topic How long will charge offs sink me! in Rebuilding Your Credit

How long will charge offs sink me!

Rwil72 — Mon, 16 Jul 2018 01:04:42 GMT

In the late summer of 2016 I had 6 charge offs on my credit, I came into some money and paid them all off

In the early fall of 2016. Unfortunately that was before I joined this forum and realized I should have negotiated

a pay for deletes. Well since then I have opened 3 new credit cards and practicing the AZEO method and current on

4 more installment loans in which I have paid about 80% of the balances.I haven't had any lates. When I paid the charge offs in 2016 my

FICOS were around 580, I have been hovering around 650 for a while. My question is how long will paid charge offs

drag down my score significantly? I just want to get into the 700 club.

Re: How long will charge offs sink me!

Anonymous — Mon, 16 Jul 2018 01:43:14 GMT

@Rwil72 wrote:
In the late summer of 2016 I had 6 charge offs on my credit, I came into some money and paid them all off
In the early fall of 2016. Unfortunately that was before I joined this forum and realized I should have negotiated
a pay for deletes. Well since then I have opened 3 new credit cards and practicing the AZEO method and current on
4 more installment loans in which I have paid about 80% of the balances.I haven't had any lates. When I paid the charge offs in 2016 my
FICOS were around 580, I have been hovering around 650 for a while. My question is how long will paid charge offs
drag down my score significantly? I just want to get into the 700 club.

Charge-offs stay on one's report for 7 years, and they lose impact over time. You have 5 more years to go.

Re: How long will charge offs sink me!

Rwil72 — Mon, 16 Jul 2018 02:22:02 GMT

I know bad debts stay on your credit file for 7 years, but after how any years will this keep me out

of the 700 club if I do everything else perfect?

Thank you

Re: How long will charge offs sink me!

Anonymous — Mon, 16 Jul 2018 02:50:14 GMT

You may make the 700 Club prior to the COs falling off, but they will slow and stunt your growth. And the 7 years is calculated from date of first delinquency. I paid a CO in 2016 that had a DoFD in 2015, and according to my credit reports it shows to fall off in 2022. Sucks, I know, but it shall pass and you WILL recover.

Re: How long will charge offs sink me!

pipeguy — Mon, 16 Jul 2018 03:06:48 GMT

In my experience, 3+ years they will diminish "weight" but they will continue to subdue your scores to some extent until 5+ years.

Re: How long will charge offs sink me!

Anonymous — Mon, 16 Jul 2018 03:42:44 GMT

@pipeguy wrote:
In my experience, 3+ years they will diminish "weight" but they will continue to subdue your scores to some extent until 5+ years.

I hope so, i have one that will hit 3 years in Oct. it would be nice to see a bump even if only a small one.

Re: How long will charge offs sink me!

pipeguy — Mon, 16 Jul 2018 13:01:30 GMT

@pipeguy wrote:
In my experience, 3+ years they will diminish "weight" but they will continue to subdue your scores to some extent until 5+ years.

You also have to consider that there are "6" charge-offs so the status of one or two changing is not going to make much difference as far as scores.

A charge-off being reported is one of the most serious derogatories possible, times 6 is a pretty big ding - the fact they were paid is positive especially on a recon, but will continue to trip up the "computer generated" approval process.

Re: How long will charge offs sink me!

Rwil72 — Mon, 16 Jul 2018 14:17:19 GMT

So true, I never get approved by the computer programs. The ironic thing is in 2001 I filled

Chapter 7, after 2 years my scores were back in 700's. I know the Bankruptcy stays on your credit

for more years but it feels like the charge offs are weighted worse than a bankruptcy.

Re: How long will charge offs sink me!

fishbjc — Mon, 16 Jul 2018 17:28:00 GMT

It hurts you for seven years, however, you can get into the 700 club, but won't see anything close high 700's most likely. It's going to sting a lot. All you can do now is beg for 'goodwill forgiveness'....and hope it works.

Re: How long will charge offs sink me!

Anonymous — Mon, 16 Jul 2018 23:09:29 GMT

I have about 4 charge offs still showing that are PIF they are about 3 years old ( 2yrs 9mo I think) and I am sitting ok right now TU 715 EQ 715 and EX 694. I am currently doing the GW letter game and its not really getting me anywhere but I am just sending them out and praying. Also, I currently have 5 lines of revolving with a total CL of $5500 and 30% (only that high due to a boat project I HAD to do) I keep them around 15% or less. I have been debating on an installment loan of $1000 to just pay them off and pay it off quickly and add a loan type to my history because I have never had one. But I think I am going to pass. Don't worry bud you will get there.

Re: How long will charge offs sink me!

Anonymous — Mon, 16 Jul 2018 23:43:07 GMT

I know it surely feels that way to me.. I know there is alot more to it, but being able to file BK and then be back at 700 within 2 years compared to someone who is struggling to fight back with a CO seems unfair, but when is life ever fair.