What happens at 7 year mark?

[jzsnow]

My husband has 3 charge offs that will fall off in early 2014. These are all listed as closed charge offs because they were sold to debt collectors. The debt collector is also reporting on the credit report. 

I want to try for a pfd with the debt collectors, but that lethe acre OC still reporting the charge off. So, I'm thinking of good-willing them. Howevthey if these 3 OC delete, that will mess us up because these are the longest aged accounts.

So, at the 7 year mark...what happens? Does it turn positive or just not be listed anymore?

jzsnow

[Shogun]

If it was a CO, then at 7 years +180 days it will fall off his CR.  It won't turn to a positive account, that only happens on accounts that had lates and the lates fall off.  It might drop his AAoA, but a CO is a bad, baddie.  Let it go.

[jzsnow]

On my CR I had a charge off from cap 1 and it says pays as agreed. But, I GW'ed them. They said no, but then my account went positive. Weird. I'm so scared to lose his 3 accounts when they are the oldest. How much will that hurt us?