FICO Score Ingredients

[Kris1228]

Hello,

I have a quesiton about when my "bad pay history" will turn good since i havent missed a payment in almost 2 years? I just pulled my Trans Union score and my payment history is bad, but things helping my score says you have many accounts in good standing... Doesnt that equal good pay history? Im confused!!!! I know it takes a while for past missed payments, CO, (also have BK 7 years old)  to diminish but does anyone know how long?

Thanks In Advance!!!

Message Edited by Kris1228 on 06-30-2008 06:17 PM

[wahmom]

It is my understanding, and I may be completely wrong, but I think it takes not having any lates showing for a full 24 months for it not to affect your score. Please someone with more experience tune in if I'm wrong.

[marty56]

I know its somewhere between 2 and 4 years since I have a 120 day late that is just under 3 or 4  years old depending on whether they use DOFD or DOLD and my payment history is listed as good.

[Anonymous]

TU scores are FAKO's.  Ignore any advice they give.   Get your FICO's from myFICO.com and review their reasons for your score.   Focus on improving those, and ignore anything from any non-FICO source like TU, TransRisk, TruCredit, etc.

[Anonymous]

I believe minor lates 30 and 60 days pretty much become non-factors at 2 years though 60 and 90 day lates have a much longer effect on your score - though they too diminish with time.

I am not sure you can have "Great" payment history listed under factors if you have any lates showing on your reports. If anyone has a report contrary to that please let us know because it can shed some light on just how long various lates ding people and by how much.