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What about us who never defaulted?

Regular Contributor

What about us who never defaulted?

Never defaulted but did get behind 90-120, 2-4 years ago.  Ended up with back dated deferments, unemployment, financial hardship, blah blah.  Been on track for the past couple years.  It appears that for us, the lates just need to age out?  Wish there was a way to clean the slate similar to the rehab programs.



Message 1 of 5
4 REPLIES
New Contributor

Re: What about us who never defaulted?

I am in the same situation. I have one 60 day late from 2014. I was never offered retroactive forbearance. I didn't become aware of it until recently. Unfortunately, I think we are stuck waiting for the lates to age. If what I have read on here is correct, it will fall off 10 years from the date the loan is paid off. That has me considering consolidation or payoff so that the late will come off sooner. I am still weighing my options.
4/2/18 FICO 8
EX 681 · EQ 671 · TU 692
Message 2 of 5
Established Contributor

Re: What about us who never defaulted?

The late payment will fall off 7ish years after it happened, the account itself will fall off after 10 years once it is closed. Therefore you can go from a loan with lates to a loan with no lates, consolidation will not make the late "come off sooner".
Scores as of5/20/16: EQ 800;TU 769; EX 793
Last CC app: 3/18
Mortgage Refi 3/16
Message 3 of 5
New Member

Re: What about us who never defaulted?

I contacted my state senator who said they couldn't help with a 60 day late. 2 days later, the late quitely disappeared. Try that out. Never know.

Message 4 of 5
Frequent Contributor

Re: What about us who never defaulted?

*bump*





Starting FICOs: 629 EX, 654 EQ, 629TU (6/1/17)
Current FICOs:632 EX, 688 EQ, 721 TU (3/1/18)
1st Goal FICOs: 720 EX, 720 EQ, 720 TU (12/1/18)
Message 5 of 5