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ladylunis

As my lates age...

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As of my most recent CCT pull, time since last late is 8 months. I know this is still VERY recent, and it's killing me. And as you may be able to determine based on where I started (400's), I have a LOT of lates in my file. I'm at the point now where all I can do is let these baddies age off. I know I have a long road ahead of me (6 years and 4 months, to be exact) before they are gone, but my question is around age and impact.

 

How will the impact of these lates change as they get older? Am I really looking at no better than "fair" credit for the next 6+ years with these things on there?

 

For the sake of more info, the lates come from 2 car loans and a mortgage.

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I was going to write a thread this morning about lates one a single card affecting your score. As you are aware payment history accounts for about 1/3 of an individuals total credit score. The chart that mendelssohn posted about is a good gauge on how the lates will affect you going forward. I was in a similiar situation where I had one credit card that was 30 days late 3 times within a 6 month period. I was deployed and didn't set up automatic payments and my STBX wife forgot to pay it. Initially, it tanked my scores around 65 points and three years later I have just started to recover. Those 3 missed payment reduce the percentage of on time payments just enough that it really was hurting me when asking for new lines of credit. When I'd apply for new cards or auto loans I would get denied due to recent late payments or percentage of on time payments. I had tried and tried to SCRA these lates off, used the BBB and CFPB but the Military Star Card would not budge. I decided to try sending an explanation to the CRA's that I was deployed and this is what had happened with this account .I included supporting documentation, deployment orders, and asked for them to remove the lates. Yesterday I got a notice that my credit profile had a new alert which I figured was an inquiry for a new credit card. That afternoon I received an updated report from EX in the mail stating they had removed the entire trade line. Initially, I was upset as it was my second longest trade line at 5 years but signing I received a 18 point FICO bump even with my AAOA dropping almost 11 months. To me it is worth it as I essentially have a clean EX report.

 

I say all that to say this. What is your end state? Are the auto loans current or paid off? How about the mortgage?

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My recent 30-day is much more recent (4 months). My scores go up every month as it ages because I have so many more positive/paid on time accts as well as low UT. My scores are nearing 700. Being 12 months out would be optimal but it isn't necessary for a so-called good credit score.

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I saw a small increase every month, like 1 point or so, at 12 months it went up a bit more and they stayed the same for a while. Some of the FAKO sites had my on time payments at 99 percent and considered them good but at the same time it said 1100 of 1103 were on time. After a year to 18 months of on time payments I would ask the lenders for a good will of the late remarks.

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