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30 and 60 Day Lates and Score

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Regular Contributor

30 and 60 Day Lates and Score

How long after a 30 day or 60 day late payment will your score fully recover? Full seven years? I have one 30 from a year and a half ago and a couple others from August 2016. The 60 day was from September 2016. I also have a 30 day from 2012 still on my report.
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Regular Contributor

Re: 30 and 60 Day Lates and Score

edit: was incorrect, see graph below. Also what do the numbers mean on the lines of the graph?

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Super Contributor

Re: 30 and 60 Day Lates and Score

fico8 lates versus time.png





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
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Super Contributor

Re: 30 and 60 Day Lates and Score

You can always try for the GW Saturation Technique. Dont know who you owe....

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-...





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
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Regular Contributor

Re: 30 and 60 Day Lates and Score

Wow great info, thanks Medic!!!

I sent out my first wave a month ago. 1 derog from CapOne and 4 with TD Retail. CapOne told me no today and I haven’t heard from TD Retail. I’m set to do a second round one week from today.

The chart you posted, which is amazing so thank you for that, the y-axis is that the points to the score it affects? Looks like if I ditch my derogs my points can go up 40 points which will put me in the 750 range.

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Community Leader
Valued Contributor

Re: 30 and 60 Day Lates and Score

BQ: Firemedic, how do multiple 60 & 90 lates affect this? Does it mean if a 60 or 90 day late fails off, that the score won't decrease as long as there are more of the same left?



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Super Contributor

Re: 30 and 60 Day Lates and Score

To answer both of your questions. If the lates are grouped which usually happens to hit 60 days late. There's a 30 day before that 60 day. They fall off together at the 60 day mark. Spread out single 30 days will affect you until that last one has fallen off. The Y where they join appears to be the 20 points that will last till the 7 yr fall off mark. So 5/20 I hope to gain that 20 points for my single 30 day late. Keep in mind that until that 4 year mark the 60 will trump the 30 day lates.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
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Established Contributor

Re: 30 and 60 Day Lates and Score


@FireMedic1 wrote:

To answer both of your questions. If the lates are grouped which usually happens to hit 60 days late. There's a 30 day before that 60 day. They fall off together at the 60 day mark. Spread out single 30 days will affect you until that last one has fallen off. The Y where they join appears to be the 20 points that will last till the 7 yr fall off mark. So 5/20 I hope to gain that 20 points for my single 30 day late. Keep in mind that until that 4 year mark the 60 will trump the 30 day lates.


I have two 30 day lates that will fall off in Febuary and April 2019.  Will I see any point gain for the Febuary late dropping off or will I have to wait until April for the second one to age off my reports.  I was hoping to pick up 20 points in February and then another 20 in April.

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Super Contributor

Re: 30 and 60 Day Lates and Score


@rbentley wrote:

@FireMedic1 wrote:

To answer both of your questions. If the lates are grouped which usually happens to hit 60 days late. There's a 30 day before that 60 day. They fall off together at the 60 day mark. Spread out single 30 days will affect you until that last one has fallen off. The Y where they join appears to be the 20 points that will last till the 7 yr fall off mark. So 5/20 I hope to gain that 20 points for my single 30 day late. Keep in mind that until that 4 year mark the 60 will trump the 30 day lates.


I have two 30 day lates that will fall off in Febuary and April 2019.  Will I see any point gain for the Febuary late dropping off or will I have to wait until April for the second one to age off my reports.  I was hoping to pick up 20 points in February and then another 20 in April.


Probrably April. The last one.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 9 of 13
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Established Contributor

Re: 30 and 60 Day Lates and Score

 


@FireMedic1 wrote:

@rbentley wrote:

@FireMedic1 wrote:

To answer both of your questions. If the lates are grouped which usually happens to hit 60 days late. There's a 30 day before that 60 day. They fall off together at the 60 day mark. Spread out single 30 days will affect you until that last one has fallen off. The Y where they join appears to be the 20 points that will last till the 7 yr fall off mark. So 5/20 I hope to gain that 20 points for my single 30 day late. Keep in mind that until that 4 year mark the 60 will trump the 30 day lates.


I have two 30 day lates that will fall off in Febuary and April 2019.  Will I see any point gain for the Febuary late dropping off or will I have to wait until April for the second one to age off my reports.  I was hoping to pick up 20 points in February and then another 20 in April.


Probrably April. The last one.


So same point penalty for two 30 day lates as one?  What if you had 10?  Does this mean that once you have one 30 day late that additional ones do not hurt your score?  That doesn't make sense.

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