Understanding FICO® Scoring

[itbeemer]

I have student loans that I missed payments in 2005 (or earlier).  I then paid regularly till now (I filed bankruptcy and then started paying regularly)  Now they are paid off and closed as of the beginning of this year.  My question is how long the impact from the missed payments should impact my credit score?  The last 2 years shows payments, but the status is "current, was past due 120 days".  I assume that the status is what is impacting my score, but wondered if it would ever change or if I was stuck with it until this account leaves my report...

[JM-AM]

7 years for the account to stop reporting. 10 years before the BK Chapter7 stops reporting.

[guiness56]

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itbeemer wrote:

I have student loans that I missed payments in 2005 (or earlier).  I then paid regularly till now (I filed bankruptcy and then started paying regularly)  Now they are paid off and closed as of the beginning of this year.  My question is how long the impact from the missed payments should impact my credit score?  The last 2 years shows payments, but the status is "current, was past due 120 days".  I assume that the status is what is impacting my score, but wondered if it would ever change or if I was stuck with it until this account leaves my report...

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Was the student loans included in the BK?

Each late will fall off 7 years from the date of occurence.  If the last one comes off before the TL falls off, then it becomes a positive account and can stay for up to 10 years.

Single 30 day lates will impact your score for around 2 years.  60, 90 and 120 for longer.