30-, 60-, and 90-day late payments have a big impact on your scores. As time passes, late payments will have less and less impact on your score.
For example, I've got some old lates left over from my dispute with Wells Fargo Home Mortgage in the wake of the Great Recession. When they eventually fall off after 7 years, I'd expect to see my scores jump by as much as 100 points!
@Anonymous wrote:Oh wow! Well, I guess I can at least hope for a bit of a score boost once mine fall off..
Has your score steadily improved over the 7 years? Or were there diminishing returns over the last couple years?
My score has steadily improved, mainly because I've followed the advice here, limited my credit utilization, and focused on paying everything on time. As time goes by, derogatory indicators such as late payments and collections have less and less impact. When they fall off your report after 7 years, you should see a nice score bump. Of course, YMMV!
I was under the impression that both, but especially a 30D had little no to impact after a couple of years. It was clear I was wrong when I received a 50 point increase when my last derog, a 30D from 12/2012 was removed from my TU report, 6 yrs old. Although I didn't request an EE it seems I was given one. I was so surprised by such an increase from the removal of a single 30D that I had to inquire here to see if that was even possible or should I be looking for some other change (there was none). You may find some useful information from that thread.
'Unexpected 50 pt increase with Trans Union'
