l was completely irresponsible, way to young and nieve.
l missed all of my payments with CITl and my credit card account was sent to collections.
UBC

Now that my account is charged off, what kind of damage is on my credit report.

How long will it be if l pay the collection agence quickly to get a mark removed off my credit report.

Is there anything else besides regular payments, that l can do to remove a charge off from my account???

Any advice and help is appreciated. l am 19 and am learning the hard way. Thank you.

Defaulted/charged-off credit card debt can stay on ur credit report for up to seven years...paid or unpaid. Paying off charged-off debt will not magically repair ur credit rating, so do not make the mistake of blindly cutting a check to the debt collector & thinking that this will undo the damage of a charge-off.

People on this board r constantly giving advise on Pay for Delete agreements to remove the charge-offs...Even if u negotiate with the debt collector for the complete removal from ur credit report, the original credit card company can continue to report the charge-off on ur credit report..The end result is after all the negotiation & money u pay.you STILL end up with bad credit.

If u want to pay anyway..make a settlement offer & get the terms in WRITING FIRST..just remember that u will still have bad credit.

FYI: Making a payment on old charged-off credit card debt resets the statute of limitations in many states..this is the time period allowed to take legal action.

The damage is already done; it wo not be removed until the 7 years for negative information to be displayed, expires. This is what a credit report is: it shows ur history so that lending institutions can predict ur future credit behavior based on how u have behaved in the recent past. You can not buy ur way out of it, just like a police record (though at least with finances, negative info does disappear eventually!)

However, paying it will let the clock start ticking on that 7 years; & it does help ur credit record, since it shows u r showing responsibility & owning the debt u promised to pay. Not paying a valid debt to collectors usually makes it zombie debt, resurrected every time a new collector buys it & tries to collect it again; it will usually get reported like new failed debt & the 7 years starts all over again.

Do not worry about what happened in the past. If you want to rebuild your credit, get a secured credit card for $500. Most banks can set it up for you. Do not go crazy with the credit card because that is what got you in trouble in the first place.