If you're wondering about a charge-off, it's probably because you've found one on you credit report. Or, you've received a letter explaining that you were denied credit because of a charge-off on your credit report. The name "charge-off" can be misleading. You can easily think you've been let off the hook for this debt. Unfortunately, that's not the case.
Many people mistakenly think when a debt has been charged-off that it's been cancelled by the creditor.
This is not true. You are still responsible for paying off the balance. However, you will not be able to use your credit card to make purchases and you won't have the option of making minimum monthly payments on your balance. By the time your account is charged-off, it's likely been closed for several months.
You can rebuild your credit after a charge-off by clearing up the delinquent balance, making timely payments on all your other accounts, and giving it some time. As the charge-off gets older, it will have less impact on your credit score, especially if it's outweighed by other positive information.