@Anonymous wrote:
Ummm, stagnating???
Reading my post again, I used the wrong tense. I meant "my scores will just stagnate." The only reason that my scores changed at all in the last two months was because I paid off my only open credit card. Now that I've exhausted my only option, I get to watch them just sit there and do nothing. (Can you tell I'm impatient?
)I need to learn to just relax and give it time.
So waiting 24 months after being reported late is a good thing? I thought it depended on your state. Tx contractual laws is 4 years
Starting Score: 1/2011 TU 539 EQ 481
@tri3nity wrote:
So waiting 24 months after being reported late is a good thing? I thought it depended on your state. Tx contractual laws is 4 years
No, this is because 24 months of timely payments will increase your chances of CC approval. You might well be approved sooner, but your terms will probably be much better if you hold off.
Credit card companies, like other lenders, generally look at more than just your credit score. They want to know why it is what it is. A 700 resulting from two years of timely payments after a messy past is much different from a 700 score that used to be 800, but a collection and a 90-day late just hit.
edit to add:
lates are still counting after 2 years, especially a 60, and especially especially a 90 and above. But it's true that its score damage does start to fade over time. So we're both right! The scores will be better if you hold off for 2 years after a significant baddie, and the lenders are more likely to approve you.
@boot6698 wrote:
tri3nity, I think The 24 months passing the late will mean it will not be affected in the fico score anymore.
Every 6 monhs a late begins to decrease effect on your fico score and at 24 months it won't count anymore in the OP fico score.
Message Edited by haulingthescoreup on 04-24-2008 05:35 PM
@fused wrote:
Though your EX score alone is good enough to get a good card or two, I would still wait until the 90-day late hits two years. Any cards interest you?
It's no secret that I'm dying for a real Discover card. And to think that I may actually get one makes me giddy.
@RobertEG wrote:
My experience with GW letters has been less than stellar. If the late was legitimate, then they are inclined not to wipe it out as just good will. I recently received a letter from BOA stating that they are "precluded by law" (BS) from rremoving a prior legitimate late, no matter how heart-rendering the sob story might be. Cancer, divorce, etc., makes no difference. Look at it from their perspective. If you were late, you were late. Easy response. Over and done.
Yep. My OC is very stubborn. What's making matters worse is that I can't seem to find one smidgeon of information on names or addresses that I can send more GW letters to.
