do paid charge off accts have to be before they no longer hurt you? are they treated in effect like discharged bk? I have three that were c/o'd in 97/98 and paid this year. of course the cra's are not reporting the c/o's as paid. Even if they did I dont think from what i've read here its going to make a big difference if they did...
a chargeoff is a chargeoff is a chargeoff. I've got huge dent in my equifax score (650) because i have a paid charge off from 96' I'd bet i gain 30-50 points when that finally drops off.
If you apply for a mortgage, they will require any chargeoffs to be paid. Otherwise, there is no benefit of paying them.... You think there would be right??
Dispute it as being paid, a paid charge off is SLIGHTLY better than one that isn't paid. I think its on there 7 years from the first, delinquent payment plus 180 days. So if you defaulted in 1/2000 then it would be 7 years from 7/2000 (7/2007) Hope that makes sense.\ Kellie
it doesnt pay to pay them off. How fair is that! Same punishment whether you pay or not. I should have come to this board before I paid them off and negotiated removal....oh well you live and learn. I am in the process on disputing them now...we'll see how that goes Yours in search of better credit