How long does the last late payment hurt credit score including mortgage credit score?

QuestionsHow long does the last late payment hurt credit score including mortgage credit score?
asked 3 years ago

Hello,

 

I’m in the process of rebuilding and can’t quite find the answer to these questions.

 

First a quick background on my current credit situation.

Current Scores are as follows:

 

EQ: 638

TU: 632

EX: 634

EQ: Fico score 5 for mortgage lending: 576

 

My scores got killed from the following:

 

120 day late July 2015

90 day late May 2015

90 day late Oct 2015

60 day late Jan 2016

90 day late Jan 2014

90 day late Dec 2015

 

All accounts are now current, with the last late of any sort Jan 2016. My scores have already increased some 90 points as my scores were in the 540 range at the beginning of this year, except for the mortgage score 5 as shown above.

 

Also, affecting my scores are the high debt ratio of my revolving accounts. Currently my total relvolving accounts is nearly maxed at 98%

 

By the spring of 2017 all my revolving accounts will be paid off. According to simulations on myfico this will skyrocket the scores over 700.

 

My question is, how will the above lates effect the scores? Does the myfico simulation take that into account? What I don’t see, is how my fico score 5 for mortgage lending will change. It’s sitting at 576. Why is it stuck in the 500s? I’m assuming it’s due to the multiple 60 Day+ late payments. Am I screwed until those age and fall off after 7 years, or will my score gradually increase over time?

 

Currently going to try and GW them off, but I’m not holding my breath.

Any insight is appreciated!

 

 

 

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