: 676
EXP: 665
EQ: 633
"Never ever, ever be late. Never" (FUTR)
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
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Re: After 2 years, what's the hit on lates --isn't there a new scoring model?

I don't have any numbers-

IMHO-
30's seem to soften alot after 1 year if there has not been any other lates. (seems to be more about time that has pasted sense last late)

60+'s seem to be # of them in 1 year, 2 years etc.

The idea is to get out of "bad" and "not good" buckets. I feel I was at the "top" of one of these until last late was 12 months old and all account were in good standing before getting into one of the FAIR or GOOD buckets.

Lesson: Never be late.
Senior Contributor
Posts: 4,596
Registered: ‎09-14-2007
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Re: After 2 years, what's the hit on lates --isn't there a new scoring model?

Thanks Timothy. Good input

Never,be late. Never be late. That is now my mantra. Reminds me of the movie "Apocalypse Now, with the guy from New Orleans, while hunting for mangos has a tiger chasing him. He runs for the safety for the boat, and says "never get out of the boat. never get out of the boat."

The same applies here. Never ever be late. ty :smileyhappy:
"Never ever, ever be late. Never" (FUTR)
Epic Contributor
Posts: 20,536
Registered: ‎03-19-2007
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Re: After 2 years, what's the hit on lates --isn't there a new scoring model?

30 day lates are not biggies, and kinda die to nothing after two years, but 60 and 90+ delays are hard hits that any credit model hits much harder, for the full 7 years.  They place you in a new bracket.  You dump into a bigger toilet that flushes much more slowly.  It is a hit of at leat three times a 30 day hit.
Epic Contributor
Posts: 20,536
Registered: ‎03-19-2007
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Re: After 2 years, what's the hit on lates --isn't there a new scoring model?

For a good discussion of how a credit card company evlauates new applicants using a model similar to FICO, check out U.S. Patent No. 6,202,053.  You can view it on the Patent Office website at uspto.gov.
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