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No more 30 day late showing up??

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Anonymous
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No more 30 day late showing up??

So I had 1 30 day late in Mar of 2013, and I just noticed when I did my monthly rounds of looking at my FICO/FAKO that the missed payment fell off. I am sort of perplexed because I thought this type of thing stays on there for 7 years. So far its fallen off CK and Discover Scorecard, but I dont put TOO much stock into those, but it has now updated on the Experian app (I think thats through creditscore.com) I havent reall seen any big score jump, and wodnered if this is normal? For a 30 day baddie to fall off before the 7 year mark?? Whats really weird is the reason codes for my credit score still say bad payment history...even though it does not list it on the main dashboard.

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Anonymous
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Re: No more 30 day late showing up??

It's possible that the lender removed the reporting of the 30 day late.  Whether it was removed intentionally or by accident, don't ask don't tell... no harm no foul.  Just be happy it's gone and hope it doesn't return.

 

As for your score, the gain you receive would depend on the presence of other negative items.  If you had an otherwise clean report and the 30 day late was the only negative item, removing it would cause a score increase.  The amount would depend on the age of the late payment.  If it was recent, you would stand to gain quite a bit.  If it's older like yours was at 4-5 years, most of the sting from a 30 day late had already worn off, so you wouldn't stand to gain a significant amount.  If you have other negative items on your credit report, which it sounds like you do based on the negative reason codes, the removal of a baddie often results in little to no score gain.

 

Keep in mind that monitoring software like CK only looks for late payments in the last 2 years, so lates older than that aren't shown in their fluff software charts/tables.  This would lead many to believe that they don't matter after 2 years, both under FICO scoring and VS 3.0, when in fact they do count much longer than that.  You already know this though, as you referenced the 7 years above. 

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