The length of time since
the most recent late payment or serious delinquency is a major factor.
A How recent was
the most recent late payment — that rates very highly.
But if the one remaining has
the most recent late payments on it, you may not have helped your score by even one point.
Not exact matches
You are allowed no more than one
late -
payment in the past year, and are required to have made the six
most -
recent payments on - time.
In
recent articles, we have discussed that a
late payment is the
most crucial mistake that anyone can ever make.
Still, we can go a long way toward setting some reasonable expectations by emphasizing what may be the single
most critical scoring factor at work when a
late payment or other negatively reported account appears on your credit report: the length of time since the
most recent derogatory item.
Although it takes
late payments seven years to fall off your credit report, your
most recent payment history (two years) is more important.
Plans that are completed for 12 months or greater do not require a credit exception in accordance with Section 10.8;
Late mortgage payments if any mortgage trade line during the most recent 12 months shows 1 or more late payments of greater than 30
Late mortgage
payments if any mortgage trade line during the
most recent 12 months shows 1 or more
late payments of greater than 30
late payments of greater than 30 days
Any
late mortgage
payments within the past 36 months on the existing USDA loan, with emphasis on the
most recent 12 month period, must be analyzed and addressed by the lender to determine if any
late payments were a disregard for financial obligations, an inability to manage debt, or factors beyond the control of the borrower when considering the underwriting decision.
This can happen for many reasons,
most commonly due to a bad credit score, but could also be because of
recent credit turbulence (bankruptcy, foreclosure, repo, ect...) or past problems with similar lenders (e.g. if you're applying for a credit card and you have a history of
late payments or outstanding balances with other credit cards, your credit check may come back declined).
Present in this area will be all of your accounts as well as the information below: - Creditor - Account numbers -
Most recent account balance - Date you opened the account - Credit limit - Account status - closed, inactive, open, etc. - Current
payment status - late, 30 days late, 60 day late, etc. - Payment history - Monthly payments being made - Last dates each of the bureaus updated the account - High balance - More specifically, the highest balance you ever had on the a
payment status -
late, 30 days
late, 60 day
late, etc. -
Payment history - Monthly payments being made - Last dates each of the bureaus updated the account - High balance - More specifically, the highest balance you ever had on the a
Payment history - Monthly
payments being made - Last dates each of the bureaus updated the account - High balance - More specifically, the highest balance you ever had on the account.
Medical debts: 2 years from date services were performed or provided or from the date of the
most recent partial
payment for the services, whichever is
later.
Proof of public assistance, including Temporary Assistance for Needy Families (TANF) Reference from Integrated Community / Communidad Integrada (ciiccolorado.org) Two
most recent pay stubs W - 2 1040 Proof of children in the reduced - cost school lunch program Proof of unemployment benefits currently or within the last three months Proof of Food Stamps
Latest award letter for Social Security or disability
payments Proof of Medicaid Extreme medical expense or other demonstrable extreme financial hardship Court documents showing amount of child support or spousal maintenance
The number of
late payments that cardholders made to their credit card companies, for example, fell again in the final quarter of 2012, according to the American Bankers Association's
most recent Consumer Credit Delinquency Bulletin.