when does fico stop counting a 30 day late

[Anonymous]

I had two credit cards that were 30 day late in sep and october--i closed the acoounts and they are payed off-----  when do these stop counting on credit--- in dec i got 2 new cards no lates

[MidnightVoice]

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@Anonymous wrote:

I had two credit cards that were 30 day late in sep and october--i closed the acoounts and they are payed off-----  when do these stop counting on credit--- in dec i got 2 new cards no lates

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Lates last for 7 years, but count less each year until they drop off

[haulingthescoreup]

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@Anonymous wrote:

I had two credit cards that were 30 day late in sep and october--i closed the acoounts and they are payed off----- when do these stop counting on credit--- in dec i got 2 new cards no lates

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The worst of the damage is during the first 12 months, lesser in the second twelve months, then negligible.

BUT, if you have multiple accounts with lates, it can still hurt you after many years, because it's yet another account with a late. (sigh)

[Junejer]

Do lates count differently for different types of accounts? I.e. mortgage vs. CC. I gained 26 & 43 points from EQ & TU respectively for a status of 30 dpd. It was 2-1/2 years old. I don't consider that to be neglible.

[haulingthescoreup]

Wow, neither do I! You might have a bucket thing going on here (as do I.) How old is your oldest reporting account? I know that I get a much bigger point swing with lates than others report.

When I lost a closed account from EQ that had one late from June 01, I gained something like 17 points, which is crazy for a`30 day that would have fallen off in a few more months. But it meant one less account with a late, and that seems to be a big deal in my bucket. Same as when MV lost his collection: much bigger jump than anyone predicted, other than MV, that is.

edit for typing difficulties resulting from giant unconscious cat on my lap

Message Edited by haulingthescoreup on 02-19-2008 05:32 PM

[Junejer]

18 years. My student loan was taken out in Dec 1989.