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40 points drop on 1 30 day late payment? How long to recover back to 800+

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Super Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+


@Remedios wrote:

@satio wrote:

@IVY86 wrote:

I did make the payment. Its only $2 charge, but it was over 30 day so amex report already to my credit report.

 

All I want to know if within 4 years, can i still have a chance to get over 800+. I am so close to 800+, that's pissed me off so much. 


I certainly am not a FICO expert and many that I would classify as such will likely be along to chime in.

 

From my experiance I can say that 24 months is the key turning point from a 30 day late when it you seem to gain the majority of the points lost and it has much less of an impact to your score following that point in time.

 

There is a chart around here somewhere that shows the overall impact of 30 60 and 90+ day late impacts and the recovery time.

 

If this is only a single late though with AMEX and your payment history is exemplary with them I would call and request as a goodwill removal for this given your history as it was an oversight or some other unforeseen circumstance.

 

 


That chart is wrong and if you head over to scoring forum right now, there are at least 3 threads that show points gained after an isolated 30 day late aged off on a first few pages. 

 

Effects do fade, but not all points are gained back prior to removal. Most report between 20 and 50 points. I guess how much is also profile dependent 

 


You talking about his one @Remedios ? I saved it from @CreditGuyInDixie who posted it years ago. OP has a thick file. Unlike mine and i saw those point gains from 1 30 day late in the other sub forum. Mine is 6.1 yrs so theres 20+ points waiting next July. Santander doesnt do GW's. I gave up 2 yrs ago.

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 at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 11 of 22
Valued Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+

According to myFICO Credit Education

 

  • Isolated late payments
    If a lender reports to the credit bureau that you were at least 30 days late with your payment, it will likely result in a loss of points within all FICO® Score versions. If the late payment is an isolated event and other accounts are in good standing, FICO Score 8 is more forgiving compared to previous FICO Score versions.


















Your FICO credit scores are not just numbers, it’s a skill.

Message 12 of 22
Regular Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+


@AllZero wrote:
I don't recall the exact number but FICO 8 is capped around 780-790 with a well aged 30 day late. It was discussed in the understanding fico forum. I'm not sure how it will be for your mortgage FICO 2,4,5.

That late will sting for a long time. Best to try the Good Will saturation technique.


My Experian score is currently 788 and I have two 60 day lates set to drop off at the end of the year.  The 60 day lates are on school loans (one on each).  I would think two 30/60 day lates would affect score more than just one 30 day late so not sure about the score being capped at 790 for a well-aged 30 day late.  I think after a period of time 30 and 60 day lates have the same effect on your score, but I have two not one and my score is almost already at 790.  I just opened a new credit card that has not reported yet (to give me three credit cards).  It will be interesting to see if this new card will boost me above 790.  And yes, those two 60 day lates are my only deragatory marks on Experian.  I will definitely be in the 800s with them when they fall offSmiley Very Happy

Message 13 of 22
Valued Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+


@Cloudburst2000 wrote:

 

My Experian score is currently 788 and I have two 60 day lates set to drop off at the end of the year.  The 60 day lates are on school loans (one on each).  I would think two 30/60 day lates would affect score more than just one 30 day late so not sure about the score being capped at 790 for a well-aged 30 day late.  I think after a period of time 30 and 60 day lates have the same effect on your score, but I have two not one and my score is almost already at 790.  I just opened a new credit card that has not reported yet (to give me three credit cards).  It will be interesting to see if this new card will boost me above 790.  And yes, those two 60 day lates are my only deragatory marks on Experian.  I will definitely be in the 800s with them when they fall offSmiley Very Happy

Please post up in the understanding Fico forum and share your data points. The members could use this information.

 

Glad to see you have great scores with those 60 day lates.

 

You might get small penalty for new account, resetting AoYA, inquiry. With 3 cards, it'll be easy to do AZEO if you're trying to squeeze out all the points.

 

For sure I can see you in the 800s. Early congratulations to you.

 

I think you can ask for Early Exclusion at the 3 month mark with Experian.

