How long will a charged off account hurt your score badly.

[kese]

I have a credit card that was charged off in 2007. I also know that it can be in my file upto 7 yrs.

But everytime  a lender pulls my file, i get the message that i have a collection and deragatory in my file.

How long will this thing hurt me? Is it gonna ever get aged?

[pizzadude]

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@kese wrote:

I have a credit card that was charged off in 2007. I also know that it can be in my file upto 7 yrs.

But everytime  a lender pulls my file, i get the message that i have a collection and deragatory in my file.

How long will this thing hurt me? Is it gonna ever get aged?

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It will probably hurt your score less as it ages over time......but unfortunately it will still ding your score to a large extent as long as it is on your reports.  

Have you tried sending GW letters to request them to delete the account ?

[Duncanrr]

I saw a significant gain when my CO hit 5 years old so I would say at least 5 years. It should be removed completely in a week or so since I did PFD. I'll know how much if any if ant at that point.

[kese]

No, i didnt. But i talked to representative who was updating the negative account. she informed me tha tthey are not collecting the account but she can help me to settle the account.( It was a kohls/chase card with a balance of $214). I explained to her that will make the account current deragatory and hurt my score really badly. i am thinking of calling her to pay the full balance if she can delete the account.

[pizzadude]

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@kese wrote:

No, i didnt. But i talked to representative who was updating the negative account. she informed me tha tthey are not collecting the account but she can help me to settle the account.( It was a kohls/chase card with a balance of $214). I explained to her that will make the account current deragatory and hurt my score really badly. i am thinking of calling her to pay the full balance if she can delete the account.

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Chase is actually pretty good about deleting negative accounts after they are paid ~ don't know if they'll agree to a PFD but you can likely get it removed after you pay.

[2NE1]

Welcome to the forums!

I sent you a PM!

[kese]

Thanks guys for the info. I will update you on what happens next.