How long do I have to wait?

[JustMe77]

I'm a little unclear on how long it will take for an old baddie to stop affecting my score. 

In July/Aug/Sep/Oct of 2008, I missed minimum payments on a credit card. So my credit report shows a 60/90/120 day late payment history on that account. I started paying the account minimum by November 2008, and for whatever it's worth, paid off the card balance by June 2009. The account was opened in 2002 and closed in 2008.  

Am I correct in understanding that by November of 2015, this will stop affecting my Fico score, since it's 7 years after the last missed payment? 

This has always confused me. Thanks for any insight!

[Anonymous]

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@JustMe77 wrote:

I'm a little unclear on how long it will take for an old baddie to stop affecting my score. 

In July/Aug/Sep/Oct of 2008, I missed minimum payments on a credit card. So my credit report shows a 60/90/120 day late payment history on that account. I started paying the account minimum by November 2008, and for whatever it's worth, paid off the card balance by June 2009. The account was opened in 2002 and closed in 2008.  

Am I correct in understanding that by November of 2015, this will stop affecting my Fico score, since it's 7 years after the last missed payment? 

This has always confused me. Thanks for any insight!

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Correct, but it isn't always exactly 7 years. It can go a couple months either way.

[jamie123]

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@JustMe77 wrote:

I'm a little unclear on how long it will take for an old baddie to stop affecting my score. 

In July/Aug/Sep/Oct of 2008, I missed minimum payments on a credit card. So my credit report shows a 60/90/120 day late payment history on that account. I started paying the account minimum by November 2008, and for whatever it's worth, paid off the card balance by June 2009. The account was opened in 2002 and closed in 2008.  

Am I correct in understanding that by November of 2015, this will stop affecting my Fico score, since it's 7 years after the last missed payment? 

This has always confused me. Thanks for any insight!

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In all reality it is 7 years since the first missed payment so it should drop off your report sometime in July of 2015.