Reply
Valued Member
MarieSmiles4
Posts: 35
Registered: ‎03-06-2013
0

effect of late payments

I am still learning, and love this website!  So, am currently in the process of trying the whole goodwill thing with some of my credit card companies.  If they indeed goodwill any of these late pays (all about 1.5 years old)  will I see an increase in my score?   Does anyone know aprox. how much having just a single 30 day late pay will effect the score?  Keep in mind I have about 5 accounts with 30-120 day lates due to a divorce/hardship.   And any luck having 90 days removed by goodwill letters/calls?? Or is that totally out of the quesion?


Starting Score: 568
Current Score: EQ624, TU630 TU04 606, EX640
Goal Score: 700


Take the myFICO Fitness Challenge
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: effect of late payments

A single 30 day late will impact your score when it is missed but you recover fairly quickly from it.  It will impact your score for around 2 years but fades with time.  The same for a 60 day late.  Both 30 and 60 are considered minor derogatories.

 

A 90+ late is a major derogatory and will have a much worse impact on your score and though they fade over time, will impact your score for nearly 7 years.

Frequent Contributor
sarkell
Posts: 345
Registered: ‎02-27-2013
0

Re: effect of late payments

I'd work on the 90-120 be honest explain your situation never hurts to each month send same letter you never know.

Cards: CSP $5k, Capital One Cash Rewards VS $3100, Discover it $3k Capital One MasterCard $600, Orchard Bank $3k, Barclays Rewards MC $1250 Gapcard $900, BR $300, Neiman Marcus $1k, Macys $1200 Walmart $500
In the garden until I can get a BCP

Starting Score: 534
Current Score: 682 EQ SW 660 TU 636 EX 3/26/13
Goal Score: 720


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}