How does age really factor?

[Anonymous]

When I got divorced in August, by credit took a major beating- 90 day late payments on 7 accounts, and collections on 2.  I am wondering how significant the "1 year" factor really is.  Am I truly going to see a significant change in score once August comes around again?  I cannot repair my credit in any other way- I have no outstanding balances and credit usage is under 20%...so if time is my only enemy, when should I expect to see change?

[marty56]

Many CCCs will extened you credit if you have no lates in 2 years.  Also you could try PFD on your collection accounts.  There are many people here who could help in that area.  Also getting your util bellow 10% will help.  I would also try a GW letter to those companies your are late with.

Depending on what you are tryong to do, a 2 year clean record can make a bug diffrence in getting credit.  Ihave a 120 day late payment that is just under 3 years old and my score are what you see.  Low util and a long history and a mortgage and autoloan also play a factor but my point is that 2 years can make a difference.

You will rebuild your credit.  Just takes time.

[Anonymous]

In this case, Heather, time is your friend, not your enemy. There's no magic mark by which the lates will age, but they will decay with time. I have four collections and charge-offs on my CR, and if it were not for utilization, my scores would be well into the 700s.