Collections due to drop am, how badly will score drop?

[hotmeg]

I have about 7 chargeoff from 6-7 years ago due to drop off btwn sep-nov, in your opinion how badly will this hurt me?  I have some student loans in good standing and old credit card, auto loan in good standing but new ( 2-3 years)  I really want to improve but my credit history is new even with the chargeoffs!!  I am 26 and realizing good credit is of platinum value!

[n2win]

I don't think charge-offs dropping off will hurt you, more likely to help, don't you think?

[fused]

Are these CO's your oldest accounts?

[hotmeg]

I have a chase card for 500 never used that is reported in good standing since 8/2000.  That is my oldest.  The chargeoffs are about a year younger!!! Thanks for any help!!

[hotmeg]

Im not sure because my credit history is new and when they fall off, it will look newer?  I am so new so please excuse my confusion and thanks for any feedback!

[ralbusta]

I believe you'll get a nice boost since the collections weren't your oldest accounts.

[hotmeg]

Thanks for positive feedback!! Any is welcome!!

[llecs]

I've lost points by removing COs due to a drop in avg. history. You might take a small bump, but you also have some SLs and older accts that may offset that. You'll certainly look better to a lender under a manual review.

And consider also they may convert to a good account (if COs, not CAs) and stay on for an additional 3 yrs. That will give you good history and a longer age. One way to tell is to pull your EX and TU CRs from those CRAs. You'll find a drop off date. If there is no date, then the account could revert to a good account and stay on for 3 more yrs.

[hotmeg]

Thanks for the info and im glad you got what I meant!  So far according to TU 9 will drop off in 6 month range.  I only have 1 collection reported on all 3 CRA's but the problem is chargeoff's.   I definately regret past credit choices but avoiding it is what got me in trouble, so here's to putting it all on the table.

[Candice]

I would think that it would help but I'm new too here Hotmeg so I'm not sure. This does beg a question though that hopefully someone can clarify for me (apologies if it is clear elsewhere and I just have blinders on) - when FICO scoring takes into account the "average age" of your credit - does it factor in negative accounts too such as collections and charge-offs?