I have two things on my credit report from two different credit cards. One of them show it as a $0 balance now and the other card still says the amount I owe. I was just wondering what this means.
so is this something I will have to pay on still? Just after reading other questions about this, sounds like regardless if I pay it or not it will be on my credit report for 7 years.

Charge off is a accounting term that simply means that the credit card company does not think you will ever pay them so they are writing it off as a loss.

The bad thing is they will sell it to a collection company and they will come after you and that activity will also show on your credit report.

If the debt is large enough, they can take you to court and get a judgment, at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any property you may own like cars, boats, land and homes.

This also will show on your credit report making it very hard to get any other types of credit without making large down payments and paying State maximum interest rates.

And yes weather you pay it or not, it will show on your report for 7-years from the date of first delinquency.

It means you never ever paid it, and they believe it will never ever be paid either. It will sit there for 7 years staring at you and your credit report as a result of it all too!

It means the company wrote it off as bad debt and don't expect to receive any payment. They most likely then sell it off to a collection agency.