What's Hurting Your Score...

[Anonymous]

I just pulled my TU report today. Under the " Whats hurting your score it reads:You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report". The only late item I have on my TU is a 30 day late that they listed. I have looked through every item on my report and can't find where the 60 day + item is. However, I have an idea it could be a 90 day late on a student loan that does appear on my EX and EQ reports. The loan itself has always appeared on my TU but the lates never have, they are from June 03. Do you think I should give TU a call or just leave it alone?

[Anonymous]

If TU doesn't show the late payment, then leave it alone.

The comment also says "derogatory description."  Does that apply?

For example, "paid, closed, was late 30 days" or something like that?

[Anonymous]

No, nothing else. It only shows what I put in. I'm going to just leave it alone. How do you think it is affecting my score?

[Anonymous]

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nurseone12 wrote:
No, nothing else. It only shows what I put in. I'm going to just leave it alone. How do you think it is affecting my score?

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How old is the 30-day?

[Anonymous]

Recent, December 07

[Anonymous]

If that's your only baddie, it's hurting quite a bit.  If your scores were very high before the late payment, it will affect you more than if they weren't.

The good news is that the older it gets, the less it will hurt.  A single 30-day doesn't hurt much at all once it's over two years old, even though it will stay on your report for seven years.

[Anonymous]

Cheddar:    You say a single 30 day late does not hurt much after 2 years.   How about 2 90+ items that I bk'd on and accounts now closed?   These have DOFD of Feb/Mar 07,  last late in Jun 07 with the bk in July 07.

Now 9 months since BK.   Will this be minimally affecting me at 2 years (Jul 09) do you think???

[Anonymous]

Boscoe:  What I said only applies to single 30-days.  A 90-day is considered a major derog, and its effect lessens much more slowly than the effect of a single 30-day.

A major derog still hurts quite a bit after just two years.  Ultimately, major derogs continue to hurt until the day they are removed.

[Anonymous]

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@Anonymous wrote:

If that's your only baddie, it's hurting quite a bit. If your scores were very high before the late payment, it will affect you more than if they weren't.

The good news is that the older it gets, the less it will hurt. A single 30-day doesn't hurt much at all once it's over two years old, even though it will stay on your report for seven years.

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My scores were not very high due to high util. But I am working hard on that right now. Two things I have learned since I starting using this site last month: NEVER be late and keep my util LOW. So simple. Using that simulator shows me the possibilities... BTW, how accurate is the simulator?

Message Edited by nurseone12 on 04-08-2008 11:50 AM

[Anonymous]

nurseone12 wrote:
BTW, how accurate is the simulator?

In my experience, the simulator is quite accurate in predicting score changes due to increased or decreased revolving utilization, but not very accurate beyond that.