No, it will only affect ur joint account. Then cannot touch your other account.
Their credit is not reported on yours unless they mess up the checking account itself. If they bounce a check or start getting a lot of NSF's that will be on both of you. But their previous credit cannot affect yours. First, I would like to explain to you the difference between having bad credit, and having a bad report on ChexSystems. Banks and credit unions usually report people to Chexsystems regarding delinquent bank accounts. Financial companies and lenders report people to the 3 major credit bureaus regarding delinquent accounts. So, with that said, having a joint checking account with someone with bad credit does not affect your credit. If that person goes into delinquent status with the checking account and the bank reports him or her to Chexsystems or some other check verification company, then yes your name and social security will be reported as well. Your report will stay on Chexsystems for at least 5 years, unless you have it removed by some means. There are many banks that offer promotions for checking accounts for people with negative markings on their chexsystems report. A free consumer organization called "InfoAviator" has a pretty large list of them at infoaviator.org/finance/checking-accounts/2014/05/28/how-to-open-a-second-chance-checking/
No it should have no affect on your CR. All charges that a consumer feels are invalid should be challenged. With the CRA and with the credit issuer.
yes it can, both parties are equally responsible for the account
Nothing can legally affect the date of last activity. That date is established according to guidelines set out in the Fair Credit Reporting Act. When a collection account or charge off is reported to the credit bureaus, the data furnisher has 90 days to identity the DLA. It is set, established and cannot be changed. To do so is called "re-aging" and is a violation of the FCRA. If you send a dispute to the credit bureaus, their procedure is to contact the data furnisher and request "verification". This most definitely notifies the collection agency about your dispute. Who knows if they are "alarmed" by this. The bureaus have 30 days (from the date they receive your written dispute) to get "verification" or they must shield the account from view.
The letter itself will not change a DLA. The Date of Last Activity is SUPPOSED to be the date you last made a charge on the account, the date you acquired service, or 6 months from the date of last delinquency (if there is no other way to establish the DLA). Many collection agencies sidestep the Fair Credit Reporting Acts' statute of limitations by not reporting DLA's at all. How can they be expected to remove an account that is past the statute of limitations if they don't have the DLA? (tricky, huh?) Disputing a collection account will change the date the account was last reported on the bureaus. This date, much more than the DLA will cause the account to affect your credit score.
Having a checking account has no effect on your credit score. Bouncing your checks has a big effect on your credit score.
No credit reports only report debt not assets. Checking and saving account information does not appear on credit reports so will not affect your credit score.
No, having a negative balance in an unused checking account will not directly affect your credit rating. However, if you fail to pay off the negative balance and the account is sent to collections, that could potentially have a negative impact on your credit rating.
No, but it will impact whether you will be allowed to open up a checking account.
Yes, it can. Banks feel that they are taking a risk on someone who has bad credit. Most lending institutions think that you will write "bad checks" and not be able to pay for them, thus leaving them to charge off the account. If you have bad credit, they think that you can't manage money.
i dont think soo it starts affecting you if the company you gave the check to starts trying to collect from you then it might affect it. if your account got charged a issuffisiant funds fee and its negative and you dont take care of it it will go to collections and affect your credit as well.
No,Not as long as the overdraft is paid in a reasonable time, however overdraft charges can be expensive take your name off the account. Fast!!
You should continue to make min. payments on your account. If you don't, it will effect your credit rating and it is much harder to repair your credit than get a credit for the payment you made from the credit card company.It depends. You have a right to not pay for the disputed amount on your credit card. This is under the Fair Credit Reporting Act, I believe. They can not use this nonpayment to negatively affect your credit or your account. (I took a class on this in law school)However, if you already had a balance, you still need to make payments to cover that. Withholding payment only applies to the portion you are disputing.
A writ of judgment can be used to levy a checking or savings account that belongs to the debtor. Joint accounts can be partially protected but the other account holder must file the proper documents with the court where the judgment was granted. The bank has no obligation to notify the account holder(s) that the account has been levied. The account holder(s) should remove funds and close the account if at all possible. This can only be done BEFORE the judgment has been executed.
If you owe NOTHING, it will not hurt your credit but may still prevent you from opening a checking account for up to 5 years.
yes
Their credit is not reported on yours unless they mess up the checking account itself. If they bounce a check or start getting a lot of NSF's that will be on both of you. But their previous credit cannot affect yours. First, I would like to explain to you the difference between having bad credit, and having a bad report on ChexSystems. Banks and credit unions usually report people to Chexsystems regarding delinquent bank accounts. Financial companies and lenders report people to the 3 major credit bureaus regarding delinquent accounts. So, with that said, having a joint checking account with someone with bad credit does not affect your credit. If that person goes into delinquent status with the checking account and the bank reports him or her to Chexsystems or some other check verification company, then yes your name and social security will be reported as well. Your report will stay on Chexsystems for at least 5 years, unless you have it removed by some means. There are many banks that offer promotions for checking accounts for people with negative markings on their chexsystems report. A free consumer organization called "InfoAviator" has a pretty large list of them at infoaviator.org/finance/checking-accounts/2014/05/28/how-to-open-a-second-chance-checking/