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Old 30 and even 60 day 'Lates' will not affect credit scores too much

Sat Apr 26, 2008 09:04AM | By Tony

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Q: I have one 60 day late from 02/02 and two 30 day lates on paid off and closed Honda Financial credit account from 06/05 and 09/06. I have tried everything to remove them, but credit agencies always get them verified. How bad do these three lates hurt my score? Currently my scores are 621, 637 and 648. I have a mortgage and two credit cards with low balance to credit limit ratios, but they only have been open since 03/07

A: The one from 09/06 affects you the most as it happened only 20 or so months ago. The other two don't do as much damage, but still hurt. The good new are that 60 day late payment will be gone in less than a year, and the one from 09/06 will be getting over two years in October. You should see your credit scores go up. How substantial is hard to predict, but something in vicinity of 20 - 25 points is quite likely. Then it should be a matter of 6 to 8 months, you see another increase.

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