What month does a derogatory drop?

lynseysmom · ‎03-11-2017

I know that it is 7 years for a 30 day late, but if I have a 30 day late in May 2010, should I expect it to be gone off of my reports in May of 2017 or June of 2017? I'm thinking May because April would be the end of the 12 month period that makes up a full year starting in May, but not sure. Hoping to sell my current home and buy a new one this spring or summer and would like the last few baddies I have to be gone by then. I have two 30 day late mortgage payments one from May of 2010 and one from August of 2010, and besides being at about 50% total credit card utilization (which I'm working on bringing down), those missed payments are the only other thing listed that is holding my score down. My mortgage FICOS, are currently 597 (Score 4), 603 (Score 2) & 635 (Score 5). While my FICO 8 is sitting at 657, 664 & 688. Just lost 17 points yesterday on Equifax for paying off my car loan despite the fact that I have 3 other installment loans not counting my mortgage, I have a motorcycle loan, an RV loan and a signature loan.

Anonymous · ‎03-11-2017

Have you taken any efforts to have the late payments removed via a goodwill adjustment? My point of view has always been why wait if you can potentially achieve the same result now.

lynseysmom · ‎03-11-2017

I've thought about trying the goodwill route, one is Bank of America on a HELOC, who I've heard is not very forgiving and the other is Chase, not sure how forgiving they are, maybe I should give it a try, but I'm so close, I'm betting it will take that long to sell my current house once I get it on the market.

spartanspirit · ‎03-14-2017

I actually had a 30 day late scheduled to come off May of this year as well, but it actually came off my report today. The last few lates I've had on my reports have all fallen off two months prior to the month it was suppose to come off so I would double check if I were you.

Anonymous · ‎03-14-2017

@spartanspirit wrote:
I actually had a 30 day late scheduled to come off May of this year as well, but it actually came off my report today. The last few lates I've had on my reports have all fallen off two months prior to the month it was suppose to come off so I would double check if I were you.

Off topic here, but did you see a score increase when the 30 day came off today? Do you have any other negatives on your reports outside of that one that just came off?

lynseysmom · ‎03-15-2017

Awesome, thanks, I would love to see these last baddies fall off a couple of months early. I subscribe to the Ultimate 3B, but I've been using Credit Karma weekly just to see what is changing week to week and plan to pull a new 3B with my mortgage scores as soon as I see any of those old baddies drop to see if it makes any difference. I'm sure not getting any love from Experian, paid my credit card utilization down from 65% to 50% (with 4 cards that were showing balances down to $0 now, that is 7 out of 13 with $0 balance and 6 with balances over 60% each) and got nothing from Experian, 4 points from Equifax and 6 points from Transunion. I likely won't be able to pay much more than my mimimum monthly (maybe a couple hundred dollars more) until my current house sells when I plan to pay them all off, but then I'm afraid I will loose points for not having an open mortgage, ughhhh.

Red1Blue · ‎03-15-2017

How often can you pull your report from CreditKarma with out having to pay the report fees?

Red1Blue · ‎03-15-2017

@Red1Blue wrote:
How often can you pull your report from CreditKarma with out having to pay the report fees?

What is the best way to check the report once a week with out having to pay report fees. I have paid off several of my accounts want to see when they update the balances on my account.

HeavenOhio · ‎03-15-2017

All of these sites are free…

Credit Karma will give you updated Equifax and TransUnion reports once a week.

Credit.com will give you an updated Experian report once every two weeks. And freecreditscore.com will give you an updated Experian report once a month. If you sign up for both of these, you can stagger them a bit so they update at different times.

WalletHub gives you an updated TransUnion report daily.

As far as scores go, freecreditscore.com is the only one of the above sites that offers a FICO 8. The rest of the sites offer VantageScores, which are semi-helpful at best. In addition to a VantageScore, Credit.com also offers a bizarre Experian National Equivalency Score.

Discover's Credit Scorecard (creditscorecard.com) offers a FICO 8 based on Experian once a month, but it doesn't offer a detailed report. It does give a "total balance," though. You can probably figure out where that number came from by looking at other reports.

Anonymous · ‎03-15-2017

@Red1Blue wrote:
How often can you pull your report from CreditKarma with out having to pay the report fees?

CK gives weekly updates to your TU and EQ reports. As far as I know, there's no option to pay any sort of fees with CK; It's a "free" service.