My CCT report shows it's been 20 months since I had a late payment. Is there some point where that may bump up my score ? For instance, will 24 months make my score go up ? Thanks in advance for the help.
@stinastina wrote:My CCT report shows it's been 20 months since I had a late payment. Is there some point where that may bump up my score ? For instance, will 24 months make my score go up ? Thanks in advance for the help.
Qualified maybe.
On my dirty file my score seems to have recovered to prior to my recent (10/15) 30D late after a year, but it's never been stringently tested to my knowledge. I do know that my 60D late hurt me for the entire time it was on my report, but by how much is a very interesting question.
Problem is there's so many pieces and parts to the algorithm it's awfully hard to tease it out... like I'm back to pre-mortgage levels on FICO 8 (on bureaus that have my tax lien) but my installment utilization still sucks, so what changed? Really can't tell, was it some aging of my tax lien over 5 or 6 years? If it doesn't show up in the reason codes, it's just hard because we don't have a large valume of data to try to corrolate it.
I'm hoping to get some better data around a 30D late specifically as I'm coming up on 2 years and my file is pretty fixed in that I'm not applying for anything, have no presumed AAOA boundary coming out, and zero scoreable inquiries on TU. Other than revolving balance changes that's as good of a plan as I can come up with to see if there's a difference when I cross 2 years.
@Anonymous wrote:
@stinastina wrote:My CCT report shows it's been 20 months since I had a late payment. Is there some point where that may bump up my score ? For instance, will 24 months make my score go up ? Thanks in advance for the help.
What was the severity of the late payment? If it was minor, you may see a slight gain. If it was a major, possibly not. Also, one of the biggest other factors would be whether or not you have any other late payments (and their severity) older than the one that's at 20 months now. If so, what was the severity of it/those?
I don't know how to determine the severity. I had a cap 1 card that I did not pay in 2015 that shows 8 months of lates and included in bankruptcy. A fingerhut acct that shows 3 months of lates that was also included in bankruptcy. And a collection that shows 2 years of lates from 2013-2015 even though I never paid them that was also included in bankruptcy. Are collection agencies allowed to report you as late ?
When was your BK discharged
I have a Ch 13 that was discharged in September of 16. I had an auto loan that was included in the BK and was incorrectly being reported as late after it was paid off. It made my TU score lower because it appeared my most recent late was recently. Once that was corrected FICO read my most recent late as 24 months ago. I did receive an increase of somewhere between 10-15 points. I'm not sure if the increase was due to being over 12 months or 24. You may see a small bump at 24 months but it won't be much.