ok i know a charge off stays on your credit for seven years?

Question

but after a certain amount of time do they stop hurting your credit?(still within the seven years)

Answer 1

Here are the factors that influence your credit report:

35% Payment History
30% Amounts Owed
15% Length of Credit History
10% New Credit
10% Types of Credit Used

While creditors & bureaus note charge offs for 7 years, less weight is applied to them over time- The credit bureaus are protective of the confidential and patented logorhythms they use in order to determine exactly how much weight is given, but it will definately get better over time. The best thing you can do is to offset the negative tradeline with moderate to low balances on your other tradelines. As a mortgage broker, I have seen credit reports with charge offs (and even bankruptcy) exceed 700 FICO scores after 4 years. The fastest way to improve your credit is:

*Pay off all of your collections and judments (if applicable)
*Pay everything on time
*keep moderate to low balances on your consumer credit.
*Don't close revolving accounts you have paid off, just stop using them.

Take a look at the following website, which could be an excellent reference for you:

****10 Years Mortgage Lending Experience****

Answer 2

Yes and no. The "bad credit" information remains on the record for seven years, however, if you would make payments on time for 12 straight months your credit score can jump up 50 points.

Some reporting agencies only keep charge-offs on your record six years, so you get a little bump in your score at six years.

While the bad credit history will haunt you at full force, you can still raise your credit score in various other ways. Just ask if interested in these options.

Answer 3

Unfortunately yes they do. You can try to settle them at a discount which it will then show settled in full, and that will help you to get credit. They can only be reported FROM THE DATE OF LAST PAYMENT. So if you pull all 3 credit reports and the date of last activity (or payment from you is more than 7 years) you can have that removed. If you make just a payment that starts the whole time line running again and it will sit there another 7 years.

Answer 4

Your credit will actually gain a little every month that you don't have a bad credit month. Once the bad credit stops getting reported to the credit bureau, and it is just listed as unpaid, your credit can actually start to go up a little at a time. To make it go up faster, buy a car at a buy here pay here dealer that reports payments made. It is expensive to rebuild credit that way, but some people are left with little choice.

Answer 5

No! They update every 30, 60 or 90 days and that looks so bad.