topic Re: Last late payment @ 12 month mark in Understanding FICO® Scoring

Last late payment @ 12 month mark

southernficoaddict — Tue, 28 Oct 2008 03:03:51 GMT

My scores (and Dh's also) are at a standstill. Our most recent late payment is due to hit the 1 year mark in a couple of weeks and I was wondering if there was any sort of score bump when this happened. ANYTHING would be great! Thanks in advance!

Re: Last late payment @ 12 month mark

llecs — Tue, 28 Oct 2008 12:44:25 GMT

Maybe others can chime in, but I don't believe you'd see a bump. IMO, it would be a slow and gradual increase for any lates over a period of time rather than an increase at an anniversary. I hope I am wrong and I hope you post some results. If you can, do a before and after pull to compare.

Re: Last late payment @ 12 month mark

Anonymous — Tue, 28 Oct 2008 17:05:06 GMT

I agree with previous post, but in addition, I believe the only bump you would get from a late is a 60 day that turns 2 yrs. old. This is a reclassification from major derog. to minor derog.

Re: Last late payment @ 12 month mark

southernficoaddict — Wed, 29 Oct 2008 18:55:27 GMT

Thanks for that tidbit. Scores are up 100+ points for both of us since we started visiting here in April, but now seem to be stuck. I'll let you know if anything happens. Thanks!

Re: Last late payment @ 12 month mark

southernficoaddict — Thu, 30 Oct 2008 22:06:24 GMT

is there a thread around that anyone has compiled of fico "bump in score" landmarks? I am getting desperate here. I have 2 60 day lates that will hit the two year mark in May '09, and 2 CC's that will hit 1 year anniversary in May. After seeing such a score increase in the last few months, we are SOOOOO close to that construction loan. I don't know what else to do.

Re: Last late payment @ 12 month mark

haulingthescoreup — Fri, 31 Oct 2008 00:34:26 GMT

southernficoaddict wrote:

is there a thread around that anyone has compiled of fico "bump in score" landmarks? I am getting desperate here. I have 2 60 day lates that will hit the two year mark in May '09, and 2 CC's that will hit 1 year anniversary in May. After seeing such a score increase in the last few months, we are SOOOOO close to that construction loan. I don't know what else to do.

Don't think so (one thread with all this), but your two upcoming anniversaries are both proven score helpers.

After two years, the 60's will be minors. If they're your only major derogs, you will move into a new positive score bucket. If your util is low and other things look good, your scores should improve.

Will the two CC's hitting the one-year mark, will you still have any "younger" accounts? If not, you won't be dinged for "new credit." Even if you do, it should help just having them celebrate their birthdays.

hang in there!