Removing old account from credit report--unsure need help.?

I opened a secured credit card through Wells Fargo in 2003. I wasn't as good with it as I should have been. (graduated high school in 2003). I only had a credit limit of $300. This was my first time with a credit card. I fortunately became homeless with my family and was late a couple times on payments and... show more I opened a secured credit card through Wells Fargo in 2003. I wasn't as good with it as I should have been. (graduated high school in 2003). I only had a credit limit of $300. This was my first time with a credit card. I fortunately became homeless with my family and was late a couple times on payments and wasn't able to do the whole $300 at once. I settled, or charged it off, in June of 2004 for $220. It shows on my credit report as a negative, and it says last payment date was 06/2004. It also says charge off and $0 owed paid etc. However, it does say last reported 10/2008. (I checked my report this last November).



I am wondering if there is a way to have the information on this account removed from my credit reports now or do I have to wait a full 7 or 10 years? If so how can I? Also would removing it now or when it goes off, improve my credit score?



I am also confused wether it is 7 years after you made the last payment on it or after the last time it was reported? I would like to get rid of it as soon as possible.



(sorry one more question, I bank with Wells Fargo and they deny me for credit because of this old account, do they have a way to check their computers when someone applies for credit or would they be noticing their account on the credit report?)
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