How do late payments work with fico?

[Anonymous]

how do late payments work with fico I had a bmw that I defaulted on and had 15 late payments on. A mix of 30 and 60 day lates. The first was feb 2009 the last was late in 2010 and then the account was closed. So in feb 2016 will one late fall of seeing as it occurred 7 yrs ago and so on and get minimal bumps in fico or does the whole account have to have been closed for 7 years and then they all fall off as once?

[Anonymous]

Anyone? Bueller?

[JagerBombs89]

One at a time, 7 years from the date they occurred. 

[Anonymous]

Well that gives me some hope I hope to see an increase in score every month starting next year if that's the case even if it's minimal 1 point per time

[Thomas_Thumb]

Impact of lates on Fico score decreases over time even though they may still show up on your file. Negative impact associated with 30 day lates should be negligible after 3 years. Kind of like inquiries which factor into Fico scoring for one year although they show on a file for two years. Impact of 60 and 90 day lates obviously affect score to a greater degree; not sure about timeline for actual score influence.

Also, if you have multiple lates on file they may be grouped into QTY categories. Each one dropping off may not result in a score change if remaining are still in the same QTY category. 

[Anonymous]

Thanks t thumb nice scores btw