03-06-2013 08:29 AM
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%?
03-06-2013 10:44 AM
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.
03-06-2013 03:26 PM
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.
03-06-2013 04:52 PM
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.
03-06-2013 07:18 PM - edited 03-06-2013 07:19 PM
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.
03-06-2013 07:39 PM
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.
03-06-2013 08:49 PM
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.
03-07-2013 08:34 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.