On multiple TLs with lates

[marty56]

I just had a 30 day late drop off my EQ report 2 months early and gained 25 points.  This just leaves me my BofA TL with its 120 day late.  Bottom line is that old lates can still have a big impact on your score if you have multiple accounts with lates.

[asanch12]

how old was that late?

[fused]

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marty56 wrote:
I just had a 30 day late drop off my EQ report 2 months early and gained 25 points.  This just leaves me my BofA TL with its 120 day late.  Bottom line is that old lates can still have a big impact on your score if you have multiple accounts with lates.

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Congrats! I must say that I'm quite surprised.

[marty56]

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@asanch12 wrote:
how old was that late?

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It would have been 7 years in June.

[smallfry]

EQ really detests any negatives and I think they penalize more than EX and TU for them. My experience anyway.

[fused]

When it comes to lates, I do think EQ weighs them more heavily than EX and TU. Of course, I can't prove this, but it has been my experience after helping others fix their reports.

[haulingthescoreup]

EQ "lost" one of my closed accounts that had a 30-day, and I was deeply peeved until I saw that my scores increased. (Can't remember the details, sorry.)

But EQ really looks at the number of lates, the severity of lates, and the number of accounts with lates. That's why my EQ has always been my lowest score.

[Anonymous]

I realize this is an old thread, but just wanted to chime in that I am quite surprised at the 25 point gain well. I suspect the gain was because of either (1) going from two accounts with lates to just one, and/or (2) the number of lates being counted because of the presence of a major derog.

In response to Hauling's comment about EF counting lates: A few months back when I had a tiny collection amount (incorrectly) showing on my EF report, the "Accounts at a Glance" page in myFICO actually counted and showed the total number of lates. Having successfully disputed the collection and lates on other accouns, my report for a few months has just been showing the age of the most recent late and the number of accounts with (minor) lates. It no longer counts the actual number of lates, which is still quite a few spread over two accounts.

I also suspect that the "number of accounts with negatives: 2" was likely not affecting me by more than 10 points because recently it got replaced as the #2 factor affecting my score by 'Age of new account too recent", and I know the latter hurt me by 11 points.

Bottomline: With only minor derogs (30 day lates or 60 day lates older than 2 years), the most critical factor is the age of the most recent late. The only other factor that matters is the number of accounts with lates, not the number of lates. When the age of the most recent minor late hits about 2 years, the recency factor stops hurting (at least it did for me on TU) and the only factor that hurts is the number of accounts with lates.

[marty56]

Perhaps the large gain was an effect of score bucketing being in the major derog score bucket with only one derog.  It would be nice to see some action on my FICO score in August when my derog is 6 years old.

LOL by the time FICO 08 kicks in 1 day before my derog falls off, my score will be in the 800's via FICO 08.  I won't complain though.