120 day late

[Anonymous]

I understand that 120 day lates effect your score for the whole time they report, but I was wondering if anyone has any experience with the point jumps. My 120 day late will hit one year in august. Anyone in that has gone through this. Point increase at one year mark, two year mark and so on.

 thanks

[EW800]

You will very likely get responses from folks that are much more knowledgeable about this than I am, however I will share my experience.  

Every profile is different, however I will share that I have two 120 day lates - one on a mortgage that went to foreclosure and one on a credit card that went to having to settle.  Needless to say scores went through the floor during this time - roughly 515 area.   This was just shy of two years ago.  Since then, my scores have actually risen higher than I thought they would.  I did this by making sure that since then everything was paid on time and basically eating rice and beans so that we could bring all the other CC balances down to about 2% or so.  Almost two years later and I now have two scores over 700 and one that is within a couple of points of 700.  All three are the FICO 08 model.  I beleive my FICO 04 models are at about 680.  

I will mention that although my scores have recovered decently, I am sure that I am in a "bucket" that will likely make it pretty tough for me to get too many more points until these real baddies fall off.  I assume that with a foreclosure and CC settlement, the FICO God's are going to keep me in my place.  I am hoping that as the months tick by that maybe I will get a few more points, but who knows.  I would love to see 720's, but not sure that is possible.  

I would just suggest paying everything on time and keep UNTIL very, very low and hopefully you will also see a quick rebound in two years or so.  

[Anonymous]

thank you so much for your help. So just to get this right two years after you last 120 day late you are back in the 700 point range?

How old was your ther 120 day late?

[EW800]

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@Anonymous wrote:

thank you so much for your help. So just to get this right two years after you last 120 day late you are back in the 700 point range?

How old was your ther 120 day late?

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Yes, that is correct.   My last 120 was just about two years ago - give or take a month or two.  I will mention that the majority of the gain was in the last 12 months or so.  During the first 12 months or so it was slow moving.  Also, when this began I had sky high credit card debt, but like I said we paid it down big time.  I am sure that helped the scores quite a bit as well.  I am sure that the 120's, foreclosure and settlement would not have recovered score-wise as quickly without paying down that debt.  

Where do you stand as far as your UTIL?  Any other baddies?  

Again, I am new at this as well and far from an expert.  You will likely get much better info from those that are more knowledable than I am.  

Best wishes!  

[Anonymous]

I have one 120 day late from 03/2011 and one from 08/2014. Both accounts were payed in full and closed, both showing i1 ratings. One was a student loan and the othe auto insurance. No 30 60 or 90 reported just 120.

I have 3 cc with around 7% utilization 350/9500. One auto loan at about 85% 17000/20800. my oldest account 11 years AAOA 3 years, 12 inquires in last 12 months.

my score is EQ fico score  570, reasons for score in order

serious derogs or collections

accounts too new

too many inquires

to many accounts not paid on time

All cc are pretty new 12 months 2months and two months and instament loan only 6 months old.  I think all these new acounts and inquires in last year are hurting my score as well. my last iquirey was 04/14. I will be gardening till may next year and hopfully that year will really help score.

I needed these positive accounts to counter the old bad ones

[Anonymous]

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@Anonymous wrote:

I understand that 120 day lates effect your score for the whole time they report, but I was wondering if anyone has any experience with the point jumps. My 120 day late will hit one year in august. Anyone in that has gone through this. Point increase at one year mark, two year mark and so on.

 thanks

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You can research this by doing the following Google search:

   site:myfico.com 120 lates