The Impact will vary
The charge off is much similar to any other derogatory account. The impact it causes on your credit scores will be determined by the age of the item plus the general content of your credit card.
The Mitigating Factors
The more recent a derogatory occurrence is, the more the impact will be on your overall scores. Similarly, the stronger the establishment of your credit card is, the less the impact will be from a single item. It is very important that you understand that the more secluded a derogatory item is, the less the weight is on your scores together with your credit repair progress.
This is one fact that lays down a handy insight into the working progress of the FICO scoring model. One derogatory item may cause depreciation in terms of your scores and this may be significant at first. However, if it is secluded, the rest of your credit may be okay, and FICO will raise you credit scores back up quite fast within the first few months. The bit of sense here is that the event did not indicate a general financial problem.
The Credit Repair Effect
The lesson here is that, as much as bad things may have happened previously, you may still benefit from clearing up the balance of your report and also isolating the legitimate derogatory elements as much as you can.
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