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vettechgirl

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If your oldest account is listed as charged off will my credit score go down when it drops off?
I have an old credit card account that was closed & was charged off. I made mistakes when I was younger & have been working towards repairing my credit. Experian lists this account as my oldest account. It should be falling off my credit report shortly. I do not have any other accounts that are anywhere near that old. Will my credit score improve when the charge off falls off or will it go down because it is my oldest listed account?

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Top Contributor
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Yes and No (difficult to answer)

If the acct is closed, then most likely it doesnt either help you having an available credit, or average history. So, as far as I understand, paying it off should make no difference.

Secondly, by principles, paying off the acct should be good mark on the report, but, it's already been flagged as "in collection", and I am not sure paying it off will undo the negative effects of it.

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