We had a late credit card payment from 2 diffrent credit companies. Its the only thing stopping me from getting a good loan for my home. After they clear up, how long does it take me to restore points?
2006-12-03 15:21:39 · 12 answers · asked by jennifer88310 1 in Business & Finance ➔ Credit
Well, you may be misunderstanding credit scores a bit.
There is no magic timetable where you hit a magic date of so many months or years after the late pay and you get all your points back on your score.
It's a graduated scale...and the longer away from the current time that you had a late pay, the less it factors into your score.
In other words, as long as you keep making timely payments each month, you are going to get an incrementally better score. Every month, you'll be earning more points as the bad information gets older and older and your newer information is good.
The fact it was from two different companies is going to hurt a bit. Creditors are more willing to forgive one bad credit info as an anomoly...but two starts to show a pattern.
2006-12-03 16:13:26 · answer #1 · answered by markmywordz 5 · 0⤊ 0⤋
the last payment posting never go away. If you pay late they report it and it is part of the record. If you want them removed close the account and wait seven years. Other wise the longer you keep the cards open the less effect they have on you.
EX: 2 lates in 1 year or 2 lates in 5 years
2006-12-03 23:32:18 · answer #2 · answered by ML 5 · 0⤊ 0⤋
Late payments may come off if you dispute.You loan officer also can help you if you have document to clear up the late payments. Late payments do drop your scores but you can raise your scores by asking a good loan officer.I have programs that raises credit scores10,50 and 80 points if that what your looking for and everything legal."ajf.funding at gmail.com"
2006-12-03 23:42:34 · answer #3 · answered by albertferrin 1 · 0⤊ 0⤋
7 years
2006-12-03 23:22:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
As soon as the credit card company informs the credit bureaus that your not late anymore. The account will then probably say: was 30 days (or however many days late you were) late, now current.
2006-12-06 22:55:11 · answer #5 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Mine took six months to a year. I know that's a long time, but after I started making my payments on time it cleared up fast.
2006-12-03 23:24:32 · answer #6 · answered by Renee W 2 · 0⤊ 0⤋
2 to 3 mo
2006-12-03 23:22:42 · answer #7 · answered by Everyman 3 · 0⤊ 1⤋
7 years for it to "fall off" your report. But make all your future payments on time and it will improve your rating.
2006-12-04 00:08:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋
one a payment is reported in derogatory 7 years....
2006-12-04 12:20:31 · answer #9 · answered by smiley20903 2 · 0⤊ 0⤋
They never really come off unless it has been like 7 years and you have to ask to have them removed.
2006-12-03 23:23:08 · answer #10 · answered by treasureisland85 3 · 0⤊ 0⤋