New and need some help

[Rudy1927]

I have 3 scores around 700. No late payments last 4 years but some stuff which happened 5 years ago. Do I have to wait 2-3 more years for things to drop off? For the last year score has remained flat. Just a mtg and 1 car loan with 3 credit cards which are paid in full monthly. Help? And Thanks

[800FICOGoal]

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@Rudy1927 wrote:
I have 3 scores around 700. No late payments last 4 years but some stuff which happened 5 years ago. Do I have to wait 2-3 more years for things to drop off? For the last year score has remained flat. Just a mtg and 1 car loan with 3 credit cards which are paid in full monthly. Help? And Thanks

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It would be helpful if you described the stuff that happend.

[Anonymous]

Good point by 800FicoGoal.  And in addition to describing the events that happened, it would be helpful to hear whether or OP has pulled his three reports (which are different from scores) and if he has, whether these events appear on the reports and if so, how.

[Anonymous]

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@Rudy1927 wrote:
No late payments last 4 years but some stuff which happened 5 years ago. Do I have to wait 2-3 more years for things to drop off?

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Maybe yes, maybe no.  Have you made any attempts in contacting the lender(s) to request any of the "stuff" be removed?  If not, I'd suggest heading to the rebuilding forum and doing some reading there, as you may be able to arm yourself with enough knowledge to remove some or all of your negative items in advance of their expected time to naturally fall off.

[Anonymous]

FWIW, how long things stay can depend on whether you live in NY. If you do, as I do, you benefit from the Purge Law which requires exclusions at 5 years rather than 7.

OP, definitely add more info such as what happened, what the accounts are, balances, who owns them, and when they went delinquent. Then the help can come.

[Anonymous]

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@Anonymous wrote:
FWIW, how long things stay can depend on whether you live in NY. If you do, as I do, you benefit from the Purge Law which requires exclusions at 5 years rather than 7.

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Can you elaborate a bit on this law and what exactly it constitutes in terms of exclusions in 5 years?  I'm in NY and don't know about this. 

[xaximus]

I believe this thread provides some info on the Purge law.

https://ficoforums.myfico.com/t5/General-Credit-Topics/New-York-State-5-Year-Purge-Rule-For-Paid-Col...

[Anonymous]

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@Anonymous wrote:
FWIW, how long things stay can depend on whether you live in NY. If you do, as I do, you benefit from the Purge Law which requires exclusions at 5 years rather than 7.

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Hello ITD!  Based on the link provided by Xaximus, it sounds like the things in question are confined solely to collections and charge-offs (and even still they have to be paid to be affected ny the NY law).  If so, the NY law may give limited help in practice, since a delinquent account that results in a collection or C/O almost always has severe lates associated with it as well (e.g. Day 120) -- and if I am reading that thread correctly lates are unaffected by the law.

[Rudy1927]

BTW I’m in Connecticut. Also there was one charge off that was paid. (Guaranteed a car for my kid). Other than that a lot of 30 days. I had a mortgage and always paid last day of the month. (To bad there were a lot of months with 31 days). I really wasn’t watching what I was doing. Bank won’t budge so there is like 10 lates of 30 and the one car all around 4-5 years ago. Pay everything on time and still between the 695-710 scores

[Anonymous]

@CGID, that may mostly be the case but not 100% of the time. I had 3 unpaid medical collections EE’d by TU in November and December, at 4 years 6 months of age, based on the 6 month EE exclusion policy of TU and the Purge Law. Possibly it depends on the type of account, or maybe I got lucky on who I spoke with, but in my case it was no issue and they were cleared.