3 * 30 days late payments with BofA and 1 charge off with Citi. Most recent late payment with BofA was in Sept 2015 (3.2 years), first late was April 2015 (3.7 years). While Citi charge off was settled in April 2016, DOFD was March 2015 (3.8 years). 80% paid as agreed would be 4 open accounts, 3 accounts with 0 missed payments and 4th is BofA.
@Anonymous wrote: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.
A few thoughts:
Why would a perfect payment history be considered exceptional? There's nothing exceptional about it - people are doing what they should be doing anyway, and that's not praise-worthy. Maybe it should be poor and ok, or bad and not bad.
I usually look at the good/very good/etc scoring like coin/card conditions. There needs to be some rating beyond binary, as it's also obvious that lates affect scoring in different ways depending on severity and last occurence. A 4 year old 30 day late is not the same as a 4 year old 120 day late, just as a 4 year old 30 day late isn't the same as a 2 month old 30 day late. This is using the terms to show relative impact in a scoring model and not whether said actions were ok or not ok.
If the underlying aim is to soapbox good financial behavior, this particular issue is among the least important to tackle. The number of people on this forum who use cards as emergency savings instead of actual savings, think cards equate to cash available to spend, skirt with MS just to chase bonuses, or who buy $75,000 cars on their $125,000 salary while saving 0-2% for retirement instead of 15% are much more in need of a good talking to than whether a box showing their payment history is red, yellow or green. Fix those problems and ones like this become non-issues.
