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so it will take 4 more years from today?

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hoang817
Regular Contributor

so it will take 4 more years from today?

Hi all,

If i am making good payments from today on, it will takes at least 4 more years for my payments status to look ok? that means i have to wait for 18-19-20 and 21 to drop out of the picture??

 

Thank you

 

 

Capture.PNGCapture2.PNGCapture3.PNG

Message 1 of 13
12 REPLIES 12
KatSoDak
Frequent Contributor

Re: so it will take 4 more years from today?

No, I don't think you are looking at this correctly. Your credit report can include the past 7 years of history so the delinquencies from 2021 will not be gone until about 2027 or 2028. If the account you have in the screen shot had been open in 2015 you would see the payment history for 2015 today in 2021.

FICO 8:

EQ FICO 9 - 770
EX FICO 9 - 758

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Message 2 of 13
hoang817
Regular Contributor

Re: so it will take 4 more years from today?

so you meant i have to make 7 more years of straigght payments before the "45 missed"  to drop out?

 

Thanks

 

 

Message 3 of 13
KatSoDak
Frequent Contributor

Re: so it will take 4 more years from today?


@hoang817 wrote:

so you meant i have to make 7 more years of straigght payments before the "45 missed"  to drop out?

 

Thanks

 

 


No. Each year the number of missed payments will decrease as long as you don't miss any more.  

FICO 8:

EQ FICO 9 - 770
EX FICO 9 - 758

Citi (2) | Discover | HSBC | BOA | NFCU (2) | WF (2) | Simmons Bank | FNBO (2) | PENFED | BBVA | US Bank | Lowes | Care Credit | Home Depot AU
Message 4 of 13
GatorGuy
Valued Contributor

Re: so it will take 4 more years from today?

The weight they have on your score will decrease with time as well. 

Message 5 of 13
dragontears
Senior Contributor

Re: so it will take 4 more years from today?


@GatorGuy wrote:

The weight they have on your score will decrease with time as well. 


While this is true for minor lates (60 days or less), I am not aware of any data that shows that 120 day lates decrease the effect on your score over time.

 

@hoang817 

From the image you posted, it appears that the account is child support and is still open and delinquent. Once the account is no longer delinquent one of the CRA will delete an entire string of lates when the first one reaches the exclusion age (I don't remember which one), the others delete each late as it reaches the exclusion age if I remember correctly. 

Message 6 of 13
Anonymous
Not applicable

Re: so it will take 4 more years from today?


@dragontears wrote:

@GatorGuy wrote:

The weight they have on your score will decrease with time as well. 


While this is true for minor lates (60 days or less), I am not aware of any data that shows that 120 day lates decrease the effect on your score over time.

 

@hoang817 

From the image you posted, it appears that the account is child support and is still open and delinquent. Once the account is no longer delinquent one of the CRA will delete an entire string of lates when the first one reaches the exclusion age (I don't remember which one), the others delete each late as it reaches the exclusion age if I remember correctly. 


This is correct. Experian will drop entire strings of lates when the firsy in the string reaches 7 years old. So when the 2018 late that starts the string hits 7 years old, the entire string will drop off, which is very nice.

 

But, as there always is one in credit reporting, EQ and TU will age off each late *individually* as they each hit 7 years old. So, for example, the lates from 2021, you will be stuck with until they reach 7 years old in 2028.

Message 7 of 13
hoang817
Regular Contributor

Re: so it will take 4 more years from today?

after making good payments on my child support for 2 months.. today my score went up 60pts. oh la la

 

childsupport.PNGCapture1.PNG

Message 8 of 13
OmarGB9
Community Leader
Super Contributor

Re: so it will take 4 more years from today?


@hoang817 wrote:

after making good payments on my child support for 2 months.. today my score went up 60pts. oh la la

 

childsupport.PNGCapture1.PNG


That is good, but you should really be looking at FICO scores, either from Experian.com/Creditchecktotal.com or here on MyFICO. The scores you are looking at are Vantage 3.0 scores provided by Credit Karma and could be off from your FICO scores by as much as 100 points or more. Also, Vantage scores aren't really used by lenders; FICO 08 scores are the most commonly used.


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Message 9 of 13
hoang817
Regular Contributor

Re: so it will take 4 more years from today?

Thank you..

 

after i paid off the 4 collections on  my records.. i will buy the score from here to see the real score.

Message 10 of 13
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