How Are Accounts that have been Charged Off viewed?
Overall, very negatively, by both JCF and the credit bureaus. Because an account has been charged off, we will not require that account be paid. We will, however, look at charged off accounts on a case by case basis. The charge off must have occurred at least 24 months prior to applying for credit. Multiple charged off accounts will result in a decline. Charged off accounts are one of the most damaging items that can appear on your credit report and/or profile. Normally a charged off account means that all collection efforts attempted by the creditor were ignored and the creditor felt that the debt was un collectable.
