Time Until NEVER LATE...?

[Charmante]

My Capital One fell 90 days late in March 2019. Exactly 1 year ago. It then became Current in April 2019 and has never been late since.

1) How long will it take for it to once again report as NEVER LATE? When will this happen? As it currently is listed under Negative (even though it's Current).

2) How long do lenders typically hold this against me? Like: When should Capital One once again offer CL increases on this account? (Right now they say my account was recently 90 days late) AND when should OTHER creditors stop holding it against me? (Right now other creditors say I'm declined cause of Recent 90 Day Delinquency)...

Thank you all for the help!

[Jnbmom]

You late will report for 7 years. As it ages it will be less of a sting to your credit.

you can try a goodwill letter to see if they will remove it, long shot but worth a try .

[donkort]

I wish I could offer better news:  The late, unless you write a goodwill letter asking for it to be removed, will exist on your reports until April, 2026.

The effect of the late lessens with time.  But probably after a few years or so.

[Charmante]

What exactly is a Goodwill Letter? Is there a place I can copy one from? 

What are the chances they will grant it? I've been with them for 4 years. Only late that one time...

[Jnbmom]

https://ficoforums.myfico.com/t5/General-Credit-Topics/GW-Example-Letters/m-p/4521

[seattletravels]

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@Charmante wrote:

What exactly is a Goodwill Letter? Is there a place I can copy one from? 

What are the chances they will grant it? I've been with them for 4 years. Only late that one time...

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I'm sorry to say but not likely. 90 days is a major derogatory. That means you weren't just late one time, but actually missed three consecutive payments.

[Remedios]

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@Charmante wrote:

My Capital One fell 90 days late in March 2019. Exactly 1 year ago. It then became Current in April 2019 and has never been late since.

1) How long will it take for it to once again report as NEVER LATE? When will this happen? As it currently is listed under Negative (even though it's Current).

2) How long do lenders typically hold this against me? Like: When should Capital One once again offer CL increases on this account? (Right now they say my account was recently 90 days late) AND when should OTHER creditors stop holding it against me? (Right now other creditors say I'm declined cause of Recent 90 Day Delinquency)...

Thank you all for the help!

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It will be "never late" 7 years from when it happened.  CRAs remove lates differently. A couple remove entire string when first 30 day late reaches 7years, EQ tends to remove each derog as it matures to 7 years ( example January 30 day late falls off, February 60 day late falls off, March 90 day...etc). 

They will hold it "against" you for a while. I wouldn't expect much for at least couple of years. 

Even though you are current now, lenders want to make sure your financial distress is over. Credit time flows a lot slower than regular time. 

Cap One is a tough cookie when it comes to GW removal. 

[iced]

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@Charmante wrote:

My Capital One fell 90 days late in March 2019. Exactly 1 year ago. It then became Current in April 2019 and has never been late since.

1) How long will it take for it to once again report as NEVER LATE? When will this happen? As it currently is listed under Negative (even though it's Current).

2) How long do lenders typically hold this against me? Like: When should Capital One once again offer CL increases on this account? (Right now they say my account was recently 90 days late) AND when should OTHER creditors stop holding it against me? (Right now other creditors say I'm declined cause of Recent 90 Day Delinquency)...

Thank you all for the help!

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1) As others have stated, 7 years. As a 90+, I can also tell you it will hit you hard the entire time, though it does diminish somewhat (in my case, my 90+ went from a 100+ point hit initially to a 50+ point hit after 6.5 years).

2) In my case with Capital One, forever. Cap One reduced my limits to $0 for my late and told me never to bother applying for their cards again. Funny thing is they pre-approve me for things now, but I'm respecting their request to not apply for their cards. Others have reported success with getting cards and CLIs with them, so this is a YMMV situation.