Scoring Improvement or No?

Anonymous · ‎01-31-2018

In May, my most recent late payment (30 days) will become 2 years old. I also have other older late payments with the most recent severe being 120 days from 3/14 . Will I get some points back as I cross the 2 year mark, or is my score still somewhat held down by the more severe lates and the 2 year mark no longer matters? I know the other lates will have a penalty until they fall off and I will likely see some increase after the 120 day crosses the 4 year mark, but I want to know what to expect come May.

Anonymous · ‎01-31-2018

wrote:
In May, my most recent late payment (30 days) will become 2 years old. I also have other older late payments with the most recent severe being 120 days from 3/14 . Will I get some points back as I cross the 2 year mark, or is my score still somewhat held down by the more severe lates and the 2 year mark no longer matters? I know the other lates will have a penalty until they fall off and I will likely see some increase after the 120 day crosses the 4 year mark, but I want to know what to expect come May.

This chart from ABCD shows the averages of point loss for a single late. Just to give you an idea. Multiple lates have diminishing losses so not exact.

Anonymous · ‎01-31-2018

That chart is exactly what prompted my question. I know I will be penalized for the 120 day late until it falls off (that is the one remaining late from my student loan lates and if I can get it deleted, I gain one more year of distance as I also have a 120 day late from 2013), but am looking if anyone knows how a more recent less severe late is treated. I certainly will not gain 45 points back for it crosssing the 2 year mark, but can I expect something? Can I expect to get 10 points back when the more severe late crosses the 48 month threshold in March? Neither? Both? Only time will tell and report back later with my data points? LOL

Anonymous · ‎01-31-2018

wrote:
That chart is exactly what prompted my question. I know I will be penalized for the 120 day late until it falls off (that is the one remaining late from my student loan lates and if I can get it deleted, I gain one more year of distance as I also have a 120 day late from 2013), but am looking if anyone knows how a more recent less severe late is treated. I certainly will not gain 45 points back for it crosssing the 2 year mark, but can I expect something? Can I expect to get 10 points back when the more severe late crosses the 48 month threshold in March? Neither? Both? Only time will tell and report back later with my data points? LOL

Diminishing points for second and subsequent lates. The worst one takes presidence. And less points for other lates. The big points coming back comes from the last negative coming off and being put into a clean bucket. So as each negative comes off and ages you get a few points here and there coming back. Each persons file is unique so no one can say how many points from each drop or age in negative. There are many age thresholds where on gets some points back. And some guys on here know more about break points than me. I just give generalities. As others see this I think they can give more specific advise than me.

Anonymous · ‎01-31-2018

If you see a score increase from the 30 day crossing the 2 year mark it will be insignificant, say 5 points, IMO. That major delinquency (120 day) is going to be adversely impacting your score 50-100 points until it falls off. Have you attempted any GW to try and get it removed?

Anonymous · ‎01-31-2018

I just recently disputed it - it is the only late that remains after my student loan rehab out of 11 loans. It is a from a federal student loan, so I don't think GW letters will work, but I may try. As I stated, I do have another 120 day late from 2013, but that account will be removed in 2019, so not a huge rush to remove it as I have no major needs for credit coming up. I just moved, so once I get settled in I may attempt some GW efforts on some more of my lates, but have yet to have any success with what I have done to date

Anonymous · ‎01-31-2018

You shouldn't be disputing it unless it's inaccurate. Disputes are for incorrect reporting. If it's correctly reported, your only recourse is the GW avenue.

Anonymous · ‎02-05-2018

The student loan late was corrected/updated to ok. That leaves me with my most recent severe late being from 2013 and being deleted next year! Other than that I have a few 30 and 60 day lates that I will work on with GW letters. Hoping for a clean report sooner rather than later, but I'll also settle for a cleaner report!

Anonymous · ‎02-06-2018

Cleaner is always better, that's for sure.

As far as your severe negative from 2013, it would be due to come off in 2020, so you're probably looking at more like 2 years rather than just 1.

Anonymous · ‎02-06-2018

My TU report says that it will be removed 9/19. It was a late that eventually became a charge off. Although the expected removal date doesn't correspond to the first late payment...

In 2019, I should have 3 credit card charge offs (only one of which is reporting any late payments) and my only collection removed. It will still leave me with a few late pays here and there, but my report will look much cleaner!