No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
In the late summer of 2016 I had 6 charge offs on my credit, I came into some money and paid them all off
In the early fall of 2016. Unfortunately that was before I joined this forum and realized I should have negotiated
a pay for deletes. Well since then I have opened 3 new credit cards and practicing the AZEO method and current on
4 more installment loans in which I have paid about 80% of the balances.I haven't had any lates. When I paid the charge offs in 2016 my
FICOS were around 580, I have been hovering around 650 for a while. My question is how long will paid charge offs
drag down my score significantly? I just want to get into the 700 club.
@Rwil72 wrote:In the late summer of 2016 I had 6 charge offs on my credit, I came into some money and paid them all off
In the early fall of 2016. Unfortunately that was before I joined this forum and realized I should have negotiated
a pay for deletes. Well since then I have opened 3 new credit cards and practicing the AZEO method and current on
4 more installment loans in which I have paid about 80% of the balances.I haven't had any lates. When I paid the charge offs in 2016 my
FICOS were around 580, I have been hovering around 650 for a while. My question is how long will paid charge offs
drag down my score significantly? I just want to get into the 700 club.
Charge-offs stay on one's report for 7 years, and they lose impact over time. You have 5 more years to go.
I know bad debts stay on your credit file for 7 years, but after how any years will this keep me out
of the 700 club if I do everything else perfect?
Thank you
In my experience, 3+ years they will diminish "weight" but they will continue to subdue your scores to some extent until 5+ years.
@pipeguy wrote:In my experience, 3+ years they will diminish "weight" but they will continue to subdue your scores to some extent until 5+ years.
I hope so, i have one that will hit 3 years in Oct. it would be nice to see a bump even if only a small one.
@pipeguy wrote:In my experience, 3+ years they will diminish "weight" but they will continue to subdue your scores to some extent until 5+ years.
You also have to consider that there are "6" charge-offs so the status of one or two changing is not going to make much difference as far as scores.
A charge-off being reported is one of the most serious derogatories possible, times 6 is a pretty big ding - the fact they were paid is positive especially on a recon, but will continue to trip up the "computer generated" approval process.
So true, I never get approved by the computer programs. The ironic thing is in 2001 I filled
Chapter 7, after 2 years my scores were back in 700's. I know the Bankruptcy stays on your credit
for more years but it feels like the charge offs are weighted worse than a bankruptcy.
It hurts you for seven years, however, you can get into the 700 club, but won't see anything close high 700's most likely. It's going to sting a lot. All you can do now is beg for 'goodwill forgiveness'....and hope it works.