Does anyone know how long a charge off affects your score?
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Posted by Marc
(66.232.37.13) on May 24, 2004 at 12:51:28:
It seems that the FICO score isn't as affected by a charge off that is 5 years old, as it is by one that happened last year. I don't know if this is true, but I read somewhere that nothing older than 3 years affects your FICO score, including charge offs. Sounds a little optimistic, but does anyone know? I read something to the effect that the FICO score is only calculated using accounts that have shown an activity in the past 3 years. If this is true, than a charge off older than 3 years shouldn't affect your FICO score. Anyone have any knowledge on this?
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