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diabolical

Credit recovery after almost-foreclosure

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I had a rental property that was part of a business dealing that went bad.  The property was on the brink of foreclosure when we were finally able to settle and sell.  Bank (and taxes, HOA, etc) all were paid in full.  This was not a short sale, or settlement of debt. 

 

Realistically, when would I start to see my credit score increase?  This house was the only negative on my credit report (unfortunately a large one) and was nearly 2-years behind when everything was resolved.  Score dropped about 150 points when the payments were falling behind.

 

Other debt is minimal.  Just primary residence ($200k and 5 years of on-time payments) and a school loan ($6k remaining).  Credit cards are used for daily transactions, but are always paid in full.  No other late payments, collections, or anything of the sort for 15 years plus. 

 

Bank is showing the mortgage account as closed, but it doesn't appear that it was marked as "Paid in Full."

 

Related question, I see that typically late payments fall off of the credit report 7 years after "first notice."   Does that mean at the 7 year mark, that all vanishes, or is it a rolling 7-year (as the last late payment filing was 2 years after the first, so it would be 2 years from now?).

 

Thank you.

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It is 7 years from the DOFD, the date you became delinquent and never became current. If you fell delinquent once, never brought it current to create a new DOFD, you would go by the original DOFD plus 7 years as to when the deletion of all lates will occur.

 

Also look into early deletion, each bureau is different:

 

https://creditboards.com/forums/index.php?/topic/521705-the-master-obsolete-delete-time-frame-thread/&tab=comments#comment-4945715

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