Posted on: 27th Sep, 2012 01:25 am
Hi there… My credit card was charged off in 2006, it comes off in 2013. I haven't paid it off because I figure this would just re-age an old debt and hurt my credit score. I was wondering though, can this credit card be affecting my score more than just a charge off? Can it be reporting at 100%+ available credit since after fees and such its over the limit? Paying it isn't a problem, it's a small balance, and I just wonder if it would pay off?
A charge off always has a negative effect on your credit. It will lower your scores by around 30-40 points. Paying it off will always have a positive impact on your scores.
Hi Gennell,
If you can afford to pay it off, then you should take steps to pay it. However, if the SOL period is over, then they won't be able to take any legal actions against you.
Thanks
If you can afford to pay it off, then you should take steps to pay it. However, if the SOL period is over, then they won't be able to take any legal actions against you.
Thanks