The effects of 1 late payment 6 yrs ago

[Anonymous]

I have a:

late payment>chargeoff>paid in full still on my cr from 6 yrs ago.

I paid in full the entire bill for a delete which they did, however the original creditor, whom I've contacted is letting the 7yrs clock run after asking them for a delete. The total bill was $300. This is the only neg. on my cr. and it's 6 yrs old. My issue is my scores stay under 700 no matter what I do. Currently 659 688 693. 

[thornback]

A chargeoff is far worse than a single late payment, however - your scores do seem awfully low for only having one chargeoff that is 6 years old and paid.   

Are these FICO scores? 

Can you list the other accounts on your reports and their type (credit card, loan, etc), ages, and utilization so we can better figure out what else may be holding your scores down?

Welcome to the forums.

[krit]

I'm in the same boat. I have one charge-off from March of 2015 that's sticking like glue. Everything else is clean. My scores are very close to yours. Last month I asked TU for EE but was told they "don't do that." (Bull. 😡) Following this thread. Good luck to you. 

[W261w261]

I have a paid CO (first fell behind 2018, paid a year ago, and thus will fall off in mid-2025), plus some other 120 lates from about 4 years ago, but perfect record since. I have done everything I know of to maximize my score, including a share-secured loan (from Navy), PIF with AZE2, keeping my HP down as much as possible (EX 5, others 1 or 2) while building a credit portfolio (about 10 cards, 2 AU on very old accounts - one is 40 yrs). My score is 742, and I think that, other than a couple of HP aging to a year this May, there's not much more that I can do other than wait for 2025. My understanding is that my CO, and my 120 day lates, are going to hurt my score without significantly diminishing their effect right up to the 7 year mark, and then I should get around a 75 point bump.

So I think there is room for you to do more for your score. AZEO, SSL, PIF, AU, try out some of those, you should get into the lower 700's. GL! 

[Anonymous]

Oh boy, do I know about this. I had a paid collection for the princely sum of $92 that haunted me for 7 years.

It isn't the item itself - it's your overall credit situation. In my case I had a 'thin' credit profile at the time, meaning I had only two credit cards and an auto lease. A paid collection of $92 takes a much bigger hit from a profile like mine.

I improved my credit scores by adding credit cards and other lines of credit. Done smartly, this really helped by credit scores bounce back, because credit granters had much more (positive) experience with me. After 3 years my credit scores were well into the 'Good' range and after 5 years they were in the 'Very Good' range.

[expatCanuck]

A single 30-day late, combined with high util, had me struggling to get my scores over 700.

Fixing the utilization got me to the low-mid 700s -- good enough for a decent refi.

Once the late fell, a ~50-pt jump to the 780's.

Continued aging and good behavior had me comfortably over 800 a year or so later.  Recent INQs and new cards have dropped my EX below 800, but it'll be back up by year-end, assuming nothing financially catastrophic.