disabilities. 1  1: the condition of being disabled. 2  2: limitation in the ability to pursue an occupation because of physical or mental impairment. 3  3: a physical or mental illness, injury, or condition that incapacitates in any way; also : a program providing financial support to one affected by disability went on disability after the injury.
A late payment can stay on your credit report for up to seven years. This is the standard time limit for most items. Only a bankruptcy can stay longer -- up to 10 years in some cases. But for late payments, seven is the magic number. You can think of your credit reports as a record of your previous debt payments.
What are the different categories of late payments and how does your FICO score consider late payments? Your FICOÂ® score considers late payment using these general criteria; how recent the late payments are, how severe the late payments are, and how frequently the late payments occur. So this means that a recent late payment, could be more damaging to your FICO score than a number of late payments that happened a long time ago. You may have noticed on your credit report that late payments are listed by how late the payments are. Typically, creditors report late payments in one of these categories: 30-days late, 60-days late, 90-days late, 120-days late, 150-days late, or charge off (written off as a loss because of severe delinquency).