Late Payments/Scores Being Held Back

[CivalV]

How long do late payments have an affect on fico scores?

Within 7 months I was able to pay off and delete 2 collections on all 3 CBRs. TU is completely clean which is why TU is my highest score. TU also gets higher score increases as I lower my UTL %. On the other hand EQ & EX seem to receive only 2-9 point increases whereas TU receives 14-25 point increases.

I assume because EQ and EX have 60 day late payments reporting from January 18’. I also found that only EX has a collection from Sprint still reporting. If I pay off and hopefully get the collection removed will I see an increase in all scores or just EX?

Overall UTL% is currently 66 across 12 accounts. Oddly enough my Fingerhut Freshstart account was paid off after 4 months of on time payments. Fingerhut closed the account as “paid off loan”. My EX took a 3 point hit for the account being closed. Not sure if losing the $230 caused that drop but it did not hurt my UTL.

What steps should I take at this point? I will be under the 8.9% threshold for overall UTL in a week or two.

[Anonymous]

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@CivalV wrote:
How long do late payments have an affect on fico scores?

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As long as they're present on your CR, typically 7 years.

Their severity of course plays a big role... where a 90-120 day late payment may be adversely impacting score 70-80 points at the 6.5 year mark just prior to falling off, a 30 day late payment may only be impacting score (say) 35 points. 

When you're talking just 1 negative item, it's somewhat simple to try and quantify it's impact.  When you're talking many negatives however of different severities and different ages, it becomes much more difficult.  Your goal should be to get your negative items removed, so heading over the the rebuilding forum and doing some reading would be a great idea.

[FireMedic1]

Come on over to the Rebuild Section like BBS said. Theres many there to help. Post your remaining collections and such. And the gang will help you out.