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Understanding Late Payments

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Revelate
Moderator Emeritus

Re: Understanding Late Payments


@Anonymous wrote:

@RobertEG wrote:

 

The key thing is whether even a minor deliquency late rebuckets you or not.

Would be nice to see some data points for apps and CLIs with these type of comments (any declines because of), it  would give you some insight on how they handle it internally, we know it impacts scores but maybe it doesn't actually impact apps the same way, I'm referring to when it's about to hit the 2 year mark.

 

Then again I'm sure a lot of people don't even try to app, because of the score...


Actually I don't think lenders care much currently as long as you are caught back up, though that may be changing... we've had very very loose CC underwriting guidelines for the past 4 or so years.

 

UW guidelines vary by lender and by time (prevailing market conditions and portfolio investment strategy when we're talking lenders, or whatever they call it) so talking to them on internal side likely isn't going to provide much value.

 

End of the day FICO is pretty constant assuming we're talking same bureau / model / industry option, everything else can and will flucuate.  

 




        
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