How bad do late pays older than 2 years affect your credit score? I ran into trouble with just about every creditor after losing my job post 9/11. I managed to put my 2 largest cards on a CCCS plan, and worked with the creditors on my auto loan and remaining 3 CCs. Unfortunately, juggling what little cash I had left after 6 months of unemployment forced me to miss a couple of payments on each account. So, they all pretty much have 2 (30 days late), but they are about 26-29 months old at this point. Would those derrogs prevent me from hitting the 700s if everything else on my CRs was good (no COs, no lates in past 2 years, 50% below credit limit standing)?
from everything ive read, lates over 2 years old have less and less affect on FICO. I do think that they still count against you no matter how long they exist. but i will say that a 700+ fico is definetely possible with lates over 2 yrs old. also, being much less than 50% utilization should yield points as well. I think there is a 50% util. payoff points wise, then, there's a less than 30%util. payoff FICO wise. its all relative, but of course... bugman
I have some late pays still showing, but over 2 years old. All of my scores are above 700. I think that with anything, the older it is, the less impact. At one year after my late pays I was able to refinance my mortgage. I don't know what my scores were--that was long before I knew about this board or any type of credit-report related stuff.
