When will CC late payments and collections stop affecting my credit?

[mabile]

Its been 10 months since my last CC late pay, but my score still isn't going up even though I have paid down the balance on revolving to 35%?

Any suggestions?

[Simply827]

If you pay down your CCs to under 9%, preferably with all but one showing a zero balance, your score should increase. With the other part of your file it would depend on how long your lates were (30,60, 90, etc), how long ago they occured,  the number of collections, how long ago they occured, etc. You good try sending GW letters to get some of your lates and/or collections removed.

[mabile]

Thanks, I appreciate the information.  Do these GW letters really work?

It seems like if an account has a 30 day late on it, every paid on time once the account was brought back current would lessen the impact of the late itself. 

[Reighn9]

It takes forever for them to quit affecting your score.  I still have 3 accounts showing late payments from 7 years ago, paid in full and closed. One account still showing a late payment from 6 years 9 months ago currently open, paid on time.  Just got rid of the collection account that never contacted me, which I had been disputing with the CRAs for 3 years. All the last dispute did was reage the account and lower my score. This account was over 8 years old, and sent GW letter to the company and it was removed.  I know these late payments are affecting my score because late payments and delinquencies are the first factor listed under reasons that lower your score. I don't know they will go positive, I don't know how long they have to age not to have an effect, but it's more than 10 months, it's more than 7 years.

[mabile]

Wow. That's a long time. I guess the only way to counteract it is to open new credit and pay it on time.

[guiness56]

To clarify some of what was said.  A 30 and 60 day late are minor derogatories and impact your score for around 2 years.  90+ days are major derogatories and will impact your score for almost the entire 7 years they are on your report.

Each late payment will fall off your report 7 years from the date it initially occured.

The lates may no longer impact your score but will remain on your report for the entire 7 years.

[Reighn9]

I'm waiting, they are 60 day lates, except one that was 120 days. They are all 7 years old at least from the date of the first lte payment. One 60 day late is only 6 years 9 months from the first late payment.  The collection account, which was paid in full before it was sent to collection, was on CR for 8 years and reaged after a dispute 5 months ago. I only got it removed by writing the company.  These are all still affecting my credit by the information I get under score factors and credit denial letters. They are going to have an impact until removed and I have no idea when that will be.

[guiness56]

It is not 7 years from the date of the first late payment, it is 7 years from each late payment.  If you were late in March 2005 that late will be removed March 2012.  If they aren't removed when they should be, dispute them with the CRAs.

[mabile]

Thanks Guiness.

The 2 year mark is more in line with what I was thinking. I'm just curious to know if within the 2 year period if there was some specific time frames in which it the weighting decreases.