Question on Baddies

[Anonymous]

In reviewing my report, I have 3 lates in the last 24 months on CC accts: 30 day late in 8/09 on one account and a 60 day late in 2/08 and 90 day late in 3/08.  From what I understand, the 30 day late and 60 day late should not be causing too much damage to my score any longer, but I'm unclear on how long/how badly 90 day lates hurt your score. 

Also, are 30 day lates on a mortgage weighted more heavily than a 30 day late on a credit card or other type of account?  I have 6 months in a row of 30 day lates on an old mortgage account (since re-fi'd) that are over 3 years old now, not sure if there would be significant score impact if I attempt GW to get those removed?

Any insight would be greatly appreciated.

[BungalowMo]

Personally, I have GW'd every single baddie on my reports.  Some dropped off from age, many others werer removed by GW.

I'd give it a shot...and most definately that 90!  Try sending an email to the company CFO's.  That has been my ace in the hole for removals!

I'm not sure if a late on a mtg hurts worse than a late on a cc. It will be interesting to see what folks say to that question.  Maybe someone will offer to be the guinea pig & try it & see what happens! 

[marty56]

IMHO a late payments on a mortgage counts the same as a late payment on a $1 CC bill.   A late apyment on an autoloan would affect your autoscore so it could be a factor whn going after a autoloan.  A late on an account could have secondary effects like CLDs or other types of AA which could effect your score.  Also when applying for a refi, a MR on a mortgage late could cause an increase in interest rates.

If I had to be late on something, I would pick a CC that was the newest and I didn't use very much.  You don't want a late payment on your oldest or best CC.  Also my mortgage and autoloan would be last on the list. 

[Anonymous]

Can anyone comment on Baseballgal's original question as to how long does a 90 day late payment hurt your fico score?

[haulingthescoreup]

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@Anonymous wrote:

Can anyone comment on Baseballgal's original question as to how long does a 90 day late payment hurt your fico score?

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A 90 day hurts your score as long as it's there, which is essentially 7 years after it happened.

A 90 is a serious derog, and it puts you in one of the two negative score buckets (scorecards, etc.), in the same one as 120's, 150's, charge-offs, and collections. If you have a public record (BK, lien, judgment, etc.), it's even worse.

Yes, score damage does fade with time. We have a member with a 120 and nothing else whose scores have reached 780, I think, but it appears that they top out there, and it's a very old late --6+ years --with no other negatives and well-managed credit otherwise.

WFNNB removed my 4+-year-old lates, including a 90, and my scores jumped 30+ points as soon as they no longer displayed.

[marty56]

Even with a major derog on your CR, you will still may be able to get the best rates on a CC or mortgage/autoloan so while a major derog may be fatal to having an 800 credit score, it may not be fatal to getting the credit you need at good or even the best rates available.

EQ also dings you for the number of derogs on your CR so if one falls off /GW one or more, you could still get a score boost on EQ even if they don't remove the major derog and get the other 2.