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- Why A Drop So Much In My Credit Score?
- Is It Illegal To Check Someone Else’s Credit Report With Out Them Knowing?
- How Long Will It Take For My Credit Score To Raise?
- What Is The Quickest Way To Raise My Score? How Do I Raise It Over Time?
- Is It True That You Can Remove Info On My Credit Report After 7 Years?
- Does Paying My Credit Card Twice A Month Help My Credit Score ?
- How Can You Get Your Credit Report And Score Free Without Going To The Free Annual Report?
- Will Paying Off Or Settling A Irs Judgment Increase My Credit Score?
- Can A 30 Day Late Payment Be Added To My Credit Report 2 Years After The Fact?
- I Want To Sublease An Apt For 2 Months And The Owner Wants My Credit Report And References?
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You can’t remove the charge off from the report.. If the debt is recent, then you should pay it off. It will stay on your report till 7 years of the last payment you made to that debt. Example: If you pay the debt off in 12/07, it will stay there till 12/2014. It will say on your credit report as “PAID COLLECTION”. In a way, when you apply for credit, lenders will see that you are trying to pay off your debt. If the debt is over 5 years old, then you should of waited for the 7 year rule and let it drop from your report. And if it is an old debt, there might be a possibly that it negatively affect your score temporary when you try to pay it off…
nothing gets removed until 7 yrs after last transaction date.
You pay off these things so companies don;t look at you as a deadbeat who doesn’t pay his bills and because you got a benefit from the transaction (goods or services), you have to pay for that benefit. NOT paying it will continue to hurt your credit record for that 7 year period – car loans, mortgages, etc will be harder and more expensive to get
Credit reports are credit history. The charge off is part of your history.
The point of paying off something you owe is so you won’t be a thief, which you are until it’s paid.
If your credit report is viewed, it looks a lot better to a lender that it’s paid off versus being avoided by you.
nothing… the negative charge will be on ur record for at least 6 years… then it will automatically be removed….