Re: What will paying off Charge Offs due for me??

Posted by Robert Dupuy (69.137.65.93) on May 23, 2004 at 16:30:38:

In Reply to: Re: What will paying off Charge Offs due for me?? posted by AMCC on March 26, 2001 at 18:12:27:

In the meantime, our mortgage broker told
: me that his sources will virtually ignore anything
: over 3 years old.

Which is why paying off a charge off will TRASH your credit rating.

If you pay it off, it isn't 3 years old anymore. The activity date, is now the day you paid it off. Now you wait another 7 years.

If someone pays a charge-off as part of getting the mortgage, ...and sometimes they do make such a requirement, it is all done at the same time, so the hit to your credit score doesn't take effect until after you get the mortgage.

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