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How much is one 30 day late affecting me

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I had one 30 day late in September of last year.   How much is this affecting my score?  I am around 700, but am wondering if I am missing out on an extra 20 or so points?  Really trying to get to 740+, looking to possibly refinance the mortgage, and get a car loan in late 2020.

 

 

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if it is your only dergo it is huge. is the account open? have you tried a GW letter?

 

also, by "around 700" you need to be more specific; according to which version of FICO scores? remember than 700 is not magic and is around average.

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If it was a much older derog, like let's say several years, the impact on your FICOs wouldn't be as bad. Which creditor was this on and how's your relationship looking like overall for them?

 

If that's all fine and good, like hegemony says, you can send them that goodwill letter and explain what happened, especially if there was anything health related going on at the time, how you learned from the experience and that you've been making your payments on time with them and such and such. You can also talk about how this issue has affected your ability to obtain credit, a mortgage, etc. 

Edited by greenpotatochips

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1 hour ago, hegemony said:

if it is your only dergo it is huge. is the account open? have you tried a GW letter?

 

also, by "around 700" you need to be more specific; according to which version of FICO scores? remember than 700 is not magic and is around average.

It is my only one, and the account is open and at $0 balance.  It is with Cap. One, I know my score is very average, and that is with the fake scores from my credit cards.   Still learning on how to get an accurate FICO score.

 

I found this forum researching GW letters

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18 minutes ago, greenpotatochips said:

If you use CreditCheckTotal / Experian, you just have to pay $1 for the free trial, and you'll not only get your EX FICO, but the other two bureaus as well. It's very easy to cancel before the trial is up. 

Thank you! I will check that out

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Immediate impact: about 100 points. Rough estimate after 1 year is 40 points compared to someone without lates. You get a lot of points back after 1 year. Probably another 15 points after 2 years but it depends on your profile.

Good luck with the GW.

Vantage scores can vary widely from FICO. You can also get scores from discover at creditscorecard dot com or EX (free version of identityworks not premium) monthly at freecreditscore dot com

You’ll probably want to check mortgage scores too before starting refi.

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At 1 year it's affecting you much less than before. But still 50-70+ points depending on your profile. You won't be able to hit 740 for another 3+ years. You should work on a GW or other method to get that 30DL removed. 

 

13948834156_dbff2a6ca9_o.jpg

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Immediate impact: about 100 points. Rough estimate after 1 year is 40 points compared to someone without lates. You get a lot of points back after 1 year. Probably another 15 points after 2 years but it depends on your profile.

Good luck with the GW.

Vantage scores can vary widely from FICO. You can also get scores from discover at creditscorecard dot com or EX (free version of identityworks not premium) monthly at freecreditscore dot com

You’ll probably want to check mortgage scores too before starting refi.
Thanks! I have a discover card and check my score on that monthly.

I will definitely work on a GW letter

Sent from my SM-G920V using Tapatalk

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On 9/10/2019 at 4:00 AM, shifter said:

At 1 year it's affecting you much less than before. But still 50-70+ points depending on your profile. You won't be able to hit 740 for another 3+ years. You should work on a GW or other method to get that 30DL removed. 

 

13948834156_dbff2a6ca9_o.jpg

I am sure this has been asked before, but I am very intrigued by this graph/data.   Since negative items are only supposed to report for 7 years, where is there still a score difference in the illustration at years greater than 7?

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The difference is between profiles with 5 credit cards, 2-4 or 1. You need at least 5 CCs for max FICO boost, but 2 is a boost over 1.

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On 9/9/2019 at 11:11 AM, aroberson said:

Really trying to get to 740+, looking to possibly refinance the mortgage, and get a car loan in late 2020.

Kudos for tending to your score.  You definitely won't need a 740 to get a prime car loan, and you likely won't for prime mortgage terms.  

 

If you aren't sure where you stand, talk to 2-3 experienced mortgage originators now.

 

Also note that mortgages use a score model that most consumers don't see very often.  Don't assume anything about your mortgage scores based on other scores you see.

 

 

Edited by cv91915

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1 hour ago, cv91915 said:

Kudos for tending to your score.  You definitely won't need a 740 to get a prime car loan, and you likely won't for prime mortgage terms.  

 

If you aren't sure where you stand, talk to 2-3 experienced mortgage originators now.

 

Also note that mortgages use a score model that most consumers don't see very often.  Don't assume anything about your mortgage scores based on other scores you see.

 

Thank you for the info!  I know mortgage scoring is weird.  I applied with quicken and did not beat my original rate of 3.5 I got in 2016

 

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9 hours ago, aroberson said:

Thank you for the info!  I know mortgage scoring is weird.  I applied with quicken and did not beat my original rate of 3.5 I got in 2016

Quicken is a technology company wrapped in a sales organization.  Can't guarantee that you'll find better options elsewhere, but don't stop "shopping" just yet.  The couple of times I've checked with Quicken they had the worst pricing I encountered -- by far.

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Thank you for the info.  when I got my new AMEX card, the FICO score notice said I was at 723, but I have increased my balances since then.  Where should I be utilization wise?

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1 hour ago, aroberson said:

Thank you for the info.  when I got my new AMEX card, the FICO score notice said I was at 723, but I have increased my balances since then.  Where should I be utilization wise?

Optimal for FICO is $2 reporting on exactly one card.

 

Separately from your other questions, don't carry balances/pay interest.  Financially it doesn't matter what your reported utilization is, as long as you pay your balances in full every month you won't pay any interest.  

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On ‎9‎/‎11‎/‎2019 at 7:37 PM, gerray said:

I am sure this has been asked before, but I am very intrigued by this graph/data.   Since negative items are only supposed to report for 7 years, where is there still a score difference in the illustration at years greater than 7?

The chart was made using the FICO simulator. I believe the numbers after 7 years reflect longer history, not negatives. Notice how things converge at year 7. in any case the simulator is only an approximation but does show the difference in numbers of cards.

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On 9/10/2019 at 9:00 AM, shifter said:

At 1 year it's affecting you much less than before. But still 50-70+ points depending on your profile. You won't be able to hit 740 for another 3+ years. You should work on a GW or other method to get that 30DL removed. 

 

13948834156_dbff2a6ca9_o.jpg

Yes.

 

The effect gets nullified after two years on that late.. apparently, it stops hurting as much after one year. Perhaps we all have had a late at one point another.

 

They age off, if you will and time heals all wounds.

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I wouldn't quite call a 40 pt hit after 2 years "nullified" but yes time does heal your credit. 

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I wouldn't quite call a 40 pt hit after 2 years "nullified" but yes time does heal your credit. 
I agree. I have noticed an improvement now that my late is over a year old

Sent from my SM-G920V using Tapatalk

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So new question, how do the credit bureaus calculate the payment percentage, it looks like I have about 560 on time payments and one late, 560/561 = 99.8%, when will that round up to 100%  All tries to get this late payment goodwill removed have not been successful.

 

I am up to 725 FICO, and just got a total CLI of about 7500, so hopefully that score goes up to 730 in a few months.

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44 minutes ago, aroberson said:

So new question, how do the credit bureaus calculate the payment percentage, it looks like I have about 560 on time payments and one late, 560/561 = 99.8%, when will that round up to 100% 

Never.  That's not how it works.

 

The impact of the late will fade over time.

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2 hours ago, cv91915 said:

Never.  That's not how it works.

 

The impact of the late will fade over time.

Thank you for clearing that up, I noticed on one of my CC apps that the number had gone to 100% so I was curious

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