Aging and its effect

[gamblerx15]

How long do late payments affect your fico score and is there a diminishing impact to your

score based on its age?

I filed bk in 07 and my score analysis  says my lates are having a major impact on my score.

seems to me that I read here someplace that at 2 years the impact is lessened.

thanks

[GFer]

Two years is when you start getting major points back. I got over 40 points when mine turned 2years!

[Anonymous]

At 2 years any 60s will become minor lates and you should even get some points for 90s and 120s (though you will still be in a major baddie grouping).

At 2 years you will also be more likely to get a major bank card as they often weigh your history in the past 2 years most heavily in a manual review.

[RobertEG]

I agree with the general observations given. 

But there is no plain vanilla answer to your question as to the general impact on an individual score.

FICO does not have one scoring algorithm, it has about ten. 

Having a major delinquency on your account (prior 60+ late, CO, CA, or PR/BK) puts you in a different FICO scoring category (commonly referred to as a "dirty-file bucket"). So, also, does short credit history ("thin-file bucket").

FairIsaac does not disclose their criteria for any of the scoring "buckets," so it is all just anecdotal.

The BK will clearly affect your score to a higher degree than a 30/60 late.