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I have several credit cards that has been charged off. I have made payment arrangments, is there anyway to have them removed from my credit report, and what are some ways to raise my score,want to purchase a house, please help!!!
Once they are report to credit agenecy and are recorded on your credit report they will stay there for 7 years. only way to remove them is to wait till 7 years is over
You can still pay them, but that will show on your report as paid in full, but will show that you defulted some tiem ago until 7 years are over
Hi moorekr,
'Charge-off' means either the OC has sold the debt account to a collection agency (CA) or it has transferred it to the collections department within the organization. Whichever it is, a negative account stays on your report for 7 years unless you can negotiate it with the OC or CA. You can send the concerned agency a pay for delete letter requesting to remove negative information as soon as you pay off the debt. Always send the letter through certified mail so that you have the return receipt with you as proof.
As far as raising your score is concerned, you can get a secured credit card and use it properly. You can also get gas/store cards and pay the bills on time. You may also become a member of a credit union. All these will help you raise your credit score.