Help! Charge off question.

[lns1976]

@Ajones22 Get it paid down to $0 it will hurt a lot less.  Then, based on the dates you have given, it should drop off your report next year.

[Ajones22]

Ok I understand. Thanks alot.

[Chestnut1]

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@Ajones22 wrote:

I have a charge off on my credit report that is updated on a monthly basis. It was for a car loan and I settled with the attorneys in order to pay the loan back.10k is owed now. I have tried to get an apartment and they denied me because they stated I had serious delinquent debt. I also tried to apply for the Discover IT card and they denied me as well for the same reason. When will the charged off account finally be removed from my credit report? Its been on my report since 2012 but the chargeoffs didnt begin until 2016.

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For the starters, You must pay Charge off to start reflecting that on your credit report as PAID in Full or Settled. However, it won't change your Original DoFD (Date of First Delinquency) or Charged off date. If it is set in 2016, then this account WILL stay on your report for full 7 years.  Likely to fall off in 2023.

I went through the exact same experience and Here's my Timeline,

• Date of First Delinquency 7/2015
• Charged off ( ~2015)
• Repo'ed 1/2016
• Shown on reports as charged off
• End of 2019. I paid in Full. 
• Current status Paid after charge off/Collection. 
• Item to fall off reports in summer 2022 ( It already dropped off from Experian. Waiting on TU and EQ to drop off in next 2 months)

[Trinzero]

Sorry to ask for clarification, but I want to make sure I'm understanding; does the notation of paid for less hurt (other than on a possible manual review)? 

Scorewise, would either payment option be the same end result?  

Thanks for the topic OP.  Fit what I was looking for =D

[OmarGB9]

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@Trinzero wrote:

Sorry to ask for clarification, but I want to make sure I'm understanding; does the notation of paid for less hurt (other than on a possible manual review)? 

Scorewise, would either payment option be the same end result?  

Thanks for the topic OP.  Fit what I was looking for =D

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1. No, comment denoting PIF/settled for less does not hurt. Manual review may raise some eyebrows, but really only on a mortgage app.

2. Yes, score-wise, either option is the same result. 

[7774x]

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@FireMedic1 wrote:

CO's will update until $0 balance. Since it isnt paid yet doesnt help much. Once settled it will help some. Since you mentioned lawyers. Did they go legal on you? It will fall off 7yrs from the DoFD. Or the first late date (month/year) and it never became current. It will show on your real credit reports at annualcreditreport.com. Hold back on apping for cards for now unti its done.  A CO ranks right under a BK. But only last 7yrs. Welcome to the forums.

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An Ollo ,Cap one ,Avant ,  sub prime cards will accept you , even with c/o on record  

[lns1976]

@7774x It isn't about what the OP can get approved for with a CO on the record.  Once it's paid it will have little effect on his applications for any prime cards.

And until paid it is going to damage the OP's score.

@FireMedic1 is correct in advising the OP to wait and pay off the CO before applying for new cards.

And I can't say a lot because I applied for cards with an unpaid CO on my report and I got the subprime ones but if I had waited I could have applied and received better cards and I know that now.

Use other peoples 20/20 hindsight so you learn from others mistakes.   

[7774x]

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@lns1976 wrote:

@7774x It isn't about what the OP can get approved for with a CO on the record.  Once it's paid it will have little effect on his applications for any prime cards.

And until paid it is going to damage the OP's score.

@FireMedic1 is correct in advising the OP to wait and pay off the CO before applying for new cards.

And I can't say a lot because I applied for cards with an unpaid CO on my report and I got the subprime ones but if I had waited I could have applied and received better cards and I know that now.

Use other peoples 20/20 hindsight so you learn from others mistakes.  ;

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I had the sub prime cards ,dumped after  fico scores went over 700..now have  Citi ,Chase  SoFi Disc..If your credit fits sub prime ,use it until  fico improves..hard to be without a credit card  in these times..but do what works for you