Question by hopehome4: Fixing a Charge Off On my Credit REport?
I had a credit card charge off almost 4 years ago but in 2008 I finally get my stuff together and paid off the amount owed anyways. How do I go about fixing my credit now? Can I write the institution and ask them to write a letter to the credit bureaus to remove the charge off/ paid full? Does this work and is this how the creditors and lawyers do it? Thank You
Fast Credit Repair
Best answer:
Answer by CatDad
Paying back charged-off credit card debt does not help your credit rating. The charge-off stays for 7 years from the date of default…even if you pay it back in full. The main damage of the charge-off should be over by now.
To help build (or rebuild) a good credit history, it can be beneficial to get a secured credit card, the kind where you put up a security deposit and your credit limit is equal to that. Carry a small balance and pay it off over time. You can use this to gradually rebuild a history of on-time payments that will be reported to the credit bureaus. Your best bet is to get one through a credit union, as they have the best deals for secured cards.
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