Score aflter late removal

[Anonymous]

Am I missing something??!?!?  I get my report update from TC for TU yesterday and my 30 day late for Countrywide was removed but my score didn't budge!  I check my report for EQ today and it also shows the 30 day late gone, but no difference to my score.  I buy my EX report and it showed the 30 day late gone as well and my score climbed 6 points!  So now all my scores are in the 690's but I was under the assumption that I would have seen a score difference across the board!  Does the scores change gradually, or is the 30 day late not so important?!?!?!  Well looks like I have to see how I'm going to get the other 5 points to get to the 700s!!!

jv

[Anonymous]

Was the 30 day late within the last 2 years?

[Anonymous]

It was last february.  But I sent a GW letter to countrywide and they were going to remove it.  They did remove it because it is gone from my CR.  My scores just are not reflecting the removal of the late.

jv

[Anonymous]

What other lates do you have?

[Anonymous]

Sears in Nov. '06 and Macy's Also in Nov '06.  Also a late for Cal bank and trust in May '06.  Then there is one from HSBC/BestBuy in March '04.  There all 30 day lates, non are more than that.  I have GW letters to Sears and Macys, but I haven't heard from them.  Though they should be coming off this year, just dont' wanna wait ....

jv

[llecs]

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johnnyv5 wrote:

Sears in Nov. '06 and Macy's Also in Nov '06.  Also a late for Cal bank and trust in May '06.  Then there is one from HSBC/BestBuy in March '04.  There all 30 day lates, non are more than that.  I have GW letters to Sears and Macys, but I haven't heard from them.  Though they should be coming off this year, just dont' wanna wait ....

jv

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The number of lates are a key essential to how many paoints you'll get back. Also how recent it is plays into it. Some have said they got back 30-80 points or more for a CA removal, for example. Well, you won't get 50 points (a low avg.) for each one removed. If you have 10, well 10 x 50 = 500 points. No way. The first one removed might only fetch a few points at most.

Like CAs, lates also work the same way. The more you have the less impact they will be. Also less impact in comparison to time. FICO Barry et al the other day did a webinar. I don't know who caught it, but he did say something interesting. He said that a 30 day late, if recent, will hurt more than a reposession derogatory that happened a few years ago. I think a late from last February isn't hurting you like you thought it was. I believe the combination of the lates you have in relation to their age is not having too much of a bad impact.

However, this removal will most certainly improve your odds during a manual review for a mortgage or car loan.

[Anonymous]

Makes sense!  I was trying to get a mortgage earlier this year, in January, and all the brokers that were helping me told me the same thing.  That the late on a mortgage is not as good thing and I should wait til atleast a year before I try to refi!  The bad news is I want to try getting a loan from Countrywide or WAMU, but I need to wait until my house has been off the market for 6 months or more.  Kinda sucks as I'm sweating if my house is not going to appraise for a low LTV ration.... Oh well, can only wait.....

jv