Charge off

[firedancer41]

I'm trying to rebuild my credit and I have an old Kohls card that has been charged off for $314. I was in college full time with no job and was unable to pay on it. I think moost of it is from fees. Date of first delinquency is 6/2010. I'm not exactly sure when that will fall off. I'm much more responsible now! This is the only thing really bringing me down besides 2 medical bills equalled to $600. Should I just wait and let it fall off if it's close to time or do a PFD? I just need some advice! I'm new to all of this and just want to get it settled so it will quit haunting me! Thanks in advance!

[newstart2010]

PFD all of the accounts.  The charge off wil stay on 7 years and 180 days from the date of first delinquency.  So in 2017.

[RobertEG]

Just waitng for it to "fall off" does not result in satisfaction of the debt or in deletion from your credit file.

A PFD, if accepted, results in both.

[firedancer41]

Thank you for the advice! I'm just ready to get it taken care of and continue rebuilding my credit!

[gdale6]

On the medical CAs if they wont go for the PFD then you can Google and use the HIPAA Process.

[Anonymous]

What do you mean by this? When it falls off, there can still be an effect on your credit score? The reason I ask is because I have an old CC that was charged off and it is going to fall off in a couple months, why should I PIF?

[Anonymous]

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@RobertEG wrote:

Just waitng for it to "fall off" does not result in satisfaction of the debt or in deletion from your credit file.

A PFD, if accepted, results in both.

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What do you mean by this? When it falls off, there can still be an effect on your credit score? The reason I ask is because I have an old CC that was charged off and it is going to fall off in a couple months, why should I PIF?

[RobertEG]

Not your score, but on your ability to obtain new credit.

The debt can become known by other means, such as simply asking for disclosure of any unpaid delinquent debt, or in some circumstances, obtaining in full file credit report.

Existence of unpaid, delinquent debt can be a reason for denial of new credit.

Credit scoring is not the only consideratin, particularly for higher principal amounts of credit.