90 day effect

[Anonymous]

My wife has had a 90 day late on two cards just last month.  She went ahead and caught them up and currently keeping a low balance on them.   She wants to know how much effect they will have on her credit 1 year from now.  This was due to receiving her pay check late.  She has no other credit issues

[Anonymous]

The damage has already been done for now. The only thing she can do is rebuild her score which she will just have to play the time game. If 2 accounts were 90 day lates, I am going to assume her score will be around the low 500's now. I expect that if everything else is flawless, perhaps in a year she can expect to be in the 600's or more. But the thing is that 90 remark will remain on the report for about 7 years for creditors to see. If I were her, I would send out GW letters to the 2 creditors.

[tiger67]

After 6 months of paying on time I would try sending GW letters to the CCC's. They may be willing to reduce the severity of the late or remove it entirely. It certainly can't hurt.

Message Edited by tiger67 on 12-05-2008 07:10 AM

[athensguy]

60 is not a major derog. Unfortunately, getting a 90 or 120 puts you in the major derog bucket for the entire time it is on your CR. You can still have a decent score in this bucket. My DW is in this bucket, and her PFICO is over 700. Her EQ FICO was 680 a few months ago when a 120 late was only 15 months old.

[marty56]

I have a 120 day late on my CR which is a little over 3 years old.  I havent see any affect on my score as it ages so I would say that it affects my score the same till it falls off.

[haulingthescoreup]

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marty56 wrote:
I have a 120 day late on my CR which is a little over 3 years old.  I havent see any affect on my score as it ages so I would say that it affects my score the same till it falls off.

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I agree, and that's what I've been told.

When these things (90 days and worse) are what drive your score bucket, as in marty's and my cases, they just keep glowering in the corner until they finally fall off.

[MidnightVoice]

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@marty56 wrote:
I have a 120 day late on my CR which is a little over 3 years old.  I havent see any affect on my score as it ages so I would say that it affects my score the same till it falls off.

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I had one major derog on my reports (the only baddie of any description) and when it fell off (nearly 7 years) I got a 50 point score boost