A newbie looking for some advice from the pros. Please help!!

[Anonymous]

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Well, Good Morning!!  

@Anonymous wrote:

Discover's prequal is pretty solid - if they say yes you are qualified, AND it shows a solid APR rather than a range (ie, it shows 24.79% and not 21-26%), that's about as solid as it gets.

Gotcha! Not applying for any credit anytime soon, but it's good information to know when the time comes.  

There really is no set number of points gained that we can say when a derog is cleared because too many other factors go into scoring. Most people during a rebuild see a handful of points for each derog cleared until the last one - when the last one comes off, scores skyrocket. Simply having a derog is why your score is suppressed. A clean file that gets hit by a negative entry can lose 100 points or more. Subsequent derogs only cost a few more each (say, up to 10), because there is a derog already. It's the same in reverse - the fact that any negative entries exist means your scores are punished, so during a rebuild, as you get them removed, as long as more are there, you won't gain a lot. When that last one comes off though, hold on tight - you could leap from 700 to 800 or higher even.

This makes sense! I know each credit profile is different and I understand there's a lot of factors that go into it. Was thinking out loud maybe how many points I can expect. I still do have 3 late payments on my CR from 2017 and 2018, so I want to make sure I understand correctly, if the GW letters don't work (worst case scenario) then I'm stuck with the late payments for 7 years from the first delinquency, correct? So that would be 2024? Yikes!!! 

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[Anonymous]

Pretty much, although smaller ones like 30/60 day lates typically hurt far less after a couple years. Larger lates hurt the whole time unfortunately. Still, as they age, they'll influence lenders less - after 4-5 years it's doubtful they'll hurt your applications for credit.

Ballpark figures though, I would think you can count on 5-10 points per derog. That may vary somewhat based on age and severity of each one but that's a good enough guess that you can follow.

[Anonymous]

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@Anonymous wrote:

Pretty much, although smaller ones like 30/60 day lates typically hurt far less after a couple years. Larger lates hurt the whole time unfortunately. Still, as they age, they'll influence lenders less - after 4-5 years it's doubtful they'll hurt your applications for credit.

Ballpark figures though, I would think you can count on 5-10 points per derog. That may vary somewhat based on age and severity of each one but that's a good enough guess that you can follow.

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Yeah, I figured. I have a 30 day late from February 2017 which was brought back current in March. Then another 30 day late in December 2017 and a 60 day late in January 2018 then brought back current in February and it's been current ever since. Nothing later than 60 days. Currently, I have a $600 balance left on it. Since the first deliq is 3 years old next month and the other 2 will be 3 years old later this year — does this have a lower impact on my score than lets say a late payment from 6 months ago? I'm asking just to see where I stand once the derogs fall off my account. 

[Anonymous]

Yes it does. There’s a chart floating around here somewhere showing point recoveries over time for various derogs. For yours, after two years it’s estimated that you’ve recovered about 2/3 of the lost points after two years. When they go away, they’ll add some points but not a ton unless they’re the last blemishes you have. If that’s the case then you’ll see a big jump.

[Anonymous]

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@Anonymous wrote:
Yes it does. There’s a chart floating around here somewhere showing point recoveries over time for various derogs. For yours, after two years it’s estimated that you’ve recovered about 2/3 of the lost points after two years. When they go away, they’ll add some points but not a ton unless they’re the last blemishes you have. If that’s the case then you’ll see a big jump.

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Oh awesome!! Yeah the late payments are approximately 3 years old, so that's good to hear that I've already recovered 2/3 of the lost points.

"When they go away, they’ll add some points but not a ton unless they’re the last blemishes you have." Yup!! They're the last delinquencies on my credit report. So that's why I'm hoping I can get them removed with the GW letters. The 30 day in December and the 60 day in January are consecutive, so if my understanding is correct..they would count as 1, correct? 

One last question, (I'm sorry)...in your personal experience or to your knowledge, when it comes to GW letters or getting late payments removed — are lenders usually more lenient when late payments are older? I'm hoping because the late payments are 3 years old, Comenity will be more accepting to removing the payments. What's your opinion?

[Anonymous]

Just waiting to hear back from @thornback.

[thornback]

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@Anonymous wrote:
Just waiting to hear back from @thornback.

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I'm sorry!  I'm having a very traumatic day      I'll be with you in just a little bit -  I gotta do something first and then I'll catch up on this thread because you and TheDevil have been chatting up a storm today I see! 

[Anonymous]

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@thornback wrote:

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@Anonymous wrote:
Just waiting to hear back from @thornback.

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I'm sorry!  I'm having a very traumatic day      I'll be with you in just a little bit -  I gotta do something first and then I'll catch up on this thread because you and TheDevil have been chatting up a storm today I see! 

Yeah we have, haha. I heard about Discover (I'm really sorry about that). No worries, I'll be here!

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[thornback]

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@Anonymous wrote:Oh awesome!! Yeah the late payments are approximately 3 years old, so that's good to hear that I've already recovered 2/3 of the lost points.

"When they go away, they’ll add some points but not a ton unless they’re the last blemishes you have." Yup!! They're the last delinquencies on my credit report. So that's why I'm hoping I can get them removed with the GW letters. The 30 day in December and the 60 day in January are consecutive, so if my understanding is correct..they would count as 1, correct? 

One last question, (I'm sorry)...in your personal experience or to your knowledge, when it comes to GW letters or getting late payments removed — are lenders usually more lenient when late payments are older? I'm hoping because the late payments are 3 years old, Comenity will be more accepting to removing the payments. What's your opinion?

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Yes, lenders do seem more inclined to remove lates if they are old (4+ years seems to be the sweet spot, but older than 2 years often have favorable outcomes). 

[thornback]

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@Anonymous wrote:

Yeah we have, haha. I heard about Discover (I'm really sorry about that). No worries, I'll be here!

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Thanks -- it happens.  Nothing is guaranteed in the credit world.  

Anyway.... you said you were waiting for a response from me...  to what am I responding?  Looks like @ImTheDevil answered your other posts masterfully...   did I miss something  (besides the Q about the age of lates and successfull Goodwills)?