I have seen at least 1 poster qualify that he has this tool. I've seen it via google search but the link is broken for the XLS download. Does anyone have this? I'm trying to understand my past lates and what might be happening to my score now and what I can expect in the future as they continue to age.
I would kindly appreciate any assistance. Thank you in advance!
Following, I'd like to see this tool you speak of. I have read on the forums that the lates stay on for 7 years, but have less of an impact at 4 years. Don't quote me 100% on the 4 years, but the 7 years is unforgetable
I'm not sure of an excel spreadsheet here, but I've seen a graph that plots the proposed lessening impact of different severity late payments (30, 60, 90, 120) over time. I believe that member ABCD created the graph, so you could always PM him for it. Outside of that, I'm not sure of any other tool.
Keep in mind that such a chart really only works for 1 late payment. Once you are talking multiple late payments, diminishing returns often prevents much else from happening to a score. All that really matters is what your worst severity late is and how long ago that occurred.
For example, two people may have otherwise identical profiles outside of their payment history. Both have a 90 day late payment that's 6 months old. For one of these individuals, that's his only late payment. The other in addition to that single major negative has 5-6 other minor 30-day late payments from 4-6 years ago. These two individuals may very well possess nearly identical FICO scores, because the algorithm would be considering their most recent and most severe negative item most considerably, which would be the same for both.
ABCD2199 said he had it in a old post. I've messaged him
His graphs appear to be derived from an Excel spreadsheet. Not sure if I saw all the raw data in a table. Either way, a table pasted into a post no longer retains formulas or formatting so it won't retain Excel properties.
As mentioned above, contact ABCD. Perhaps he is willing to email you the file.
He actually states he has something specifically for multiple lates.
Under many circumstances, the difference between multiple lates and just one late isn't going to be significant.
Your worst severity delinquency/derog is what matters most and when (how long ago) it happened. Everything else gets quickly diluted with diminishing returns. See my example in the last paragraph of Post 3.
Found another cool speadsheet ABCD has done but I don't think it shows lates....if anyone is interested. I downloaded it and it's very cool
I hear you BBS. But I'm an analytical kind of guy and if there is any point lost I'd like to know why and analyze it. I just designed a FICO type scoring system for my companies KPI. Its pretty sweet!
I understand that, I just don't believe that a spreadsheet is going to accomplish what you're thinking/hoping it may when it comes to late payments. Can't hurt to try though I suppose.