charged off credit cards??

Question

I know that charged off credit cards will fall off your credit after 7 years... my question is... from what date do they go by? Is the date of last payment or the date it was charged off?

Answer 1

From the date of the last consistent delingquency before it was charged-off.

Answer 2

After 180 days of on a non performing asset, which is your delinquent account, the creditor must make a decision. Either to pursue you through a summons to court, or by charging off the account and selling your debt to a debt collector.

It will come off your report 7 years after the charge off date, which will be 180 after your account first went dilenquent.

Answer 3

Follow these simple rules to adopt while attempting to prevent a charge-off that hasn't taken place yet. Do not allow the pre-charge-off collection tactics to scare or cow you. Remain calm and do not take it personally when collectors attempt to irritate you. Contact your creditor to check out the minimum payment needed to prevent the charge-off, and next lot of payments to keep the account updated. Don't agree to make this payment and further payments unless you are certain you can honor them. Bargain with the creditor to make a lump-sum settlement of at most 50%, if you can afford, or chalk out a plan to make monthly payments that you can easily afford. Do not accept the bill collectors’ suggestion that you can give post-dated checks, or submitting your checking account details telephonically. Always pay through cashier's check or money order. Don’t pay simply on the basis verbal agreement. Ask for the agreement in writing and signed by a creditor representative, with capacity of authorizing the workout plan. If you do not have money to prevent the account from being charged off or if it has already been charged off by the lender, you can save yourself by taking the following steps: Do not panic.

Answer 4

To summarize, a charge-off does not cause financial ruin. Try to avoid it as much as you can, but do not worsen the situation by accepting to make the payments that you cannot make. Your creditor is not interested in a charge-off, just like you.
http://debts-to-wealth.com/category/Credit-Card-Charge-Off.html

Answer 5

Cali-Gal is correct.
It is 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.

Answer 6

it goes by the date it was charged off. make sure you keep an eye on that though. as charged off c/c are sold from one agency to another they sometimes change the date. sometimes it is a data entry error but they also purposely do it so they can keep it on your credit report.

Answer 7

From the date of last activity.... and 7 years does not stop them from suing you, which, depending on the balance, is likely. And then you have a judgment on your credit report.