@Anonymous wrote:Does anyone know many years/months is evaluated in credit score? Specifically FICO 2,4,5,8,9? I have been working on my credit for 1.5 years and haven't missed a payment, but I do have late payments before that. I'm just wondering if the FICO looks at ALL payment history since credit report inception or just previous 2 years. Thanks!!!
Late payments will continue to hurt you for 7 years, although their impact should decrease after 4 years or so.
FICO focuses all items on credit report.
Every. Last. Thing.
The bad news is: Some things hold a different weight. This can be good or bad depending the person, what is on the report, and also how responsible said person is.
The good news is that in time things can fall off. Such as an inquiry, that stays on your report for 2 years. After that, it falls off. However, the weight of that inquiry falls off after the first year. So... Penalized for it for one year, the second year it holds no weight other than to be a bookmark saying you applied for something. By year three it gets removed completely.
For your direct question about missed payments... As mentioned for different weights... A missed payment holds different weights as well.
If the payment was missed or late for less than 29 days, the issuer won't think as highly of you, but they will not report that on your credit report. Think of it as a grace period.
30 days late is reported on your report, 60 days late, and 90 days late. After that they will usually close your account.
To avoid late or missed payments, you can pay the minimum amount due, and since you did pay something, they do not count that as late or missed.
Without you going into more detail if you actually missed a payment, how long it was missed for, if the account was closed or not I do not know where to start. So I'm touching on everything.
If the account was closed you're pretty much screwed and that sticks with you for 8 years. You might be able to get a Pay For Deletion to have it removed.
If the account is still open and just got the late payment stickies on your account, those are supposed to have an 8 year lifespan too. You can call up your bank/issuer and ask for a Goodwill Removal, which is what I would do. If you have more than one, only ask to remove one at a time, or they will deny all of them. To add to this, if you have more than one, call a couple of days apart and at different times. Do this to try to avoid calling the same Customer Rep again.
I could go on and on, but feel I've wrote a book already, but I wanted to touch several bases at once.
@Kahnawake007 wrote:FICO focuses all items on credit report.
Every. Last. Thing.
The bad news is: Some things hold a different weight. This can be good or bad depending the person, what is on the report, and also how responsible said person is.
The good news is that in time things can fall off. Such as an inquiry, that stays on your report for 2 years. After that, it falls off. However, the weight of that inquiry falls off after the first year. So... Penalized for it for one year, the second year it holds no weight other than to be a bookmark saying you applied for something. By year three it gets removed completely.For your direct question about missed payments... As mentioned for different weights... A missed payment holds different weights as well.
If the payment was missed or late for less than 29 days, the issuer won't think as highly of you, but they will not report that on your credit report. Think of it as a grace period.
30 days late is reported on your report, 60 days late, and 90 days late. After that they will usually close your account.To avoid late or missed payments, you can pay the minimum amount due, and since you did pay something, they do not count that as late or missed.
Without you going into more detail if you actually missed a payment, how long it was missed for, if the account was closed or not I do not know where to start. So I'm touching on everything.
If the account was closed you're pretty much screwed and that sticks with you for 8 years. You might be able to get a Pay For Deletion to have it removed.
If the account is still open and just got the late payment stickies on your account, those are supposed to have an 8 year lifespan too. You can call up your bank/issuer and ask for a Goodwill Removal, which is what I would do. If you have more than one, only ask to remove one at a time, or they will deny all of them. To add to this, if you have more than one, call a couple of days apart and at different times. Do this to try to avoid calling the same Customer Rep again.
I could go on and on, but feel I've wrote a book already, but I wanted to touch several bases at once.
*7 years. It could go up to 7.5, but that's the max. Not 8.
@Remedios wrote:
@Anonymous wrote:Does anyone know many years/months is evaluated in credit score? Specifically FICO 2,4,5,8,9? I have been working on my credit for 1.5 years and haven't missed a payment, but I do have late payments before that. I'm just wondering if the FICO looks at ALL payment history since credit report inception or just previous 2 years. Thanks!!!
Seven years for negatives. For aging metrics, as long as accounts are still on the report.
If you have multiple lates, it will hurt the whole time, it won't get much better after X amount of years. There is always some improvement, but nothing like when they fall off.
If you had one isolated 30 day late, you'd feel it less after a few years on 8 and 9, but not on older models, they are very punishing the whole time negatives are present on the report.
Clueless question: If one has an active open account, and a late on that account, is the Late a different badge on the credit account information, apart from the existence of the account, and perhaps distinct from the "green check marks" of payment history? If not a different badge, then what is the mechanism of a late "falling off" the account? Does the green check mark history have a red X, and somehow that switches to a green check mark after the 7 year penalty phase? Or, back to the special badge theory, the special badge is just removed from the credit profile?
Bonus clueless: If one has a late on a closed account, and the lender stops reporting the account history prior to the 7 year penalty phase, then does the late also disappear from the credit reports?
Comes down to which credit monitoring service you use. Some use checkmarks some use dots. Once a late hits the score changes. It wont go back to normal if no reporting is done. There are no badges. Your report goes by the 7/10 rule. Lates are counted as baddies for 7 yrs from date of the late. Closed positive accounts stay on a report for up to 10 yrs but may fall off sooner. If there are lates on a closed account. They will fall off before the account does. Then the account will be listed as good. But it will show how many times a late occurred. The hit for the lates wont hurt any longer. As long as open accounts are active they stay on reports until up to 10 yrs after closure by you or the creditor.
