@dragontears wrote:
@Anonymous wrote:For instance how many lates throw you into certain thresholds of points
In the broadest terms the break point is no late payments and having a late payment. The "fluff" in CMS gives you a percentage but to the best of my knowledge you can't "dilute" a late payment with on time payments as far as scoring models go.
I never understood why it doesn't count. I have 500 good payments on my open accounts, but lenders are focused on 7 lates 4 years ago. 4 years and 500 payments later they think I might be a lending risk still? 🤦♂️
@Remedios wrote:
@Brian_Earl_Spilner wrote:
@dragontears wrote:
@Anonymous wrote:For instance how many lates throw you into certain thresholds of points
In the broadest terms the break point is no late payments and having a late payment. The "fluff" in CMS gives you a percentage but to the best of my knowledge you can't "dilute" a late payment with on time payments as far as scoring models go.
I never understood why it doesn't count. I have 500 good payments on my open accounts, but lenders are focused on 7 lates 4 years ago. 4 years and 500 payments later they think I might be a lending risk still? 🤦♂️
Easiest explanation
Be unfaithful, then explain to your wife/GF/whomever how you were faithful 99% of time.
Nailed it Remedios!
OP - 95% positive payment history is a fail, not an A when it comes to FICO. Not that you failed because it happens, but don't buy in to the % of positive payments as a good thing unless its 100%. Yes 95% is better than 85% but doesn't directly correlate to the score impact. As noted above credit monitoring services provide a lot of fluff stuff like fair, good, very good, etc and it doesn't mean anything to a lender. Unless you are able to get a creditor to remove a late through begging, than it's there for 7 years. Each bureau may remove a month or some months before the 7 year mark but it negatively impacts your scores until it's gone. The impact may lessen over years but could still pack a punch until it's gone. I received between 27 and 50 points between the bureaus when my last late (a single 30 day) which was 6+ years old was removed a little early.
