I believe I've read hear that age of accounts take effect the 1st of the following month. So an account opened Aug 15th will reach 2 months eff 10/1? Can someone clarify?
If this is correct does the same apply for inquiries?
The most confusing for me are lates. If you have a 30 & 60 day late, will if fall off 7 years from the 30 date or 60 date?
Example:
30 day 1/2012, 60 day 2/2012
Will this fall off on 1/2019, 2/2019 or the 1st of the following month 3/2019 because it does not fall off until after the 60 day?
Thanks oldman87.
With age factor, does your reply apply to lates? if so, in my example above regarding a 30 and 60, do you know which month it would fall off?
@Trudy wrote:
The most confusing for me are lates. If you have a 30 & 60 day late, will if fall off 7 years from the 30 date or 60 date?
Example:
30 day 1/2012, 60 day 2/2012
Will this fall off on 1/2019, 2/2019 or the 1st of the following month 3/2019 because it does not fall off until after the 60 day?
In this example the 30 day 1/2012 would fall off around 7 years from that time, to the month. Then, the next month the 60 day 2/2012 would fall off.
The lates fall off 7 years from the Date of First Delinquency (DoFD). The key words here are FIRST DELINQUENCY. So if you were 30 days late on 1/15/2012, all subsequent lates would fall off your reports on 1/15/2019, but most likely the first of the month. I had a student loan that had 120+ late payments from 2011-2012, but the DoFD was 12/2011. I was actually able to get them deleted early by asking the bureaus for an early exclusion (EE). TransUnion will do it up to 6 months ahead, Experian 3 months, and Equifax 1 month.
For what it's worth - I opened this loan in 2009
Thank you to all who replied. Queen_Etherea, this is a reply that doesn't state "around". I'm aware "around" but trying to figure out specifically "when".
If a 30 day is removed the 1st of the month or on the date 7 yrs from the "first" deliquency, does that really matter when the same account also has a 60 day? I would think the 60 day is the most impactful and if it takes an addtional month to fall off then the 30 day falling off 30 days prior may be irrelevant from a scoring factor since there can't be a 60 day without a 30 day and a 30 day (from what I've read) has likely lost it's scoring impact based of my example. FICO references # of accounts with deliquency. My FICO report doesn't seem to factor in how many deliquencies unless it's greater than 60 days. Unless it does for scoring purposes?
An additional 30 days to fall off due to the 60 day late is not an issue for me at this time considering my example, which is actual. But from a knowledge base and future reference I'm trying to determine the formula as it may come into play for some and hopefully not me.
I'm aware profiles may vary, but wondering if this specific inquiry have proven hard and fast rules with FICO scoring.