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yumfruit

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I've been monitoring my credit closely for 3 years, why isn't it moving?
I have 19 open accounts (4 credit cards, 1 auto loan and 13 student loans). My student loans are all lumped together and made in one payment, but 2 years ago I was hospitalized with pneumonia and a single missed student loan payment resulted in me getting dinged 13 times. Aside from that, I have never had a late payment on my auto loan, credit cards, or anything else. I'm becoming very frustrated with the whole situation, because with all my on-time payments, my score has not moved more than 20 points in 3 years. I've just sat in the high 600s. I'm now trying to purchase my first home, and my score is what is preventing me from getting a lower interest rate.
August will mark 2 years since I missed that single student loan payment. Will this lessen how severely it impacts my score?

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Top Contributor
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was in the same boat

I can certainly sympathize! I watched my score creep ever so slowly up as collection accounts fell off, I added new accounts slowly, got credit limit increases, watched my utilization... everything I could possibly do I did, and it never got higher than 697 until my very last collection fell off my reports. When that happened my score went up 55 points overnight. I suspect the same will happen for you--when those 13 late payments fall off all at the same time you will see a huge jump in your score. Each derogatory mark is not equal. The difference between two derogs and three isn't much for your score--maybe 15 points or so. The difference between zero and one though--huge.
You may see a slight increase once you hit the two year mark. Many lenders look primarily at the previous two years the hardest when deciding whether or not to extend you credit.

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