Message 14 of 22
Regular Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+


@AllZero wrote:

@Cloudburst2000 wrote:

 

My Experian score is currently 788 and I have two 60 day lates set to drop off at the end of the year.  The 60 day lates are on school loans (one on each).  I would think two 30/60 day lates would affect score more than just one 30 day late so not sure about the score being capped at 790 for a well-aged 30 day late.  I think after a period of time 30 and 60 day lates have the same effect on your score, but I have two not one and my score is almost already at 790.  I just opened a new credit card that has not reported yet (to give me three credit cards).  It will be interesting to see if this new card will boost me above 790.  And yes, those two 60 day lates are my only deragatory marks on Experian.  I will definitely be in the 800s with them when they fall offSmiley Very Happy

Please post up in the understanding Fico forum and share your data points. The members could use this information.

 

Glad to see you have great scores with those 60 day lates.

 

You might get small penalty for new account, resetting AoYA, inquiry. With 3 cards, it'll be easy to do AZEO if you're trying to squeeze out all the points.

 

For sure I can see you in the 800s. Early congratulations to you.

 

I think you can ask for Early Exclusion at the 3 month mark with Experian.


I  actually just checked my Experian FICO 8 score on the Experian website and it is now at 792 so it definitely DOES NOT cap at 790 for a well-aged 30 day late.  I will definitely try the Early Exclusion next month for those two lates.  And sure I will post about my Experian score in the understanding FICO scoring thread. 

Message 15 of 22
Super Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+


@AllZero wrote:

@Cloudburst2000 wrote:

 

My Experian score is currently 788 and I have two 60 day lates set to drop off at the end of the year.  The 60 day lates are on school loans (one on each).  I would think two 30/60 day lates would affect score more than just one 30 day late so not sure about the score being capped at 790 for a well-aged 30 day late.  I think after a period of time 30 and 60 day lates have the same effect on your score, but I have two not one and my score is almost already at 790.  I just opened a new credit card that has not reported yet (to give me three credit cards).  It will be interesting to see if this new card will boost me above 790.  And yes, those two 60 day lates are my only deragatory marks on Experian.  I will definitely be in the 800s with them when they fall offSmiley Very Happy

Please post up in the understanding Fico forum and share your data points. The members could use this information.

 

Glad to see you have great scores with those 60 day lates.

 

You might get small penalty for new account, resetting AoYA, inquiry. With 3 cards, it'll be easy to do AZEO if you're trying to squeeze out all the points.

 

For sure I can see you in the 800s. Early congratulations to you.

 

I think you can ask for Early Exclusion at the 3 month mark with Experian.


@AllZeroyour real clsoe. EX-6 months TU-3 months EQ-1month give or take.





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 at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 16 of 22
Valued Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+


@FireMedic1 wrote:


@AllZeroyour real clsoe. EX-6 months TU-3 months EQ-1month give or take.


Thanks for the correction FireMedic1. I thought it was TU @ 6 months and EX @ 3 months. EQ I wouldn't dare ask for EE, knowing they would fudge it up.

 

Maybe I need some ginkgo biloba.

Message 17 of 22
Valued Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+

Hmm. I'm not sure on the EX early exclusion. Since I've never done it myself. Data Points are showing 3 months?

Message 18 of 22
Super Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+


@AllZero wrote:

@FireMedic1 wrote:


@AllZeroyour real clsoe. EX-6 months TU-3 months EQ-1month give or take.


Thanks for the correction FireMedic1. I thought it was TU @ 6 months and EX @ 3 months. EQ I wouldn't dare ask for EE, knowing they would fudge it up.

 

Maybe I need some ginkgo biloba.


Yeah I got it back ___wards. Needed to check my many saved documents on my computer for times of brain farts. Switch EX/TU





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 at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 19 of 22
Community Leader
Mega Contributor

Re: 40 points drop on 1 30 day late payment? How long to recover back to 800+

We've moved too far from OPs question and his concern about his own situation. 

 

Someone started a thread in scoring forum about this a few hours ago, so that would be a perfect place to continue in depth  discussion  regarding effects of aging on derogs. 

 

Thank you 

Message 20 of 22
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