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?
09/30/2017 - EX 811 (Credit Scorecard EX FICO® Score 8, range 300-850) 11/20/2017 - TU 842 (Discover TU FICO® Score 8, range 300-850) 10/24/2017 - EQ 845 (Citi EQ FICO® Bankcard Score 8, range 250-900) GOAL - 800! - App free since 11/22/2017
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.
Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
Starting total revolving credit: $1100 | Current total revolving credit: $36,700
Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500 DCU Visa $10000 Capital One QS $2000 AMEX BCE $3000
Lowe's CC $8500 WalMart CC $3100 BOA Platinum $600 AMEX Gold NPSL