How much/ How Long do 30 day lates effects your credit score?

[Ridewithme38]

I have 2 accounts that are now closed, that both have 30 day lates on the accounts. They are both now closed, but, i've tried disputing with both the Credit Card Company AND the 3 Credit Score Companies...But, both said they were legit lates and they wouldn't remove them....Here are the Credit Card Companies and late dates

BOA ~ 30 Days late on ~ 2/2013 & 3/2013

BOA ~ 30 Days late on ~ 4/2012 & 5/2012 & 7/2012 & 11/2012 & 12/2012 & 1/2013 & 2/2013

I know BOA is almost impossible to get a Good Faith adjustment from, but, do i have to worry about these?  There are currently, the only 'baddies' on my credit report.

[Anonymous]

30 day lates generally impact your score for about 2 years.  So they all are until the older ones age to 2 years.

The newer ones will hurt for another year probably.

Are they not legitimate lates?

[Ridewithme38]

Yah, they are legit.  I signed up with a Credit Counciling service in april 2012.  What i didn't realize is, there was an overlap.  When i switched from paying the Credit Cards to paying through the Credit Counciling site, there was a gap between the statement closing dates and the first payment by the Credit Counciling service and that gap....Is what caused all those lates....

So, it is legit, it was my stupidity for not picking up that 'gap'

[Anonymous]

I would still send a GW and explain why you were late.

[CWESTL]

Payment history effects your score as follows: 

Payment History (35%) - Payment history accounts for 35% of your FICO score. 

0-12 months - 40%

13-24 months - 30%

25-36 months - 20%

37-48 months - 10%

This illusrates that late payments will have some effect on your credit score for 4 years. However, your last two years of payment history accounts for 70% of your payment history score. 

[Anonymous]

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@CWESTL wrote:

Payment history effects your score as follows: 

Payment History (35%) - Payment history accounts for 35% of your FICO score. 

0-12 months - 40%

13-24 months - 30%

25-36 months - 20%

37-48 months - 10%

This illusrates that late payments will have some effect on your credit score for 4 years. However, your last two years of payment history accounts for 70% of your payment history score. 

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What is the source of that information?

[CWESTL]

@guiness56  I read the below link some time ago that mentions what I noted in my previous post. This information closely aligns with the FICO Score Simulator which emphasizes a person's two year payment history. Additionally, this helps explain the significant gains in the credit scores of those (post bankruptcy) following Soulmaster's 700 in 24 months post.   

https://www.apgfcu.com/education-n-advice/money-management/financial-guidance/five-fico-score-factor...

[Anonymous]

I am guessing that has a lot to do with your scores at the time also.  And possibly other factors like the type of late.

A 90+ day late is a major derogatory and will afftect your score for 7 years.  

[CWESTL]

@guiness56  You are probably right. The baddies that are on my credit reports went into default in 2008 (the height of the Great Recession) and are due to age off next year. Additionally, I have a number of closed accounts (i.e. mortgages, auto loan, student loans, CC's) that had great payment histories. A FICO score of 700 seems reasonably achievable if one maxes out the four components that make up 65% of the FICO score and have a decent recent payment history. The FICO Score Simulator estimates my score will be 704-734 in less than 4 months. If this holds true, that would mean a 700+ within approximately 10 months post bankruptcy discharge.  

[Anonymous]

I couldn't find on that site where anyone from FICO made those statements so it makes me wonder.

Here is one that is by FICO  http://blog.credit.com/2012/06/how-much-will-one-late-payment-hurt-your-credit-scores-58676/