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Payment history repair questin? - Credit Karma

mikewillis7
Regular Contributor

Payment history repair questin? - Credit Karma

After reviewing my ma's credit history on Credit Karma..

Even if she made 300 payments on time from today forth.. she could no fall into the A B category as showm in the image below

Posted with her discretion... she didn't mind ( I told her you guys have been very helpful )

 

Score

 

So lets say she made 300 payments on time...

 

396/414 WOULD STILL LAND HER AT %95.65 PERCENT!?

 

 

 

Would closing a card help this?? Or, even closing one with many late payments??

Or is this just a lost hope?

 

Message 1 of 13
12 REPLIES 12
Nixon
Super Contributor

Re: Payment history repair questin? - Credit Karma

Creditkarma isn't exactly that accurate.
EX FICO  16 INQ  791
EQ FICO  10 INQ  786
TU FICO  12 INQ  790
Total CL$477,00038 TL
Message 2 of 13
Skye12329
Valued Contributor

Re: Payment history repair questin? - Credit Karma

Theres not much she can do besides pay the bills on time. I think late payments fall off after 10 yrs? Or is 7yrs? Closing the card wont make a difference.

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 1k (11/21)
Venmo - 900 (11/21)
Message 3 of 13
mikewillis7
Regular Contributor

Re: Payment history repair questin? - Credit Karma

Thanks for that!

Message 4 of 13
Nixon
Super Contributor

Re: Payment history repair questin? - Credit Karma


@Skye12329 wrote:

Theres not much she can do besides pay the bills on time. I think late payments fall off after 10 yrs? Or is 7yrs? Closing the card wont make a difference.


They stop making a difference after a while. I think it's more like 3 years.

EX FICO  16 INQ  791
EQ FICO  10 INQ  786
TU FICO  12 INQ  790
Total CL$477,00038 TL
Message 5 of 13
Zorasmiles2
Member

Re: Payment history repair questin? - Credit Karma

 

 


@mikemsceo wrote:

After reviewing my ma's credit history on Credit Karma..

Even if she made 300 payments on time from today forth.. she could no fall into the A B category as showm in the image below

Posted with her discretion... she didn't mind ( I told her you guys have been very helpful)

 

 

Would closing a card help this?? Or, even closing one with many late payments??

Or is this just a lost hope?

 



Closing the card(s) will actually harm her scores.  It's better if she continues to pay on time.  Over time, she'll get better scores and she'll be able to apply for more cards and eventually build her credit back up, if that's the desired outcome. 

Message 6 of 13
Skye12329
Valued Contributor

Re: Payment history repair questin? - Credit Karma


@Nixon wrote:

@Skye12329 wrote:

Theres not much she can do besides pay the bills on time. I think late payments fall off after 10 yrs? Or is 7yrs? Closing the card wont make a difference.


They stop making a difference after a while. I think it's more like 3 years.


As in score wise? Because i think late payments fall off the report completly after 7 years. My BF had 1 missed payment on a student loan and it finally fell off after 7 years. 

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 1k (11/21)
Venmo - 900 (11/21)
Message 7 of 13
skigirl916
Established Contributor

Re: Payment history repair questin? - Credit Karma

 


@Nixon wrote:

@Skye12329 wrote:

Theres not much she can do besides pay the bills on time. I think late payments fall off after 10 yrs? Or is 7yrs? Closing the card wont make a difference.


They stop making a difference after a while. I think it's more like 3 years.


I wish that were true. I have a few from the summer of 2008 that still come up as the top reason for my score. Argh.

Message 8 of 13
Nixon
Super Contributor

Re: Payment history repair questin? - Credit Karma

Scorewise, yes.

EX FICO  16 INQ  791
EQ FICO  10 INQ  786
TU FICO  12 INQ  790
Total CL$477,00038 TL
Message 9 of 13
mikewillis7
Regular Contributor

Re: Payment history repair questin? - Credit Karma

Hmm...

Every 7 years.. or 7 years from the date of.

Message 10 of 13
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