How long will Charge offs affect score

[Rwil72]

About 2 years ago I had several accounts get charged off. I settled or paid these accounts a year ago. I have obtained 3 secured cards and I am practicing AZEO. I also obtained an auto loan which I am current and I am current on my student loans. My FIcos are hovering around 640. How soon could I aspect to get back in the 700 club.

[Sneakytiki]

They hurt you significantly for awhile, the full 7 years. I have one that is paid on EX and EQ from August of 2016 and I'm just now getting up to 700. Should cross over in the next month on EQ. Probably 2 months, maybe 3 on EX. Depending on GW adjustments, it could be sooner. 

For my TU score, I have a 90 day late from 2013 and my scores are maxing out around 715-725.

Until its removed, you may not be able to get prime scores but you will still get good offers. 

Start writing GW letters. It takes awhile but mine are slowly falling off and my charge off should be gone soon as well. 

Even if you manage well, without GW removals within 2 years and by increasing your limits, you should be around 700+ at 2 years max. 

[Rwil72]

Thank you, that’s encouraging I will keep plugging.

[RobertEG]

A charge-off is a major derog, and continues to affect scoring until it is ultimately removed at no later than 7 years plus 180 days from the DOFD.

If the CO is paid, that terminates ability to continue to report the account with a current delinquency status of CO, and thus permits the effect to decline with further aging.

However, if the debt remains unpaid, the creditor can make updated reporting at any time that informs that the current status remains the delinquency status of CO, which effectively extends the stated period of delinquency since it first occured, which impacts scoring the same as if they had reported an increase in delinquency from, for example, 90-late to an update of 120-late.

Paying thus permits the effect of the CO to begin to "age" in scoring impact.