30 day lates

[kobe2012]

I have 11 30-day late on one of my credit cards....from 2006-2009...Does each late stay on the report for 7 years? Or would they disappear 7 years after the first 30-day late?

[bahbahd]

Each late payment remark has a date it was reported. Once that date is 7 years (+180 days ?) old it will not count against your score anymore. If all of your derogs are 30 days only, I would not worry about them much since they are already over two years old. The 30 day remarks hurt mostly during the recent two year history and outside that two year mark they are not going to hold you down significantly.

[westo12]

Say you have 6 30 day lates and 1 hits the 2 yr mark, would I expect to receive an increase at all?  Or would the fact that I have 5 remaining newer ones trump that?

[kobe2012]

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@bahbahd wrote:

Each late payment remark has a date it was reported. Once that date is 7 years (+180 days ?) old it will not count against your score anymore. If all of your derogs are 30 days only, I would not worry about them much since they are already over two years old. The 30 day remarks hurt mostly during the recent two year history and outside that two year mark they are not going to hold you down significantly.

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Thx for the clarification! 

[bahbahd]

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@kobe2012 wrote:

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@bahbahd wrote:

Each late payment remark has a date it was reported. Once that date is 7 years (+180 days ?) old it will not count against your score anymore. If all of your derogs are 30 days only, I would not worry about them much since they are already over two years old. The 30 day remarks hurt mostly during the recent two year history and outside that two year mark they are not going to hold you down significantly.

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Thx for the clarification! 

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This does not mean you should not try GW letters to get them removed. Be nice. Explain you've got a great history with the accounts. You've taken preventative measures to pay on time by setting up reminders and automatic payments, etc. The 30 day marks are old but you'd like them off.

[RobertEG]

Each montly delinquency has its own individual exclusion date of 7 years from its date of occurence.  The additional 180 days provision only applies to collections and charge-offs, wherein the 7 year period begins 180 days after the DOFD.

It seems to be the experience of most on the site that 30-lates lose most of their impact after approx. 2 years, and are thus not major score-killers in and of themselves.

However, there are side issues that have no easy answers. 

First, in any manual review of your CR, it is clearly preferable, apart from pure scoring issues, to show an entirely clean credit history.

Second, the issue of "bucketing" may come into play.  While it is fairly clear that major derogs put and keep the consumer scoring categorization into a "dirty" credit file, it is kinda murky as to whether the presence of multiple prior minor delinquencies also has that effect.  It may be that multiple minor delinquencies could continue to have an impact, however one could be insignificant.  Another of those mysteries of the FICO algorithm.

[kobe2012]

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@RobertEG wrote:

Each montly delinquency has its own individual exclusion date of 7 years from its date of occurence.  The additional 180 days provision only applies to collections and charge-offs, wherein the 7 year period begins 180 days after the DOFD.

It seems to be the experience of most on the site that 30-lates lose most of their impact after approx. 2 years, and are thus not major score-killers in and of themselves.

However, there are side issues that have no easy answers. 

First, in any manual review of your CR, it is clearly preferable, apart from pure scoring issues, to show an entirely clean credit history.

Second, the issue of "bucketing" may come into play.  While it is fairly clear that major derogs put and keep the consumer scoring categorization into a "dirty" credit file, it is kinda murky as to whether the presence of multiple prior minor delinquencies also has that effect.  It may be that multiple minor delinquencies could continue to have an impact, however one could be insignificant.  Another of those mysteries of the FICO algorithm.

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Am sorry but what is "bucketing"