When will late payment fall off?

[AverageJoesCredit]

Hi everyone, i hope this is right area for this post. As ive been rebuilding my credit since last year , making a comeback from my bk7 from 2007 , i am much more in sync with what is credit and how to properly manage it. Many thanks to this wonderful forum. My specific question concerns my Experian report. Of all three major bureaus, Ex thankfully has already taken off my BK7 while TU and Eq hopefully will do so by april 2017. However i still show a negative factor on my Ex which basically relates to my last late payment . It was for my car that i paid off in 2010 and shows as my final payment was in may 2010 though 90 days late.
Will this late payment fall off my report after may 2017? This would really be nice to know because then i should finally have a truely clean report. Thank you for any help or advice on this subject. Have a great night!!

[Anonymous]

Correct, it should fall off 7 years from the month it was reported 90 days late.

The good news is that scoring wise it's probably lost a good amount, maybe 50% of it's impact at this point although there's no real way to quantify that.  Fortunately on the time line of late payments you are at least nearing the end of this one haunting you. 

[AverageJoesCredit]

Thanks. This will be a huge relief for hopefully by then my personal loan will also be half way paid so those pesky negative factors that they seem to use in a denial, even though your score is getting better and you are doing well with your credit, will be less harmful. I am surprised that my bk7 had fallen off so early from my experian. I figured as i searched for the main reason for my 1 derog on this report my late payments, over 6 years ago, this was it. Will be great when it falls off completely!. Much appreciated your help

[RonM21]

Yes. And that relief will be great for you! I'm in the same boat. A few late payments due to Santander on a paid loan from 2010 that'll be due to come off early next year. Can't wait as it's the only negative I have.

[AverageJoesCredit]

It will feel great for sure now if i only i can get my equifax going. I really need to check some things there to see what is holding me back besides my bk7. Ive noticed that 2 cards i had that i paid off with a loan from same bank say still open but the loan says closed but included in bankruptcy. Not sure if that also holds me back but hopefully when the bk7 falls off Eq i should be better acore wise as well, figuring another year of credit history with my current creditors.