topic Re: Lates Lates Lates in Rebuilding Your Credit

Lates Lates Lates

FocusedSodlier — Tue, 11 Sep 2018 21:31:27 GMT

After taking a deep dive into my credit I've been wondering if lates can really damge your credit as much as they've hurt mine. I'm nearing my retirement and planning on buying my home a year from now until i saw my scores. After writing everything down I kinda have a plan which involves sending tons of GW letters in hopes of removing the lates that are on my account. Am i wrong in my assumption that lates are keeping me pinned down? Sending GW letters are my only answer right now. Hopefully i put enough info below. Any advice?

11Sep18:

(Score 8) Current Scores = TU: 552 EQ: 555 EX: 570

Goal Score = minimum of 750 across

Items to Review: (according to my FICO 3B Report dated 10Sep18)

Capital One – Charge off – date opened 02/2016 – balance $450 – credit limit $300

Omni Financial – closed – date opened 05/2015 – balance $0; paid - lates 150 days (x2),120 days (x18), 90 days (x2), 60(x1)

The number of lates are due to the allotment stopping for 4 months then restarting. The loan never caught up during the payment period because I never caught up on the monthly payment until the end of the loan term.

GM Financial – open – date opened 08/2014 – balance $15,346 – lates 30 days (x8) and 60 days (x2)

The account has been paid on time monthly since July 2017.

Pioneer/Mac Inc – closed - date opened 09/2013 – balance $0; Paid in full/was a charge off - lates 90 days (x21), 60 days (x1)

Military Star “Take it Home”- open – date opened 02/2013 – balance $0; paid – lates 30 days (x9) and 60 days (x6)

This account is no longer used. It has a payment status under TU as “Current account/was delinquent 60 days past due date” It was last updated in 09/2017.

Westlake Service Inc - closed - date opened 05/2012 – balance $0; Paid account/was 30 days past due date four times - lates 30 days (x4)

This was a vehicle loan that is paid in full.

Omni Financial – closed – date opened 05/2011 (last updated 01/2014) – balance $0; Paid account/was 30 days past due date six times or more - lates 30 days (x14)

Pioneer/Mac Inc – closed - date opened 05/2011 (last updated 01/2013) – balance $0; Paid account/was 30 days past due date two or three times - lates 30 days (x2) one in 12/2011

Credit One Bank– Charge off – date opened 02/2006 (last updated 01/2018) – balance $0 – credit limit $400

Account shows a CO status by EX in July 2018. Also there are 3 different comments on the report.

Charged off account

Dispute resolved reported by grantor

Account Previously In Dispute - Now Resolved - Reported By Subscriber

Military Star - open – date opened 12/1999 – balance $3356; credit limit $3950 – lates 30 days (x8) and 60 days (x4)

Account is currently opened and used. The last late payment was posted Aug 2016.

Diversified Consultant – collection (closed) - date assigned 05/2018 – balance $0; Account legally paid in full for less than the full balance

OC is ATT Mobility. The balance was paid to the CA instead of the OC.

LVNV Funding – collection (open) - date assigned 01/2015 – balance $1038; Account seriously past due date/account assigned to attorney, collection agency, or credit grantor's public collection department

I am not sure what to do with this account. Pay the OC or pay the CA.

Re: Lates Lates Lates

Medic981 — Tue, 11 Sep 2018 21:41:03 GMT

You are not wrong. Payment history accounts for 35% of your FICO score.

Re: Lates Lates Lates

Anonymous — Wed, 12 Sep 2018 17:09:38 GMT

I didn't look at all your accounts but some look really old and if you haven't made any payments on them and the date of first deliqency is in the past (7 years and 6 months) they should drop off soon.

Then again I dont' fully understand the DOFD. Though I was able to get some stuff removed early that were supposed to fall on on 3/2019 from TU as they will sometimes remove up to 6 months early.

Re: Lates Lates Lates

FocusedSodlier — Wed, 12 Sep 2018 18:56:51 GMT

I really dont understand the DOFD either. Im still researching and trying to understand what sets the precedence 7 year drop off time period.

Re: Lates Lates Lates

Anonymous — Wed, 12 Sep 2018 21:07:28 GMT

Somone please correct me if I'm wrong, but it's my understanding that DOFD is the date you were first late without making any more payments towards the account (does not include settlement agreement or PIF).

So if I was 30 days late on 11/2014, then made payments for a year, and stopped paying on 11/2015 and have not made any more payments, my DOFD is 11/2015

Re: Lates Lates Lates

Anonymous — Thu, 13 Sep 2018 13:52:47 GMT

90 Day (or worse) Lates will drop your score by 50-75 points for the entire time that they remain on your credit report. You won't reclaim those points until the last of the Lates is gone.

Re: Lates Lates Lates

Anonymous — Thu, 13 Sep 2018 13:58:22 GMT

@Anonymous wrote:
Somone please correct me if I'm wrong, but it's my understanding that DOFD is the date you were first late without making any more payments towards the account (does not include settlement agreement or PIF).

So if I was 30 days late on 11/2014, then made payments for a year, and stopped paying on 11/2015 and have not made any more payments, my DOFD is 11/2015

I believe that is how it works. For me I started a dispute and it told me the estimated date someting would drop off. I used that to determine when I could ask for an early exclusion for stuff.

Re: Lates Lates Lates

pipeguy — Thu, 13 Sep 2018 19:21:23 GMT

DOFD = date of first delinquency = if you are 30 days late it will be reported to the CRA's - if it's the same account and it goes 30-60-90 one or more times the 60/90 will be reported, but your DOFD will remain as the first month you were late as far as falling off your reports.

As far as the OP's credit report - that is a LOT of late payments and missed payments and collection accounts - it's going to be very very difficult to have a clean report in 2 years. I'm not saying you can't get your scores into the mid-600's with a lot of effort - full-time job type of effort. Keep in mind that if you were to apply for a mortgage, you'd have to take care of all the unpaid accounts even if they are not listed right now - Collection accounts will be notified that you are applying and they'll (the JBD and the Mortgage lender) require you to satisfy outstanding unpaid debts.

If you are serious about buying a home in a couple of years, it can be done, but it's going to take a lot of work.

Re: Lates Lates Lates

Anonymous — Thu, 13 Sep 2018 19:35:03 GMT

Thanks for the correction PipeGuy. That's good news!

Re: Lates Lates Lates

RobertEG — Thu, 13 Sep 2018 22:08:21 GMT

Each string of delinquencies has a date of first delinqeuncy for that common string. The DOFD is thus the first delinquency in the string of account delinquencies wherein the account remained in a delinquency status. A new DOFD is set when an account is brought back into good-standing, and a new series of monthly delinquencies begins.

As for when derogs become excluded, any charge-off has an exclusion date of no later than 7 years plus 180 days from the DOFD.

That is explicitly set by statute under FCRA 605(c). The CRAs will normally exclude based only on expiration of 7 years from the DOFD, but have up to the full 7 years plus 180 days to exclude a reported charge-off.

Monthly delinquencies in a common chain of delinquency are all excluded, based on CRA policy and not explicit requriment under the FCRA, no later than 7 years from the date of initial delinquency in that common chain of delinquency. That is based on CRA interpretation of the exclusion provision of FCRA 605(a)(5).

Thus, any 60/90/120/180+ lates will all be excluded at the same time, which is no later than 7 years from the DOFD.