Understanding FICO® Scoring

[kahuna]

I'm sure this has been asked and answered before but I have a few 30, 60, and 120 day lates that show up on my reports from 1/07.  Will anything happen in 2/09 other than having them get bumped off the report I can see online?  I realize that the longer I wait, the less they will count but I'm looking for a little score bump to go with the satisfaction I get when they visually disappear.  Do I have to wait 7 years?????

[llecs]

While 30 and 60 count less as time goes by, you won't see a bump at the two year mark. The damage lessens w/ time and certainly don't count as much after 2 yrs. The 120 can impact all the way to 7 yrs.

And these lates will still be on your report after two years. It will be in the late summary for the full 7 yrs and if you were to pull your report directly from the CRA, you can see those lates w/in the monthly history for the full 7.

Have you tried GWing?

[smo65d11]

I tried to GW my only 120 day'er, and they said no way, we don't ever GW anything other than 30 day'ers

[mymoneynow]

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smo65d11 wrote:
I tried to GW my only 120 day'er, and they said no way, we don't ever GW anything other than 30 day'ers

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A lot of members, including myself have had success with gw letters, but gw is normally not given on the first try. Send another gw letter, post who the OC is, search gw and that creditor's name, and you may find other addresses that have worked for other members.

I had a 120 day late account that gave me gw after I sent gw letters for 2 months, to 2 different addresses. So there is still hope, just do not give up, buy a book of stamps and smother them with gw letters.

[RobertEG]

For what it is worth, and purely anecdotal, I have been monitoring my credit sores and comparing them with a model that I have develped for almost three years now.  My results are always within 10% of my FICO score.

Here are the neg score impacts of derogs that I have seen:

6 mos. since derog:    -18 pts for 30-day late        -27 pts for a 60-day late     -37 pts for a 90+ late

12 mos since deroig:   -17 pts for a 30-day late     -24 pts for a 60-day late     -34 pts for a 90+ late

18 mos since derog:    -16 pts for a 30-day late     -21 pts for a 60-day late     -31 pts for a 90+ late

24 mos since derog:    -14 pts fior a 30-day late    -18 pts for a 60-day late     -28 pts for a 90+ late

30 mos since derog:    -12 pts for a 30-day late     -12 pts for a 60-day late     -25 pts for a 90+ late

36 mos since derog:    -11 pts for a 30-day late     -11 pts for a 60-day late     -22 pts for a 90+ late

[mymoneynow]

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RobertEG wrote:

For what it is worth, and purely anecdotal, I have been monitoring my credit sores and comparing them with a model that I have develped for almost three years now.  My results are always within 10% of my FICO score.

Here are the neg score impacts of derogs that I have seen:

6 mos. since derog:    -18 pts for 30-day late        -27 pts for a 60-day late     -37 pts for a 90+ late

12 mos since deroig:   -17 pts for a 30-day late     -24 pts for a 60-day late     -34 pts for a 90+ late

18 mos since derog:    -16 pts for a 30-day late     -21 pts for a 60-day late     -31 pts for a 90+ late

24 mos since derog:    -14 pts fior a 30-day late    -18 pts for a 60-day late     -28 pts for a 90+ late

30 mos since derog:    -12 pts for a 30-day late     -12 pts for a 60-day late     -25 pts for a 90+ late

36 mos since derog:    -11 pts for a 30-day late     -11 pts for a 60-day late     -22 pts for a 90+ late

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Very interesting, especially at 30 mos,and 36 mos, 30 day and 60 day lates are consistent. Also, 90+ days late really hurt, as shown above. It is great to actually see the point ranges of what happened to your scores.