topic Re: Year old late payment still hurting? in Rebuilding Your Credit

Year old late payment still hurting?

Anonymous — Sat, 13 Feb 2021 03:33:52 GMT

So as the title suggests I gave a little of a year old 90 day late payment that I think is still hindering my credit score. Back in Feb 2020 I got dinged with a 90 day late payment from NelNet. NelNet reports at the end on every month so I didn't see it until March 9th when I pulled my credit. That one hurt bad because It hit on all four of my account with them. My credit score with from 650(Mortgage score) to a 580 It was my fault so whatever. I've since cleaned up my credit report pretty aggressively. Fast forward today my credit score is 614, UT is at 30%, 1 inquiry, no other negative marks on my report. According to this (https://www.zilchworks.com/credit-score-calculator.asp) estimator , my credit score should go up 10-20 points based on the fact that's its been over a year. However I pulled my report today and still showing 614 with no significant movements. Please help me understand why it hasn't moved up. Do I need to wait until end of March?

Re: Year old late payment still hurting?

Brian_Earl_Spilner — Sat, 13 Feb 2021 03:45:22 GMT

Significant derogatories like 90+ lates will generally hold their strength the entire 7.5 years they're reported.

Re: Year old late payment still hurting?

AllZero — Sat, 13 Feb 2021 04:21:23 GMT

@Anonymous wrote:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Time-Since-Late/m-p/5143276

Re: Year old late payment still hurting?

thornback — Sat, 13 Feb 2021 04:42:49 GMT

Hi and welcome to the forums!

As stated by @Brian_Earl_Spilner, a 90day late will hurt your scores for the entire time it remains on your reports (see the above chart posted by @AllZero for estimated point penalty over time). Other factors, such as credit profile/account aging, will help your scores increase over time, but they will remain suppressed until the 90 day lates reach their 7 year mark.

Unfortunately, since the lates are on federal student loan tradelines, there is nothing you can do to remove them as fedloan servicers will not agree to goodwill removals (HigherEd Act prevents it). You'll just have to do whatever you can to optimize your credit profile so to obtain the highest scores possible with the late payments.

On another note, as an FYI:

That site you linked does not offer FICO scores and their score simulator is not based on the FICO scoring model. In fact - their T&C doesn't even provide a name for the scoring model they use, they just refer to your "credit score" and it states: "The credit scores provided to you are not FICO scores".

Any site that does not provide a scoring model is not worth using - and any simulation of scores would have no resemblance to FICO behavior.

Sites offering FICO scores will clearly indicate that they are FICO scores.

From where did you obtain your mortgage score and which FICO version is it (5, 4, or 2)?