60 days late - 5 years ago

[DeeDee642]

I have 6 accounts listed as 60 days late. However they were about six years ago. I also have some 30 day ones which also were about six years ago. Does the FICO scoring system take into consideration how long ago the late payments were or just how many you have?

Score Watch:

Your most recent late payment happened
5 Years, 2 Months ago

Thanks,

Janice

[MarineVietVet]

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@DeeDee642 wrote:

I have 6 accounts listed as 60 days late. However they were about six years ago. I also have some 30 day ones which also were about six years ago. Does the FICO scoring system take into consideration how long ago the late payments were or just how many you have?

Score Watch:

Your most recent late payment happened
5 Years, 2 Months ago

Thanks,

Janice

---

There are many factors involved in scoring. As far as payment history which is 35% of your total score FICO looks at these things:

• Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)
• Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)
• Severity of delinquency (how long past due)
• Amount past due on delinquent accounts or collection items
• Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)
• Number of past due items on file
• Number of accounts paid as agreed

You can see how other factors are scored here: What's In Your Score.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[DeeDee642]

Thanks, I'll check out the link.

Janice

[marty56]

If you have lates on different accounts, FICO dings you for that too.  EQ is very picky about that.

[RobertEG]

Yes, FICO takes into account both severity of, and time expired from, a delinquency.

Both from anecdotal experiences reported by others, and my own experienes, this is my personal guestimate of the lingering impacts of 30 and  60 day lates.

When a 30-day late frst hits, it seems to impact your score for around 20 pts.My assumption, right or wrong.

If it becomes a 60-day late, I guesstimate that it hits you initialy for around 30 pts.

Most seem to feel that after two years, 60-day lates are then scored the same as 30-day lates.

If you start with an intiial hit for a 30-day late of approx 20 points, and then assume a simple monthly linear decay of its impact., then 5/7th, or 70%, will go away after five years.  Thus, leaving only about a 6 pt impact after five years. Same scoriung for the 60-day lates.

I know that is very rough, but I think it is as close to a projection as you can make, without knowing the details of the actual scoring algorithm.