Actually Duncan, if it says paid, the 120 days just shows the status it was in. As long as it says paid/closed. It will be OK.
As long as it has a $0 balance or states paid. It will not factor as an account in current arrears to FICO.
Hi I have several accounts that were late or charged off that are paid and state 0 balance, but they are still negatives on my credit report. Still shows up as red flags on my fico TU and equifax reports.
They are still negative accounts because of their previous status. You need to send a GW.
The ironic thing is that my Verizon CO doesnt have a red flag on any of my CR's I get from here.