Late Payments How long are they considered "recent"

[Anonymous]

Just curious im about 11 months in to my rebuild , Started at 479,503,485 scores and now after tax liens removed this week , am sitting at 615 608 and 599

Fico keeps saying recent late payments under the "Bad stuff"  my most recent late is 11 months. How long before they are no longer considered "recent" ??? Thanks everyone for all the help so far in the last 11 months!

[Anonymous]

I wouldn't worry about the wording of these reason codes.  Late payments will adversely impact your credit scores for 7 years.  I have a late payment that's 4.4 years old on one bureau and I get that same reason code that you're seeing.  I think your real question here is how long they'll impact your scores.  If you are looking at 30-60 day late payments, some believe that after 2 years they'll impact your scores less, but they'll still hurt for the full 7 years.  90+ day late payments or major delinquencies will strongly impact your score for the full 7 years. 

[Anonymous]

Thanks for the reply the worst late payment is 30 days late. no 60 or 90 ! Still bummed 7 years is a long time ...

[Anonymous]

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@Anonymous wrote:

Thanks for the reply the worst late payment is 30 days late. no 60 or 90 ! Still bummed 7 years is a long time ...

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Most believe the sting from a 30 day late subsides as it crosses 2 years.  How many 30 day late payments do you have and across how many accounts?  You may benefit greatly from sending out some GW letters kindly asking for their removal.  Since 30 day lates are of the weakest severity, you likely stand the greatest chance of someone granting you GW and doing a removal.

[Anonymous]

(3) 30 day lates on one account in last 3 years. Last late on my report is Aug. of 2016

[Anonymous]

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@Anonymous wrote:

(3) 30 day lates on one account in last 3 years. Last late on my report is Aug. of 2016

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That's good that you only have 1 dirty account.  I'd say you stand a good chance of having these removed, especially if you are persistent in the event that you hear "no" a couple of times but continue to push forward with additional letters.  If you'd like to read about the Saturation Technique that I believe is the best way to get the results you're looking for, you can find it here:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098

The rebuilding forum will have lots of information on obtaining GW.

Who is the lender that you've got the late payments with?  There are some that are known to be "easy" and others "hard" when it comes to trying to get a GW adjustment.

[Anonymous]

GM fianancial !  and thank you for the tips !

[RobertEG]

To supplement the responses, the specific details as to the scoring impact of monthly delinquencies over time remains a proprietary trade secret, and thus specifics are not known.

However, over the years, many anecdotal experiences have shown that FICO separates the impact of delinquencies into minor or major, with 90+ lates becoming major.

Major delinquencies generally retain significant scoring impact over their lifetime, with some degradation, while minor delinquencies appear not to retain significant impact after approximately two years.

An additional consideration is that FICO also separates consumers into categories, or "buckets", based on overall criteria.

For payment history scoring, the presence of any major derogs will normally place the consumer in a less-favorable, or "dirty," scoring bucket.

The result is that they normally dont see significant score movements until their report becomes clear of all major derogs.