I have some late payments from years ago on student loan accounts. Some were in 2007 and some were in 2009, but the lates were on the same accounts. The 2007 lates are now 7 years old and will drop off. Will my score increase at all since now I will have less lates or does the score remain the same for another two years because the scoring only looks at if I had any late payments on the account and not how many late payments?
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You will see a ~20 point boost.
@fused wrote:
@red259 wrote:I have some late payments from years ago on student loan accounts. Some were in 2007 and some were in 2009, but the lates were on the same accounts. The 2007 lates are now 7 years old and will drop off. Will my score increase at all since now I will have less lates or does the score remain the same for another two years because the scoring only looks at if I had any late payments on the account and not how many late payments?
Those are some pretty old lates. Were they 30, 60, 90 day, or worse?
I take it you don't have more recent FICO Scores for EQ and TU?
What is your overall revolving util?
Any other baddies? If so, what are they and how old?
The scores below are the most recent ones I have other than FAKOs which tend to be in the 780s. The worst lates were August 2009 when I hit 120 days. Unfortunatly it was on two student loans and since their bundled together being late on the one payment it resulted in me showing 120 days past on six accounts. Since August 2009 payment history on all accounts loans/credit cards, installment loans etc has been perfect. Apparently some of my lates 90 day student loan lates from 2007 are still on there as they are from November/December.
Two of the six student loans showing up as 120 days late were subsequently sold to another lender and are marked closed/paid as agreed, since they were sold in like 2011. The other four are with the same lender I had when I went late.
What is kind of confusing is the oldest month shown is November 2007, even though I had these loans well before this date. Is the credit report not going back exactly the full seven years? Will November drop off next month?
I'm kinda depressed again now that I have viewed my credit report. I don't know exactly what my current util at the moment is since I'm not micro managing it, but its probably around 4% or so. Way below 10% to be sure. Other than the student loans I have no baddies and I have six personal revolver accounts, a personal charge account, and it looks like three closed revolving accounts, one closed bank credit line and one closed installment loan all perfect payments.
@nycfico wrote:Your middle score is 725...there's nothing depressing about that.
True, but if I had probably handled my finances back in 2009 it would be much much higher.