Exactly what constitutes a serious delinquency? Is it just a late, 20 lates, a collection or what? My credit BEACON FICO says serious delinquency is the number one reason why my score is a 665. and what exactly is a charge off? I thought it was when you are so late that they turn you over to collections, as one of my credit reports has a little repossession/charge off box, i think that was qspace or something. I signed with ameridebt a while ago and not long after, Citibank closed my account on me even though I was never late, is that considered a chargeoff?