How long for a 60-day late to start to have a lower impact on FICO

[Anonymous]

I have a 60 day late on a student loan that is showing up under April 2014. It is the only derog on my report right now (although I have high INQs because I've done some card shopping lately)

Right now my scores are 657EQ/680TU/676EX. 

Should I expect a bump in my scores once this delinquency is more than 12 months old?

[Anonymous]

It will stay on for 7 years, but after a year, it should have less of an impact, and then as more time elapses especially with other good payment history month to month the overall good repay percentages will raise and this should not have much of an impact. My only suggestion, dont do inquiry until May 2015, this will show up bad for lenders having it less than 12 months old.

[Anonymous]

Yep. I was just wondering if 12 months might be a magic number as far as scoring goes

[gdale6]

Actually a 60 day late weighs most heavily on your Fico for the first 2 years. There was a report recently of someones last 60 day late aging off and a very large jump in Fico, really it would matter on all the data in your CR as to the actual timeline for maximum weight on your Fico. I would be looking into getting a GW commutation of that late..     http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

[Anonymous]

Thanks for the link....that's a big help...sad i'll have to wait another year though

[MarineVietVet]

---

@Anonymous wrote:

I have a 60 day late on a student loan that is showing up under April 2014. It is the only derog on my report right now (although I have high INQs because I've done some card shopping lately)

Right now my scores are 657EQ/680TU/676EX. 

Should I expect a bump in my scores once this delinquency is more than 12 months old?

---

It's hard to give a definitive answer because everyone's credit profile is different and constantly changing. A 60 day late will be more damaging to one person than another depending on what else is reporting.

But a recent 60 day late is a serious matter. There is anecdotal evidence that after about two years a 60 day late is scored like a 30 day late but there is always a YMMV involved.

The recency of any negative item is one of the most heavily weighted factors within the most heavily weighted category of scoring — payment history — amounting to 35 percent of your score. The longer the time since the negative the less impact it will have, and the higher your score will go.

So it would be worth it IMO to see about getting this removed early via GW letters.

[Anonymous]

---

@MarineVietVet wrote:

---

@Anonymous wrote:

I have a 60 day late on a student loan that is showing up under April 2014. It is the only derog on my report right now (although I have high INQs because I've done some card shopping lately)

Right now my scores are 657EQ/680TU/676EX. 

Should I expect a bump in my scores once this delinquency is more than 12 months old?

---

It's hard to give a definitive answer because everyone's credit profile is different and constantly changing. A 60 day late will be more damaging to one person than another depending on what else is reporting.

But a recent 60 day late is a serious matter. There is anecdotal evidence that after about two years a 60 day late is scored like a 30 day late but there is always a YMMV involved.

The recency of any negative item is one of the most heavily weighted factors within the most heavily weighted category of scoring — payment history — amounting to 35 percent of your score. The longer the time since the negative the less impact it will have, and the higher your score will go.

So it would be worth it IMO to see about getting this removed early via GW letters.

---

Thanks for the advice...I've actually had a credit repair company (i know) working on this particular 60-day late. I know that likely blows my chance for a GW removal in the long run, but I have my fingers crossed it may be removed.