30 day late falling off - Scoring changes on a dirty file

[randomguy1]

Will there be any scoring changes if one 30 day late falls off and there are other 30, 60, and 90 day lates still on the record? The lates are all on auto loans.

FICO 8?

Mortgage Scores?

Thanks!

[randomguy1]

Think I may have found my answer:

 The only thing they care about is “what is the most recent 30 day late?” for scoring purposes, but before they apply any point subtraction the first question is “what is the most recent 60 day late?” and so on. The existence of a 60 day late means the 30 day doesn’t hurt. The existence of multiple 30 day lates means only the most recent one is scored.

[Anonymous]

Actually starting with version 8, they instituted in the algorithm something for the first time that actually looks for patterns of lates and penalises for multiples in addition.

[randomguy1]

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@Anonymous wrote:

Actually starting with version 8, they instituted in the algorithm something for the first time that actually looks for patterns of lates and penalises for multiples in addition.

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So what effect would it have coming off? Still nothing?

[Anonymous]

Actually the most recent 60 day late or worse delinquency will determine scorecard, whether it’s a recent or mature scorecard. That scorecard will set your Max and minimum scoring range. So there’s a nice benefit to seeing that most recent 60 day late or worse hit two years.

I wouldn’t expect much benefit from a 30 day falling off when in the presence of more serious derogatories that are more recent.

[Anonymous]

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@randomguy1 wrote:

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@Anonymous wrote:

Actually starting with version 8, they instituted in the algorithm something for the first time that actually looks for patterns of lates and penalises for multiples in addition.

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So what effect would it have coming off? Still nothing?

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@randomguy1 In this situation I don't expect much, but if you had a situation where you had multiple late accounts and you reduced the number of accounts late, yeah that would probably be a benefit in score 8 because of the algorithm additionally penalising for multiple lates. 

[Anonymous]

The specifics are unknown whether you have to go down to one account or how many accounts it takes for the additional penalty. So who knows, you may see a boost but I don’t know how big it would be. Please report back and let us know what happens.

[randomguy1]

I have 2 lates on this account. Two 30s. 

Other account is more recent. Has 15/16/1 (30/60/90). 90 was on 1/2018. 2/2018 is the 60. No 30 on 3/2018. 

[Anonymous]

So on 1/2020 you should’ve saw a nice boost? Because the 90 is what I would expect the time to run from since it was the worst delinquency on that account?

And you’re telling me on the second account the 2 30s are separated while on the first account it is a string?

Again nobody knows exactly how this works, but I’m thinking it looks at incidences, so that would give you three separate incidences. And then we don’t know how many instances trigger the additional penalty or if the penalty continues as the number increases.

Just one of those things we don’t know all the details about, so data points are good.

[Anonymous]

Multiple is more than two though, so 3 could be the trigger and you could get a few points for that. I’m looking forward to finding out. When does it drop off?