I know that lates keep staring at you for 7 years total on your report, but after two years, what effect do they have on your score? 20% of the original hit? 10% of the original? No longer a deduction on your score, but be prepared to explain things during a manual review? The simulator, which I know is just a guesstimate, implies that wonderful things happen after two years, as that is as far out as their what-ifs go.
And if you would, could those of you who contribute tell us where you get your info? Not to be snippy, or anything! I could swear that I saw some mention of a new FICO scoring model that figures that if you've kept your nose clean for 2 years of timely payments, you're OK.
Since lates are my only baddies, I'm reduced to obsessing about them. Thanks, everyone!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007