The effects of the lates will diminish over time, but will continue to be on report for 7 years. Paying the lease off early will not do anything for the late's besides one less open account with a balance.
@julia18330 wrote:I have a lease with 30 day lates, one in 2021 and one in Jan 22. My question is, there's only a few months left on the lease, if I pay it off will the lates still effect my score? Not sure if it would even report as closed if I pay it off early (while keeping the car until term ends). Also, is there a point where they don't matter? Thanks!
Paying the account off does not affect the lates.
Yes there is a point where they don't matter, which is when they've fallen off the report. Until then they diminish in importance over time, but I don't know what the thresholds are.
I had one 30+ day late as my only negative when I joined here. It was over 5 years old when I got it removed and my scores jumped up significantly. IIRC, all my scores came up like 15-25 points. But other things were going on at that time, like me paying down debts and getting CLIs on existing cards, so I could never say exactly how much of that score increase could be attributed to the late being removed.
EQ8 763, TU8 757, EX8 769 as of April 29