Charge off timeline

Anonymous — Thu, 29 Aug 2019 17:42:09 GMT

Hi all ... I'm hoping to tap the forum's knowledge related to a charge-off on my credit report from May 2015. I'm a new poster. The bank has written off the debt and sent me a tax form. There's no collections account and so If I do nothing, the unpaid charge-off will fall off my credit report in May 2022. I don't want to wait that long because my FICO score has been rising and I am otherwise in OK shape. But this is weighing heavily on the upward trajectory of my score and my ability to refinance at these historically low rates. The bank, BB&T, says it does not delete in exchange for full payment, but it has offered me a 50% deal and says it will change the status to "paid in full charge off." The bank is sending me a settlement letter, so it will be confirmed. From a doing what's right perpsective, however, I ultimately would like to settle the account. But I don't want to make things worse. So a couple questions:

1) Will settling this charge off start a new 7-year clock until the bad mark falls off my credit report? Or is the new "paid charge off" entry on the same clock as the original charge off from May 2015?

2) Does anyone know if there is a way to get BB&T to accept a pay in full for delete deal? Did I just not talk to the right person at the bank?

Re: Charge off timeline

Remedios — Thu, 29 Aug 2019 17:49:07 GMT

Hi and welcome to the forums @Anonymous

It wont restart "the clock". Removal is based on DOFD, and payment wont change that.

It's almost impossible to get original creditor to do PFD. It's a practice commonly reserved for collection accounts.

Re: Charge off timeline

Anonymous — Thu, 29 Aug 2019 17:58:01 GMT

Thanks for the reply. Very helpful

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Charge off timeline

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Re: Charge off timeline