topic Re: 30D and 60D lates in Understanding FICO® Scoring

30D and 60D lates

Anonymous — Sun, 20 Jan 2019 23:19:45 GMT

I've been reading about dirty scorecards and how 30D and 60D lates hurt your score. Can anyone help me narrow down how much of an effect they're probably having on my score? And hopefully this provides some useful data..

I have 2 30D and 2 60D lates from 2014 on my account... it was an Amex card that I closed after paying off (it was less than a dollar that I was late to pay off.. ugh such a silly mistake.). They all hit the 48 months mark late last year.

FICO 8: EX 707, TU 731

AAOA: 4y 10m

AOOA: 13y 3m

New accounts within last 2 years: 3 (2 last month and one in March 2018)

Util: 0%

The indicators on my experian report:

Positive:

-There is no evidence of a serious delinquency (90 days past due or greater) or derogatory description on your credit report

-You've limited the use of your available revolving credit

-You've recently been paying your bills on time

Negative

-You have one or more accounts showing missed payments or derogatory indicators

-You have no recent activity from a non-mortgage installment loan (have only had one loan in my life, and I paid it off early)

-You have a short credit history

Does that seem to indicate that I'm in a dirty bucket?

Re: 30D and 60D lates

Anonymous — Sun, 20 Jan 2019 23:14:28 GMT

I’d be happy to help. 😊

Re: 30D and 60D lates

Anonymous — Mon, 21 Jan 2019 01:53:00 GMT

@BrandonLane thanks! So, as far as you know, do 30d and 60d lates have a big impact on your score four years after? And is 2 of each enough to end up in a dirty bucket?

Re: 30D and 60D lates

ridgebackpilot — Mon, 21 Jan 2019 02:16:12 GMT

30-, 60-, and 90-day late payments have a big impact on your scores. As time passes, late payments will have less and less impact on your score.

For example, I've got some old lates left over from my dispute with Wells Fargo Home Mortgage in the wake of the Great Recession. When they eventually fall off after 7 years, I'd expect to see my scores jump by as much as 100 points!

Re: 30D and 60D lates

Anonymous — Mon, 21 Jan 2019 03:49:32 GMT

Oh wow! Well, I guess I can at least hope for a bit of a score boost once mine fall off..

Has your score steadily improved over the 7 years? Or were there diminishing returns over the last couple years?

Re: 30D and 60D lates

ridgebackpilot — Mon, 21 Jan 2019 04:19:22 GMT

@Anonymous wrote:
Oh wow! Well, I guess I can at least hope for a bit of a score boost once mine fall off..

Has your score steadily improved over the 7 years? Or were there diminishing returns over the last couple years?

My score has steadily improved, mainly because I've followed the advice here, limited my credit utilization, and focused on paying everything on time. As time goes by, derogatory indicators such as late payments and collections have less and less impact. When they fall off your report after 7 years, you should see a nice score bump. Of course, YMMV!

Re: 30D and 60D lates

FireMedic1 — Mon, 21 Jan 2019 12:29:29 GMT

Compliments of CGID'S find...........

Re: 30D and 60D lates

Trudy — Mon, 21 Jan 2019 19:19:55 GMT

I was under the impression that both, but especially a 30D had little no to impact after a couple of years. It was clear I was wrong when I received a 50 point increase when my last derog, a 30D from 12/2012 was removed from my TU report, 6 yrs old. Although I didn't request an EE it seems I was given one. I was so surprised by such an increase from the removal of a single 30D that I had to inquire here to see if that was even possible or should I be looking for some other change (there was none). You may find some useful information from that thread.

'Unexpected 50 pt increase with Trans Union'

Re: 30D and 60D lates

Anonymous — Tue, 22 Jan 2019 01:24:57 GMT

@FireMedic1 do you know how these numbers apply to multiple lates? For four lates, does this mean I am probably experiencing a roughly 100 point deduction at 25/late?

Re: 30D and 60D lates

Anonymous — Tue, 22 Jan 2019 01:26:58 GMT

Thanks Trudy! Will check it out.

Re: 30D and 60D lates

EW800 — Tue, 22 Jan 2019 03:07:47 GMT

Jatt,

I am not sure if this will be much help, but I will throw it out there just in case. I am nearing the end of a long rebuild. My Experian FICO Score 8 is 850, a perfectly clean file. My TU report is identical, other than it has one 30-day late and one 60-day late from an account that should be turning positive over the next two months. My TU FICO Score 8 is 814. I believe we have pretty much determined that 30-day lates have almost no impact after 6-7 years, so if that is the case, it means that the 60-day late is hurting my score by about 36 points. This is assuming that my TU score would otherwise be 850, as my Experian score is. I won't know that for sure until the 30 and 60 turn positive.

Just in case anyone notices the large gap with my Equifax score (currnetly 784), I have one account that was a credit card settlement that for some reason showed differently on my EQ report than the other two. It shows "Pays as Agreed", with the history turning positive one month at a time. Everything has turned positsive except one 120-late on one month that will turn positsive in just over a week (February 1). The account has completely fallen off of TU and Exp, but on EQ it is slowly turning to a positive account. I suspect that the EQ 784 score will then go somewhere near 850, such as my Experian score.

Re: 30D and 60D lates

EW800 — Tue, 22 Jan 2019 03:13:07 GMT

@Trudy wrote:
I was under the impression that both, but especially a 30D had little no to impact after a couple of years. It was clear I was wrong when I received a 50 point increase when my last derog, a 30D from 12/2012 was removed from my TU report, 6 yrs old. Although I didn't request an EE it seems I was given one. I was so surprised by such an increase from the removal of a single 30D that I had to inquire here to see if that was even possible or should I be looking for some other change (there was none). You may find some useful information from that thread.

'Unexpected 50 pt increase with Trans Union'

Hi Trudy,

You got my attention on this one! To confirm, one single 30-day late that was 6 years old gave you a 50 point boost when it fell off? Not sure that I have heard of a very old single 30-day late having that kind of an impact!

Re: 30D and 60D lates

Anonymous — Tue, 22 Jan 2019 03:29:37 GMT

30’s and 60’s are considered minor derog’s and the blow lessens as time passes. Many on this board believe 4 years is a bench mark. 90 and above are considered major derog’s and the full blow lasts the full 7 years. So 30 and 60 is absolutely not as detrimental as the latter and it’s not even close.

Re: 30D and 60D lates

Trudy — Tue, 22 Jan 2019 14:28:25 GMT

EW800, Yep, I was shocked too and had to inquire with the experts hear. A lot of what's being said in this thread is what I thought....until that 50 pt increase occured. Search for the topic I mention. Not sure how to add a link to that thread. Thomas_Thumb chimed in and provided one of ABCD's graphs. Although 50 pts seems like an outlier the graph seems to indicate a 60D and even a single 30D still has some weight, even at 6 years. I received my 3B report a few days later and it was confirmed. Didn't cross any UTL or age thresholds.