I have a charge off of approximately 13K from one credit card from about 5 years ago. I just learnt that the balance is reported on my credit report each month and keep my credit score low. Isn't there a time limit when charge offs will be removed from my account? Would it be a bad idea to try to pay it off at this point? Would that "reset the clock"? And if I do pay it, can I work with the lender to accept partial payment and get something in writing that the charge off will be removed from my account? Thank you in advance.
Adverse accounts, paid or not, stay on the report for 7 years from the DOFD. If you paid it would not restart the 7 years. Depending on what state you are in, paying could reset your SOL.
My problem is similar. I negotiated all of my debt to below the balances and cleared it. Or so I thought. For three years now all I owed was a mortgage payment which was around 1/4 of my monthly take home pay. Yet my credit scores are so bad I have trouble opening a bank savings account. I keep piling up money in the bank yet my bank gives me trouble opening an account? Go figure.
My problem is similar. I negotiated all of my debt to below the balances and cleared it. Or so I thought. For three years now all I owed was a mortgage payment which was around 1/4 of my monthly take home pay. Yet my credit scores are so bad I have trouble opening a bank savings account. I keep piling up money in the bank yet my bank gives me trouble opening an account? Go figure.
If you'd like to start a new thread and list your baddies then maybe we can help you figure how to deal with them and get your score rising.
Need to really look over your CR and check for mistakes.
I have a charge off of approximately 13K from one credit card from about 5 years ago. I just learnt that the balance is reported on my credit report each month and keep my credit score low. Isn't there a time limit when charge offs will be removed from my account? Would it be a bad idea to try to pay it off at this point? Would that "reset the clock"? And if I do pay it, can I work with the lender to accept partial payment and get something in writing that the charge off will be removed from my account? Thank you in advance.
SOL for CC in California is 4 years.
Paying an account could reset SOL, but not CRTP. CRTP goes by the DOFD and is set by the OC and doesn't change.
Check the DOFD and DOLA, these are on your CR and you can also call the CRA to get this information.
IF it is past SOL, you could send a PFD and offer a less than full amount in exchange for delete.
