Time Before Charge-off
Date: Mon, 10/20/2008 - 17:04
I'm working with a few credit cards to come to an agreement. I'm about 4-5 months late on all three of them but I'm scared they will charge-off before I'm ready to accept an offer. Does talking with them weekly help me delay the charge-off? What is the typical charge-off time frame for Chase, BOA, and WaMu?
Charge off will occur @ 180 days past due and rally the only way
Charge off will occur @ 180 days past due and rally the only way you can keep it from happening is to bring the accounts to a current status before CO. Once the accounts are CO'd, there is no way to bring them current again. Keeping your creditors informed of your situation is always a good idea but their hands are tied when it comes to the rules governing when to charge off an account.
