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NickyChivs

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How is my charge-off affecting my score?
I had a credit card charged off about 6 years ago. The bank continues to report it every single month. Does the fact that it keeps being reported hurt my score more than if it was just reported as charged off one time, 6 years ago? Should I expect a big boost in my credit score in a year once this finally falls off?

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Top Contributor
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Yes, the continuation of the updates harms your credit more than if it hasn't reported in years. Still, the account has some age so it is probably not hurting you as bad as it was in prior years. If this is the only negative account on your reports, when it falls off you should see a good improvement. If there are other negative accounts, then the improvement may not be too impressive. Do some reading on "early exclusion". Transunion will sometimes remove accounts six month prior to the seven year mark and Experian and Equifax will sometimes remove three months early. People have had different results on the number of months early, so do some reading about it. And if told no upon your first request, don't give up. It can take several attempts.

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