Understanding long-term impact of negatives

[Thomas_Thumb]

The y-axis on the chart represents points lost. ABCD summarized data he gathered from surveys on lates from a variety of people.

I take the data points as being a consolidated representation of responses. The magnitude of drop is scorecard dependent and obviously can't be taken as a literal prediction. The appropriate takeaway from the graph is an illustration of how late penalties decrease ove time based on severity. Impact of lesser 30 and 60 day lates tapers off substantially after 2 years while 90+ day lates do not.

Again, not my data or graph. I don't take it literally and I don't think 30 and 60 day lates converge in impact at 12 to 24 months. Nonetheless, it is useful as an illustration.

[SouthJamaica]

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@Thomas_Thumb wrote:

The y-axis on the chart represents points lost. ABCD summarized data he gathered from surveys on lates from a variety of people.

I take the data points as being a consolidated representation of responses. The magnitude of drop is scorecard dependent and obviously can't be taken as a literal prediction. The appropriate takeaway from the graph is an illustration of how late penalties decrease ove time based on severity. Impact of lesser 30 and 60 day lates tapers off substantially after 2 years while 90+ day lates do not.

Again, not my data or graph. I don't take it literally and I don't think 30 and 60 day lates converge in impact at 12 to 24 months. Nonetheless, it is useful as an illustration.

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Thank you. You are indeed a treasure.

[NotTellinYou]

OP, you wrote that you are "overwhelmed with debt". I would be more concerned with that than your credit score if I were you. For now, I recommend forgetting your credit score and engaging a non-profit credit counseling organization that can work with your creditors to reduce or, in many cases, eliminate your interest payments to get you debt free in three years. From there, you can rebuild your credit and, in the meantime, learn to live within your means and get out of this burden. Otherwise, while you claim that the debt "will be gone in a few years" I can't see that happening when it sounds like you are making minimum payments so your high-interest debt will continue to grow and eventually lead to financial disaster. IMHO!  Good luck!