I know the effect on scores, but assuming a qualifying score (say 700) nevertheless, when an issuer like FUSA wants no derogs does a 1-2 year old 30 day late result in denial?
I know its technically a derog. It certainly affects score. I want to know when is a derog really a derog. Are you suggesting this alone is grounds for denial? Evidence?
This isn't exactly hard-core evidence, but my CE score was about the same 6 months ago as it is now (within 10 points)- however I had a bunch of lates and kept getting turned down for credit becuase of the derog history - all of which was 3 plus years old. Now my report is clean, score is about the same (new accounts, 0% offers) and I've had no trouble getting credit. So in my experience, derogs even 3 years old count against you... but on the other hand, I had numerous lates, so maybe it was the volume of lates that counted against me. Ozzy.
Its great evidence. An obvious question ..... just how big is a "bunch" (how many accounts)? How late was late ... all 30s or were there 60s or + ??? Also, within 10 points means just below 700....which strikes me as just below the borderline for score-based rejections (depending on the card and other factors of course). I am curious about say a 720 with a single 30 day. How could you remove all lates (a bunch at that) and only see a 10 point difference (or is that what you meant by new accounts?).
If they are not very recent lates, and you are current now with those creditors, you might want to just ask them "out of their goodwill". I sent two letters on Planet Feedback, one to Citibank and one to Rich's, both accounts are paid off and closed, but had late payment tradelines, thus, still reporting as negative. I have heard good things about PFB, and I made my letters sound like those late payment tradelines were keeping me from obtaining a good finance rate, etc., and made it really sweet and pitiful. We'll see what happens. By the way, PFB rocks! You don't have to deal with those green cards, and you get really quick response.
Solzy.. I'll respond to your questions a little later tonight - I gotta dig through my reports to give you the specifics. I'm on my way out to 'supervise' my hubby putting together a dog kennel. ('supervise' means listen to him swear and offer his observations about the idiots who designed the whole thing...<sigh>). Ozzy.
solzy- OH NO THE DREADED "SAR" SYNDROME!!! (some assembly required----usually most prevalent during the xmas season!) hope it was a fun "sharing" experience ;=}} clc
