7 years from whatever month is showing late. So late in April 2002, it will show until April 2009. Closed accounts report for 10 years from the time that you closed them, so you will get at least 3 years of clean history on your records.
GW = goodwill. If you don't owe anything on that late payment, you can ask for goodwill from the creditor, that they stop reporting the late. If you still owe, use PFD = pay for delete.
Please read the Credit Scoring 101 thread. The link is at the top of this board. Here's the URL:
http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654
Also the Frequently Requested Threads has lot of specific info, including on GW's and PFD's. If you'll read these first, you can come back with specific questions, and get a lot of help here.
* 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