Experian score up 34 points after 30 day late removed.

[Anonymous]

ABCD, when you made that graph did you obtain a ton of reported data points from members, or how did you go about it?  I'm assuming that you sort of went with a best-fit graph based on the average of what you were provided with?

I ask because I'm sure there's quite a range between the highest reported numbers and the lowest, no doubt very profile-based.  For example, someone with a thin/young file (say, 2 years history and 2 accounts total) is likely to see a different overall impact from the introduction of a 30 day late than someone with a thick/aged (say, 20 years history and 20 accounts total).  What are your thoughts from the research you've done?

[Anonymous]

It's a TON of data from a ton of individuals -- some folks who send me their entire 3B every month PLUS a screen shot of all alerts.

It's always surprising to see people with just ONE derogatory account and be in the process of capturing the very month where it falls off or gets deleted and seeing the score increase.  The actual data set is quite a bit dirtier, but the plot line seems to fit respectably across most scorecards.

I definitely would agree that someone with a younger/older score card is going to see a very different penalty for a late, for sure.  Same is true with individual high utilitization it seems (some folks can have one card with 95% utilization with almost no penalty, others can get a huge penalty).

Like all things FICO, there's no specific guaranteed number that you'll gain for removing a derogatory, but also like FICO, there's usually a pretty consistent range of numbers that work.  Back when everyone was doing the SSL, the boosts were all over the place -- as little as 12, as many as 54 (or 45?), but most people were in the 25-30 average range.

[Anonymous]

Right on, I agree.

[Anonymous]

Hello ABCD2199,

Thanks for the graph -- that is very interesting.

Is there anyway I could guesstimate my situation.

I have a 30 day -- May 2013, 60 day -- June 2013 -- 30 day March 2014.

All my scores are above 700 now -- 711, 722, 749

Any comments are welcomed.

Thanks

[Anonymous]

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@@@Anonymous wrote:

Is there anyway I could guesstimate my situation.

 

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What exactly are you looking to guesstimate, the dropping off of the first 30-day late payment and its impact on score?  If so, I would say the impact would be 0 points, as you would still have late payment present that are more recent.

[Anonymous]

BrutalBodyShots,

Thank you.

I guess i would be curious about what your guess would be about the overall effect -- by all three late payments.

And, also, perhaps what change I might see after the first two (which are in back to back months) drop off. 

Thanks

[sjt]

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@Anonymous wrote:

BrutalBodyShots,

Thank you.

I guess i would be curious about what your guess would be about the overall effect -- by all three late payments.

And, also, perhaps what change I might see after the first two (which are in back to back months) drop off. 

Thanks

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Ill chime in with my experience. I had (2) 30 day lates and (1) 60 day late. The first one had a zero effect, the tradeline was deleted on the 30/60 day late and I lost points, the final 30 day late I gained 34 points. If the tradeline remained on my report and the 30/60 was removed I propably would have gained 10 points.

Can you give us details on the lates. Are those lates from the same creditor or different ones? Are the creditors credit cards, auto, or mortgage?

[Anonymous]

Losing one 30 day late but keeping any more won’t really help your score. FICO doesn’t work that way. The only thing they care about is “what is the most recent 30 day late?” for scoring purposes, but before they apply any point subtraction the first question is “what is the most recent 60 day late?” and so on. The existence of a 60 day late means the 30 day doesn’t hurt. The existence of multiple 30 day lates means only the most recent one is scored.

I lucked out during my rehab because I got 150 day lates goodwill removed and kept the old trade line so I got the see score changes nicely.