? on lates

[mystikal1]

I have a late from 12/08 (autoloan) so my questions are:

Will scores improve on 1 yr anniversary of a late payment?

How about on 2 yr?

Thanks

[Anonymous]

A 30 day late will start to lose its power in 2 years and hurt less as it ages.

[jackg]

After 2 years the account will show up as negative but will not define why. After 7 years it will turn into a positive acct.

[Jazzzy]

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@jackg wrote:
After 2 years the account will show up as negative but will not define why. After 7 years it will turn into a positive acct.

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Hi Jack...I'm not sure what you mean by this statement. My husband has a late from Dec. 2002, and it still shows as a late.

Why do you say 2 years?

[mystikal1]

Thanks everyone. Now, how about 60 days?

Message Edited by mystikal1 on 08-30-2009 08:18 PM

[Anonymous]

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@LynetteM wrote:

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@jackg wrote:
After 2 years the account will show up as negative but will not define why. After 7 years it will turn into a positive acct.

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Hi Jack...I'm not sure what you mean by this statement. My husband has a late from Dec. 2002, and it still shows as a late.

Why do you say 2 years?

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The silver lining is that this late is about to go to the bit bucket for eternity. Yippee! (If this is a single occurrence of a 30-day late it is not effecting his FICO scores.)

[RobertEG]

There is only one fact,  The FICO scoring algorithm for lates is a trade secret, so no one can tell you the specific impact.

All that Fair Isaac has told us for sure is that 30-day lates are minor derogs.  Anything more than than that hurts more, and for longer.

Any derog remains in your CR for 7 years. 

Message Edited by RobertEG on 08-31-2009 12:29 AM

[jackg]

Hi LynetteM,

I'm speaking about my own experiences in this area. I filed CH 7 in May 2006 with 10 revolving accts. that I kept current until I filed. After filing they all reported the accts. as 30 days late & IIB. After the 2 year mark I pulled MYFICO scores  w/reports. What I saw was all references to 30 days late were gone and the little red flags were attached to each acct. In the area where they report the number of lates it says "0", but there is a flag.

I hope this clears it up.

[Anonymous]

I have two old accounts with Chase - one open and one closed with a balance. While these accounts report 6 and 7 lates on both EQ and EX and formerly also with TU, during the WaMu -> Chase conversion TU lost all but one 30-day late on each account. Now six months later TU reports zero lates on both accounts, but one of the accounts is still flagged as reporting late. I don't get it, but I am not going to complain. I really don't want all those lates coming back. They will fall off of their own accord soon enough.