Charge-offs vs. Collection?

Posted by Matthew Vandergrift on October 30, 1998 at 11:07:39:

Hello:

Just curious as to the difference, if any, between a charge-off and an account that has gone into collection.

When I graduated college, I left two open accounts (30 day installment types...gas and electric) which went into collection. I've since paid these accounts but I understand that they will remain on my credit for 7 years (this took place 5 years ago and the original dates are indicated on my credit report).

For the last 5 years, I have never been late with any payments (installment car loan / credit cards /etc). Can anyone give me a clue as to how much the two 5 year old derogatory accounts are going to hurt my score when looking for a mortgage?

Thank You

Follow Ups:

• Re: Charge-offs vs. Collection? akami 09:00:19 1/11/99 (0)
• Re: Charge-offs vs. Collection? crash22 14:08:43 10/31/98 (1)
  • Re: Charge-offs vs. Collection? Christine Baker 17:38:17 12/16/98 (0)

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: Hello:

: Just curious as to the difference, if any, between a charge-off and an account that has gone into collection.

: When I graduated college, I left two open accounts (30 day installment types...gas and electric) which went into collection.  I've since paid these accounts but I understand that they will remain on my credit for 7 years (this took place 5 years ago and the original dates are indicated on my credit report).

: For the last 5 years, I have never been late with any payments (installment car loan / credit cards /etc).  Can anyone give me a clue as to how much the two 5 year old derogatory accounts are going to hurt my score when looking for a mortgage?

: Thank You


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