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Score on 6 year old lates?

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Anonymous
Not applicable

Score on 6 year old lates?

I read a lot on the forums about very old lates not being as much a factor when you've rebuilt your credit with many good accounts and those lates are extremely old.

I recently had a friend who had 7 year old lates fall off they were 90 day lates and all he had left to be removed his fico on this site went up 60 points when they fell off. His AAoA didn't change just the report only reflected the 90 days moving to a positive account we went through his report from the previous month to the current to confirm this.

 

Would this be the case with me as well I'm under the same condition and my old lates will be 7 years old as of next year?

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haulingthescoreup
Moderator Emerita

Re: Score on 6 year old lates?


@Anonymous wrote:

I read a lot on the forums about very old lates not being as much a factor when you've rebuilt your credit with many good accounts and those lates are extremely old.

I recently had a friend who had 7 year old lates fall off they were 90 day lates and all he had left to be removed his fico on this site went up 60 points when they fell off. His AAoA didn't change just the report only reflected the 90 days moving to a positive account we went through his report from the previous month to the current to confirm this.

 

Would this be the case with me as well I'm under the same condition and my old lates will be 7 years old as of next year?


I highlighted the critical factor(s.)

 

These 90's put him in one of the two serious derogatory score buckets (score cards, etc.) As long as they were on there, there was a ceiling on his FICO scores. Once they came off, since there were no negatives left, he moved into the squeaky-clean score bucket.

 

This is why those who have multiple collections/ serious lates/ etc often see little or no score change when individual ones come off. But once that last one goes, whoosh!

 

DXH had a medical collection on his EX report. Once it was removed, he gained 70-some-odd points, because it was his only negative. (This was back when we could buy our own EX FICO scores. Smiley Mad)

 

So if you have serious negatives (not just some old 30's or a 60 over two years old), and no negatives will remain when they come off, and barring other issues like high util or no open revolving credit, then yes, you should also see a good jump. Not necessarily the same amount, though.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Anonymous
Not applicable

Re: Score on 6 year old lates?

that makes sense thanks

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