Fixing a Charge Off On my Credit REport?
September 16, 2011 5:00 pm
Question by hopehome4: Fixing a Charge Off On my Credit REport? Fast Credit Repair Answer by CatDad 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. Know better? Leave your own answer in the comments!
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
Best answer:
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.