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DebbyW
Posts: 1
Registered: ‎02-14-2008

Paying old charge-offs: good or bad?

My 23 year old son would like to begin repairing his badly damaged credit.  He has several charge-offs on his credit reports that are 2 - 4 years old.  We understand they will remain for 7 years.  What we don't know is if paying them now would help at all, or would it even hurt by restarting the 7 year clock.  Any advice?
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007

Re: Paying old charge-offs: good or bad?

Hi Debby, and welcome to the forum! There's a wealth of information here to help you and your son on your credit journey, and along the way get credit healthy.

Can you share the creditor(s) who did the charge offs, the dates they were charged off and the amounts? That would help a lot, as those 3 things will help determine the best course of action.

Also are ANY of the charge offs in collections? This is critical information needed on how to proceed.

I recommend not doing anything until you have a firm idea on how you want to proceed. Credit is an odd beast, and one must take carefully planned, deliberate steps to repair damaged credit.

And I want you to know you are not alone! Many of us have gone through what your son has(and you too Mom!) and have come out of the credit nightmare, with flying colors.
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