Payment history is EITHER exceptional or poor...

[Anonymous]

I'm tired of all these fluff CMS front-end pages showing varying degrees of "payment history."  If someone has no late payments at all on their credit report, their payment history is exceptional.  If someone has 1 or more late payments, IMO their payment history is "poor."  There's no in between with this fair, good, very good stuff I see all the time.  The image from Experian that I placed below shows "fair" payment history.  This person has 4 dirty accounts from the last year and late payments as great as 120 days just 1 month ago on their reports... but the fluff summary says that's "fair?"  Come on now. 

It's not OK to miss a payment.  I think it's crucial for all members of this forum, especially those that are newer and here trying to learn to understand that anything less than perfect/exceptional payment history (even 1 late payment) is a sign of high risk and FICO scoring will consider that accordingly.

[Medic981]

Preach on brother, preach on! Credit scoring isn't an "everybody gets a participation trophy" just for participating.

[FireMedic1]

I kinda agree BBS on some points you made. I have 1 30 day late 5yrs 2 months old. Now many have lates for medical, job loss, divorce, ect ect. Thats understandable. Some come on and forgot to pay and admit it and try to find ways to get it removed by asking the forum. My case was have a root canal/ crown, shoot the tooth with my 9mm from the pain or skip a truck payment to Sucktander. Tooth won.

Once they called and I finally answered they said i could have asked for an extension and they would have thrown the payment on the back side of the loan and no late would have shown up but I didnt know that. Asked then if they could, but nope. I wasnt FICO knowledgeable then. Always got approved. So this is how EX list it now:

[Anonymous]

I'd say a lone 30 day late, especially an aged one, would probably the the one exception to my original post stating that payment history is either exceptional or poor.  I think that's really an outlier example, though, as there are definitely more people out there with something other than a lone aged 30 day late. 

As for the reasons for a late payment, FICO doesn't discriminate.  Late is late and scoring is impacted regardless of the reason.  The reason could potentially impact the ability to obtain a GW adjustment, though, so I get bringing up the topic.

[NRB525]

When reading new stories from posters, it is quite common to see language such as "perfect payment history for 2 years". It is a dead giveaway that they've got some interesting baddies earlier than 2 years, perhaps even less severe baddies more recently, but have tried to wish that away from scoring impact.

The other sites that offer "Don't worry about those lates, apply for our loan recommendation" are the miscreants here.

If wishing were to make it so.

[Anonymous]

I had 18 lates - LOL

[Anonymous]

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@NRB525 wrote:

When reading new stories from posters, it is quite common to see language such as "perfect payment history for 2 years". It is a dead giveaway that they've got some interesting baddies earlier than 2 years, perhaps even less severe baddies more recently, but have tried to wish that away from scoring impact.

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I think this is true many times, but what's more of a dead giveaway is that they're using a CMS service like Credit Karma that has a front-end summary page that only provides a payment history graphic based on the last 2 years.  You'd be amazed how many people because of CMS fluff software actually believe that the only 2 years matter and even if they do have baddies > 2 years old they aren't necessarily wishing them away, they simply don't think they're impacting their score any longer.

[Anonymous]

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@Anonymous wrote:

I had 18 lates - LOL

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Perfect example, Brandon.

So, of your 18 lates, I'm assuming that 17 of them are > 2 years old?  Of those 17 out of curiosity, across how many accounts is that and what is the worst severity late you have among that group?

[Anonymous]

18 of them actually are all greater than 2 years. My most recent late is 3 years and 7 months as displayed above. 60 days is the worst. 13 at 30days and 5 at 60 days. 1 account only 

[Anonymous]

Interesting that the CMS is showing you 1 late payment then... I would think based on what you just said that it would show 0 since all of them are quite aged at this point.