cancel
Showing results for 
Search instead for 
Did you mean: 

Looked for this topic but couldn't find it. 7 year rule for late payments.

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Valued Member

Looked for this topic but couldn't find it. 7 year rule for late payments.

Forgive me if I missed this information posted here already. But I have 3 different late payments posted on my credit report for three different companies Sallie Mae, BofA and Citi. 2 out of the three will be 7 years old by April. Will they automatically fall off my report and increase my score? Or must I take some form of action to have it removed? 

Thanks in advance!


Starting score 656 EQ (Nov'12 Lender Pull)Current Score: EX 770 EQ 771 TU 780
Goal Score: 820 across

Message 1 of 7
6 REPLIES 6
Regular Contributor

Re: Looked for this topic but couldn't find it. 7 year rule for late payments.

Check here:

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-long-do-late-payments-stay-on-credit-...



03/19/2011 EQ: 627 EX: 602 TU 590 (lender pull) 07/16/2011 EQ: 646 EX: 629 TU 647 Fell off the wagon in 2012. Starting over in 2013.Current Score: 01/07/2013 EQ: 646 EX: ??? TU 608 Goal Score: 700 club

Take the FICO Fitness Challenge
Message 2 of 7
Regular Contributor

Re: Looked for this topic but couldn't find it. 7 year rule for late payments.

Last comment from Robert says 7.5yrs.



03/19/2011 EQ: 627 EX: 602 TU 590 (lender pull) 07/16/2011 EQ: 646 EX: 629 TU 647 Fell off the wagon in 2012. Starting over in 2013.Current Score: 01/07/2013 EQ: 646 EX: ??? TU 608 Goal Score: 700 club

Take the FICO Fitness Challenge
Message 3 of 7
Valued Member

Re: Looked for this topic but couldn't find it. 7 year rule for late payments.

Thank you!!


Starting score 656 EQ (Nov'12 Lender Pull)Current Score: EX 770 EQ 771 TU 780
Goal Score: 820 across

Message 4 of 7
Epic Contributor

Re: Looked for this topic but couldn't find it. 7 year rule for late payments.

Late payments fall off at 7 years from their date of occurence, not 7.5

 

Yes, they should fall off automatically.  Don't know how much of a bump you will see.  Single 30 day lates only impact your score for around 2 years.

Message 5 of 7
Moderator Emeritus

Re: Looked for this topic but couldn't find it. 7 year rule for late payments.

+1

 

Lates fall off 7 years from their occurrence.  There is no +180 days.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 7
Valued Member

Re: Looked for this topic but couldn't find it. 7 year rule for late payments.


@guiness56 wrote:

Late payments fall off at 7 years from their date of occurence, not 7.5

 

Yes, they should fall off automatically.  Don't know how much of a bump you will see. 


Thank you I am hoping to see a significant bump because I only have 3 discrepancies and all 3 should fall off by the end of this year I believe.

 

If anyone experienced any type of bump from having these lates fall off their report please share if it was a significant jump or not. Thanks!


Starting score 656 EQ (Nov'12 Lender Pull)Current Score: EX 770 EQ 771 TU 780
Goal Score: 820 across

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.