how much do negative OCs affect my score?

[cosimo]

so I just ordered the MyFico score watch and under the monitoring, it has a list of all the accounts. If there's a red flag, it says this will affect your score. However I have 3 accounts such as a Discover with a $2,400 CO that does not display a red flag… So my question is, how much do these OCs that just report as no open balance/charged off (from 5 years ago) still impact my current score? I was able to have all of the corresponding CAs deleted but these OCs just will not budge… Does time make the hurt go away?

[Second Chances]

As I understand it, COs have a large negative impact on your score as long as they are showing on your credit report. Less serious delinquencies, such as 30 and 60 day lates, have less of a negative impact after they are two years old; however, the more severe negs, such as COs, collections, and public records, have a large effect even after a few years.

 

However, the more experienced members may correct me.

[cosimo]

thanks, like I said, I've got no Collections and no Judgements at this point in my repair. Just OCs that will not drop. Some showing a balance and some not...

[Second Chances]

IIRC, the ones that show a balance still factor into your util, even if they are closed and charged off. You can probably do a search for one of those threads--I'm on my phone and not able to at the moment.

 

It's something to keep in mind.

[moosetracks]

As far as I know OC COs do not factor into util as long as there is no CL showing. As they age the impact to your score becomes less, at the full 7 year period you may gain 10-15 points once it drops off.