Mortgage considered negative account?

[coaxer]

Hi.We had 2-30 day late payments about 5 years ago on our home loan.The account is 9 years old.According to my credit report this account is showing as a negative account.It shows a status of pays as agreed though.Does this have a big effect on my score?Is this the same as having a collection on my account?I know it can be hard to get any new credit with a collection.Will this make it hard to get new credit or is it not the same as a collection?

[Asailorshort]

The bad news is, any late will have a negative effect on your fico score.  The good news is, it's nowhere near as bad as a collection.  More good news, 30 day lates have a much smaller impact on scores than 90+ days late, so even when these 30 day lates were new, it didn't hurt "that" badly.  Even more good news, 2 30 day lates from 5+ years ago likely now has little to no impact on your score.  If I had to guess, I'd say that they impact your score by maybe 2-3 points (if they're the only negatives on your report.)

I am curious though, if a single 30 day late payment will cause that TL to drop off your report at 7 years after the account is closed, or if once the late drops off, it converts back to a positive TL, and remains on your report for 10 years.

[coaxer]

Thanks for the reply.Not sure what a TL is but according to my credit report,it will become a positive account in 2016.Not sure if you know or not but will its status only affect my score or will it cause me to have problems getting new credit?Refinance,auto loans,credit cards?I know its near impossible to get new credit with a collection.But as you said,its not as bad as a collection.

[marty56]

I wouldn't worry about the 5 year old 30 day lates.  Your FICO scores could be over 760 even with the lates.

[Settemio]

I have one 30 day late for Ford Credit that is 6.2 years old.... my score is currently 762. It was 789 but I added about 18% util since then... If it is five years old, it shouldnt be hurting that bad as others are saying. If you have 7 of them however on your report... then I am sure a creditor would be concerned.

[guiness56]

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@Asailorshort wrote:

The bad news is, any late will have a negative effect on your fico score.  The good news is, it's nowhere near as bad as a collection.  More good news, 30 day lates have a much smaller impact on scores than 90+ days late, so even when these 30 day lates were new, it didn't hurt "that" badly.  Even more good news, 2 30 day lates from 5+ years ago likely now has little to no impact on your score.  If I had to guess, I'd say that they impact your score by maybe 2-3 points (if they're the only negatives on your report.)

I am curious though, if a single 30 day late payment will cause that TL to drop off your report at 7 years after the account is closed, or if once the late drops off, it converts back to a positive TL, and remains on your report for 10 years.

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Only the 30 day late will be removed.  The account will become positve and stay for up to 10 years from the date closed.