What is considered 24 months after DOFD?

[LRC]

Hello all,

I have six chargeoffs all with the DOFD of June 2022. I am in the process of paying them all--I am borrowing money from a family member to do this (0% interest), and all of them will be paid to the OCs by May 31.

I am wondering if I will get a score bump from them aging to 24 months in June of this year, or if it will take until July? I know them showing as paid will do a lot, but from my research on this board, it sounds like 24 months is another milestone.

I am most interested because I have a contract job that ends June 30, and I am currently receiving the largest paychecks that I've had in a while--I am planning on moving into a cheaper apartment that month, and would love to have the highest credit score possible when they check. Since I will also have a high income, I would like to upgrade my credit cards that month as well.

Thank you!

[KateInquires]

You should get a score increase from paying them off- they will no longer be counted towards your utilization. However, I am not aware of a score boost when you hit 24 months. That may be true for lates but I think charge offs will hurt you the entire 7 years until they fall off. Congrats on the improving situation though. 

[JoeRockhead]

The only real  significant occurrence  where 24 months and derogatories are concerned is that you can move back to a better scorecard... However, I believe is based on when the last serious deliquency (60 days late or worse) was reported, not the DOFD