topic Re: Long lasting?? in Understanding FICO® Scoring

Long lasting??

Anonymous — Thu, 22 Nov 2007 17:59:05 GMT

How long do late and missed payments show on your credit reports? I have many late payments from 2003-2005. From 2006-now I have only had 1 late payment and no collections. When will I see it reflecte in my scores??

Thanks.

Annab13

Re: Long lasting??

marty56 — Thu, 22 Nov 2007 18:03:39 GMT

They say up to 7 years. It seems that after 2 years it affects your score less but I dont know the exact way. I have some late payments that are a little over 2 years old now and I wish I had my score from back then to compare. There are smarter people here who could give a better answer than me.

Re: Long lasting??

haulingthescoreup — Thu, 22 Nov 2007 18:18:21 GMT

If they are only 30-days, their impact is minimal after 2 years. If they went longer, the hurt lasts longer. Whatever they are, you get to stare at them for 7 years, unless you can get them GW'd off.

Lates are my only baddies, and I'm working hard on the GW's. No luck yet, though...

Re: Long lasting??

Anonymous — Thu, 22 Nov 2007 18:46:55 GMT

Thanks,

GW?S

So, I have to wait seven years for late payments to dropp off?? Specifically, seven years from the late payment or seven years from when I paid the account off.

Annab13

Re: Long lasting??

haulingthescoreup — Thu, 22 Nov 2007 19:04:54 GMT

7 years from whatever month is showing late. So late in April 2002, it will show until April 2009. Closed accounts report for 10 years from the time that you closed them, so you will get at least 3 years of clean history on your records.

GW = goodwill. If you don't owe anything on that late payment, you can ask for goodwill from the creditor, that they stop reporting the late. If you still owe, use PFD = pay for delete.

Please read the Credit Scoring 101 thread. The link is at the top of this board. Here's the URL:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Also the Frequently Requested Threads has lot of specific info, including on GW's and PFD's. If you'll read these first, you can come back with specific questions, and get a lot of help here.