Charged off Accounts and Credit Score?
350470
Well all of you information will be on your credit report for 7 years.  Charged off accounts impact your account negatively, only when they are paid in full will they bring your score back up.  If it is not listed on your credit report DO NOT worry about it, if you are only worried about your credit score.  Looking at your scenario, it looks like your credit is in the high 500's, low 600's.  I would suggest keep making payments on time, do not close out any accounts that are currently paid to date, and if you have any more questions contact me... :)\n\ngood luck.
192665
You will most likely not be authorized for too many charges above your credit line, however one of the dirty little tricks the credit card companies do is "allow" you to go over-limit and then they charge you an "over-limit" fee. Do that a couple of times in a 6 month period and you will get the pleasure of paying their highest rate. A friend of mine gets to pay 31.99% on his card for the next 6 months because that same thing happened to him.\n\nGood Luck
877779
Bankruptcy should be a last resort. \n\nI would reccommend saving some money and eventually settling each debt one at a time. \n\nCredit Counseling cannot help with charge offs because it is rare for them to reduce or freeze interest. \n\nSettlement is probably best. \n\nHere is a good site that has free settlement letters you can fill in and print: http://www.expert-credit-advice.com/
1184530
you have to pay to see your credit score. They will want your card number for online check Once a year they will give you a report free minus the score.  Yes you can do by mail call the customer service listed on the site check following address for details
731806
The statute of limitations for a charged off credit card depends on the state in which you originated the debt.\n\nPlease refer to the hyperlink attached below to find out the appropriate statute of limitations for your specific situation.\n\nGood luck and 10 pts please.
776745
IamIntresting is absolutely wrong.\n\nWhen they refer to the "last transaction" on an account, it means the last time you made a payment, or put a charge on the account.  Please refer to many of the state statutes as it does specifically state this.  A charge-off has nothing to do with re-aging a debt's SOL.\n\nNow, let me ask you a question.  Would you rather pay off this debt and get it off your credit report......or would you rather collect $1000 from them for listing a debt past the 7-year reporting period required by the Fair Credit Reporting Act?\n\nHUH???\n\nPlease read section 809c of the FCRA.  It clearly says that debts can not be reported longer then 7 years, starting from the date of the delinquency.\n\nNOT the charge off date.  NOT the last transaction date.  \n\nSo what you need to do is the following:\n\n1) Read the FCRA link below.\n2) Send a dispute letter to the Credit Bureau\n3) Send a validation demand letter to the creditor\n4) If it's not removed within 30 days, send one last letter to the creditor.\n5) File a small claims lawsuit (you don't need a lawyer)\n6) Spend your $1000
235578
If you were paying the payments on time then paying off your loan will probably have very little effect on your credit score, positive or negative.\n\nYour question is about Credit Reporting Lag, the time from when you pay off(down) a revolving account or pay off a loan to when it is reported on your credit files. The time frame can be from 30-90 days with the average being about 60 days.\n\nGood Luck
1154101
When a creditor 'writes off' or 'charges-off' a debt it is a big negative on your credit. A 'charge-off' is an accounting function where the creditor moves the non-percorming (not paying) account off of their books and they get a tax break for the bad debt. \n\nThe negative of the charge-off will sit on your credit reports for 7-1/2 years from the date of first delinquency that immediately precedes placement for collection and/or charge-off. \n\nYour scores are going to take a serious nose-dive.\n\n**edit*** \nNO DEBT can stay on your credit reports for 10 years !! That is just WRONG information.
446449
Ok.  When a credit card or whatever charges off your account, it is usually sold to a collection agency.  You will now have 2 reports for the same thing on your credit.  This is ok.  If you have 3, you should contact the credit agency.\n\nYou have 7 years FROM THE LAST PAYMENT MADE before it falls off of your credit.  If it's been a year since your last payment, you have 6 years left, even if it was just charged off this month.  If you have no intention on paying, do not contact the collection agency, it could restart your 7 years.
498013
While it will negatively affect your credit it is better than having a charge off or a bankruptcy.  One thing you can do is to pay extra, so that you get out of the program faster.  Once you have completed the payment plan, you should use a credit card with a good history once a month and pay the balance off.  This will show a good use of credit.
190511
Yes, just becauseit's charged off does not relieve you of the debt.  It just means they have quit trying to collect (for now).\n\nThey can either sell the debt to a collection agency or use their own in-house agency.  \n\nEither way, the debt will be reported to the credit agencies and it will be on your reports for several years.\n\nIf you wish to repay it....VERY IMPORTANT!\n\nSend them a letter telling them that in exchange for paying the debt, they must remove all negative reports from your credit history.  Otherwise, you will still have bad credit, even after it's paid.\n\nUse the sample letter below as a guide.
714181
The previous responders are correct.  If you close out excess credit card accounts, you will actually hurt your credit score.  You are erasing a portion of your credit history, plus lowering your debt/credit ratio. Both of these factors make a major part of your credit score.\n\nIt is recommended that you have 3-5 credit cards or other forms of accounts.  If you have (for example) 10 credit cards, and most are not in use, then it may help you to cancel some of them.  But you need to be careful how you do it.\n\n1) Cancel only one card every 3-4 months.  This will lower your score by a few points but it will restore itself in a few months.\n\n2) Do not cancel any cards if you are intending to apply for credit soon (car loan, mortgage, etc...)  You need every point you can get.\n\n3) Consider getting some of the credit limits lowered.  You really don't need that card with $10k of credit limits on it, do you?\n\n4) Use a couple of cards each month.  Buy something you usually pay cash for each month anyway (groceries, utility bill, gas) and pay it off a the end of the month.  The improved use of your credit will help your credit history and will deflect the negative hit when you start canceling other cards.\n\nCheck out http://www.myfico.com This site is the home site for the folks who developed the FICO scoring system, and has lots of consumer advice you can read.  Understand how your credit score is put together and calculated, and you will do just fine in the future.
94932
The charge off account could be sold and buyer of the account could try to collect it legally.  And they would be entitled to do this.  So it can be collected until the statute of limitations runs and this varies from as little as 4 years in some states to as long as 10 years in others. Interest can accrue this entire time even if the original creditor charged the account off.  Accounts beyond the statute of limitation are called "zombie debt" and you can challenge collection of these under the Fair Debt Collection Practices Act.
1111286
Yes.  Charging off is just an accounting term, and most companies do this after a certain period of no payment.  This does not make the debt disappear.  You still owe the debt, so they can sue until the statute of limitations runs out in your state.
695909
If it's been 10 years since you made any payments, wait another 6 months and the charged off account will be off your credit report and won't matter anymore.  Some of them may have fallen off after 7 years anyway.
1140477
Start by reporting this to your credit card issuer. \n\nThen get a report from the major credit agencies: \n\nExperian   http://www.experian.com\nEquifax   http://www.equifax.com/\nTransUnion http://www.transunion.com/\n\nGet on it right away. You will be responsible for only $50 of illegal charges, but it takes time. Don't delay.
974266
My husband and I learned a great deal from just studying our own credit on experian.com.  You pay $10 a month and you can view your credit and history anytime.  We disputed many old or false credit histories and now our credit is much better.  About 100 points higher.  It also has a credit score simulator where it points out the things you personally could do to make your score this number or that number.  I would recommend doing that first.