12-13-2012 07:44 PM
My EX report from annualcreditreport.com lists one CC account as a Potentially Negative Item.
On this CC are three 30-day lates:
From my understanding, lates will continue to report on a CR for seven years, but their effect on FICO scores diminishes beyond two years.
Using the seven year timeline, two lates will fall off in 2013 and the last one will fall off in 2015.
My question: Will my EX FICO score increase as the lates begin to fall off the seven year timeline? If so, I should experience an increase in March, 2013, another rise in October, 2013 and a final jump in June, 2015. Correct?
12-13-2012 09:17 PM
According to Robert, and another source article I read, the presence of minor derogs do not bar you from the "prime" bucket, and so your ceiling is not limited purely by having them. I do think that there is a theory that their weight is around 5% of their original deduction past the 2 years, and so in this theory you may gain a couple of points.
Financed car @ 5.49% w/ DCU, Added DCU VIsa, Chase Freedom,
AMEX Gold and BCE, Lowe's
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO