☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jan 4, 2021 5:28:30 AM

Charge off

I have 2 accounts that are charged off(closed). Why are they affecting my score? I also have an account that I have paid off, and they’re holing that against me. Why?

0 2 2802
1 Best answer
Level 15
Jan 4, 2021 7:39:16 AM

A charge-off has a negative impact on your credit score.

 

See https://www.experian.com/blogs/ask-experian/what-is-a-charge-off/

2 Replies
Level 15
Jan 4, 2021 7:39:16 AM

A charge-off has a negative impact on your credit score.

 

See https://www.experian.com/blogs/ask-experian/what-is-a-charge-off/

Level 15
Jan 5, 2021 6:23:16 AM

Closed accounts remain on your credit report for at least 7 years.  A charge-off indicates that, while the account is closed, you paid less than the full amount owed, and that will impact your score for 7 years.