how long does old data hurt

[spydergto]

Hello , 

i have listed on my credit report that i missed payments on my student loans 2 years and 4 months ago , i was wondering how much longer do i have to wait until this either disappears or stops hurting my credit and report ? 

does it drop after 7 or since the loan is still being paid on does this stay forevers just moving back furture in time each month ? and if moving back in time , how long until it has no more effect?

thanks 

[spydergto]

*bump* nothing ? seriously ? someones got to know 

[DaveSignal]

The lates will remain for 7 years from the date of each individual late notation.  30-day lates have a big immediate impact, but will hurt your FICO less over time.  60,90, and greater late marks are major derogatory marks and will have a significant score impact for the entire 7 years.

[spydergto]

Thanks for that piece of intel. so no one knows in specifics as to how long exactly they hurt you only that 30 60 90 and such have diffrent impacts comparativly to each other. no one other than the people with the formula know the exact ratio's then. Currently the only negative remark i have on my reports is that i was late 180 on student loans 2.4 years ago. I wish i could get more information.

thanks

[pizzadude]

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@spydergto wrote:

Thanks for that piece of intel. so no one knows in specifics as to how long exactly they hurt you only that 30 60 90 and such have diffrent impacts comparativly to each other. no one other than the people with the formula know the exact ratio's then. Currently the only negative remark i have on my reports is that i was late 180 on student loans 2.4 years ago. I wish i could get more information.

thanks

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You're correct that we are not privy to the intricacies of how FICO scores late payments ~ however what was stated is accurate, in that minor lates ( 30,60 days ) likely won't hurt your FICO score for much longer than a year or two, whereas major delinquencies ( 90day and worse) will have a major derogatory impact on your FICO score as long as they are present.

[DaveSignal]

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@spydergto wrote:

Thanks for that piece of intel. so no one knows in specifics as to how long exactly they hurt you only that 30 60 90 and such have diffrent impacts comparativly to each other. no one other than the people with the formula know the exact ratio's then. Currently the only negative remark i have on my reports is that i was late 180 on student loans 2.4 years ago. I wish i could get more information.

thanks

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It will hurt your FICO significantly for the entire 7 years that it remains on your report.  Some members here have goodwilled such lates to get rid of them earlier, but this is something you could reference in the rebuilding forum.   Rebuilding is still possible even without getting the 180-day late removed.  GW is worth a try, though.  I currently have a Chase charge-off on two of my credit reports(EX,EQ) which is possibly scored the same as a 180-day late. Despite this setback, I have managed to get pretty far in my rebuild even without Chase agreeing to remove it.... it has a severe impact on my FICO scores, though... I will probably try some more GW attempts again after 6 months history on my new CSP.

[spydergto]

when i load a post to reply, i start to type , then it auto's to the subject and i loose the previous title. drives me up the wall.

thanks for the update. I have a 750 Experian, pulled via my credit union and the late payments on my student loans were the only negative things hurting my score right now. I have tried once already to Good will it. I will have to try once more. later at another point in the future. 

[DaveSignal]

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@spydergto wrote:

when i load a post to reply, i start to type , then it auto's to the subject and i loose the previous title. drives me up the wall.

thanks for the update. I have a 750 Experian, pulled via my credit union and the late payments on my student loans were the only negative things hurting my score right now. I have tried once already to Good will it. I will have to try once more. later at another point in the future. 

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You kind of mangle the thread format by doing that.  It makes your topic more difficult to track and replies will have different subjects.  Its probably best to leave the original subject in the future, until you fully learn the interface.

[spydergto]

I try , however I work out in the boonies and the vsat connection for internet is not the best. its compareable to a 56k dial up modem. Takes a while for the post to load and once it does, somehow the post auto targets the subject line. So what i am trying to write into my message jumps up into the subject and ctrl-a and boom its gone! very frustrating for me....

But , to get back on track , as posted about about the damage remaining for 7 years in specific is what I am wondering. this is a federal student loan. it has been on my account , since 2001-2002 and shows positive for 12 plus years. i messed up along time ago , when i was much younger. but have fixed it to the best of my ability. hence the late remarks being the only damaging thing remaining. Since this loan is still showing in positive good standing now and still being paid on, im wondering that these negative remarks may remain on my account much longer than the 7 years. Its the largest student loan that i have and will take me still some time to pay , estimate 10~ plus years still!? but after seven years of solid on time payments the damage will not be there ? that will be a nice thing to look forward to then.

[laz98]

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@spydergto wrote:

Hello , 

i have listed on my credit report that i missed payments on my student loans 2 years and 4 months ago , i was wondering how much longer do i have to wait until this either disappears or stops hurting my credit and report ? 

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They will come off of your reports in approximately 4.5 to 5 years.  Then your accounts will be 100% positive with a long history, which will help your scores.

(Edited repeatedly because I can't type!)