After being a MyFico member for several years and reading tons of info, there seems to be divided schools of thought on how long lates affect your scores. Some say after 2 years the lates don’t have any impact, some say they have less impact, and some say they negatively affect your score the entire time they report.
It seems that the severity of the impact is further determined by whether it was a 30, 60, or 90 day late, and I imagine this along with other factors could determine how one is bucketed.
My question specifically revolves around an auto loan I opened in 2005 and paid off in 2010. It has several 30 day lates reporting, the last being April 2010. This account is not set to go to a positive status until 2017. My average age of accounts is 15 years, so I’m wondering if it will benefit me to try and goodwill the lates, try to exclude the tradeline altogether, or just leave it alone. It being over 5 years old I don’t know if the lates are having a negative effect or no effect whatsoever.