topic Re: Lates in Rebuilding Your Credit

Lates

Anonymous — Thu, 26 Jul 2012 03:59:08 GMT

How long do lates effect your score? I have a late from Nov 11. This is the only late I have. Is it the typical 7 yr issue or is it like an inquiry and a shorter period of time? Thanks in advance!

Re: Lates

annielorie — Thu, 26 Jul 2012 04:31:09 GMT

YMMV depending on your file GW to remove

Re: Lates

pizzadude — Thu, 26 Jul 2012 05:06:42 GMT

@Anonymous wrote:
How long do lates effect your score? I have a late from Nov 11. This is the only late I have. Is it the typical 7 yr issue or is it like an inquiry and a shorter period of time? Thanks in advance!

Is it a 30~day late ? Or more, like 60 or 90 days late ? Late payments that are more severe will usually hurt your FICO score for a longer time....

Re: Lates

Anonymous — Fri, 27 Jul 2012 02:21:32 GMT

It is a 90 day late.

Re: Lates

MarineVietVet — Fri, 27 Jul 2012 02:27:59 GMT

@Anonymous wrote:
It is a 90 day late.

That's considered a major negative and will impact your score for the entire 7 years that it is allowed to report.

Try as hard as you can to get it GW'ed (Good Willed) off your reports early.

Re: Lates

Anonymous — Fri, 27 Jul 2012 02:46:28 GMT

Thanks! I've been trying and Sallie Mae isn't budging...

Re: Lates

CC40 — Fri, 27 Jul 2012 03:20:12 GMT

@Anonymous wrote:
Thanks! I've been trying and Sallie Mae isn't budging...

I have been battling the same issue with them. BEGGED for help with it. They will not budge. My scores are still suffering. Mine was Dec. 2011.

Re: Lates

RobertEG — Fri, 27 Jul 2012 03:36:29 GMT

Consumer's view: Its hurting my score, I want it removed, and they wont budge.

Creditor's view: It is accurate, and integrity of the credit reporting system dictates that the information should be available to other creditors.

Re: Lates

CC40 — Fri, 27 Jul 2012 03:48:18 GMT

Well I wasn't exactly 90 days late if you prorate payments. I made partial payments but they reported 90 day late. But you are right. Depends on perspective.

Re: Lates

Anonymous — Fri, 27 Jul 2012 12:59:58 GMT

I was wondering about this topic myself. OP, I've seen from other threads on this site that you have to be incredibly persistent with the GW... maybe start calling, writing, and email? Sooner or later they have to get tired of you. :-P

Does anyone know how 30 day lates affect the scoring?

(I have one CC that had a 30DL in Dec 2010 (already trying to GW), and unfortunately my auto loan had one in Jan 2012, and a smattering in 2010 and earlier. I am wondering how bad this is hurting me. Everything has been on time for at least six months, but I'm thinking it's not "enough".)

Re: Lates

MarineVietVet — Sat, 28 Jul 2012 00:41:17 GMT

@Anonymous wrote:
I was wondering about this topic myself. OP, I've seen from other threads on this site that you have to be incredibly persistent with the GW... maybe start calling, writing, and email? Sooner or later they have to get tired of you. :-P

Does anyone know how 30 day lates affect the scoring?
(I have one CC that had a 30DL in Dec 2010 (already trying to GW), and unfortunately my auto loan had one in Jan 2012, and a smattering in 2010 and earlier. I am wondering how bad this is hurting me. Everything has been on time for at least six months, but I'm thinking it's not "enough".)

FICO looks at several things when it comes to late payments:

* How recent they are

* How severe they are

* How many are reporting at the same time

A single 30 day late loses most of it's impact after a couple of years. You notice I said a single 30 day late. If you have more than one that adds to how long your score is affected.

There is really no set in stone way to calculate just exactly how much you are being hurt because everyone's credit profile is different and the profiles are constantly changing.

Re: Lates

Dishpro — Sat, 28 Jul 2012 03:50:36 GMT

I have a 30day late reporting from Jan 2012 (reporting in error) and it hit mr hard with a 33 pt score drop.