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If a bank writes off your alleged credit card balance do you still owe it?
Wiki User
∙ 14y ago
Yes, there write off or charge of, is only for their companies accounting and tax purposes.
Wiki User
∙ 14y ago
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Do you have to send all three credit bureaus letters to clear a paid debt?
No, you only have to send a letter to the credit bureaus that still show a balance. You can dispute the balance and let the bureaus do the work instead of writing a letter.
Can you close a credit card account if there's a balance on that account?
You can, but you'll still have to pay the balance monthly until it's paid off. Incidentally, if you're closing an account to help your credit, research shows that closing accounts in good standing can often ding your credit.
Can you close a credit card account if there's a balance on the account or must you pay the balance in full?
Yes, you can cancel the card even if there is a balance remaining on it. You contact the credit card company and request the card be cancelled. You will no longer be able to use the card, but you still pay the balance, either in monthly payments or in a lump sum. But you do not have to pay the balance in full when you cancel the card.
What does it mean when an outstanding account balance is closed on your credit report and the balance is shown as zero but you did not settle the debt from four years ago?
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
What does it mean when an accout on your credit report says closed but there is still a balance?
One of two things. First, you still owe the money. but you can not use that credit account anymore. or Second, you have paid off the account and the creditor has not notified the credit bureaus that you have paid this account in full. If it is paid in full, I suggest you notify the credit agencies.
Can you apply for another credit card if you already have one?
yes you can i have done it recently to do a balance transfer and i still use both credit cards yes you can i have done it recently to do a balance transfer and i still use both credit cards
If i do a balance transfer from one credit card to another will the first credit card be cancel?
No... It will simply have a zero balance owing. The card will still be active - until you cancel it yourself.
If you close your account with a balance will this hurt your credit or your credit score?
To successfully close an account, you must first have a zero balance on said account. Otherwise, you will still receive bills on that balance, which can and probably will accrue late charges.
If you file bankruptcy but still have some credit cards with a zero balance on them will you still be able to keep them or will they automatically be closed?
If you have credit accounts in good standing then do not include them in your bankruptcy.
How do credit entries appear on your credit report after a chapter 7 is discharged and do they disappear from the report or show as 0 balance and indicate their inclusion in a bankruptcy?
The still stay on your credit report the normal length of time for negative credit entries (7 years). After the discharge, they might still show a balance but should also make not of being included in the bankruptcy.
Do you have to send all three credit bureaus letters to clear a paid debt?
No, you only have to send a letter to the credit bureaus that still show a balance. You can dispute the balance and let the bureaus do the work instead of writing a letter.
If you pay off an enormous credit debt within a year will it be completely off your credit report once it is paid off?
Every credit company and lender is required to repost to the credit bureaus monthly so it will show a zero balance within a month of paying it off but it will not be completely off you credit report. It will still show the company and original balance of the loan but it will show that the balance is at zero and when it was paid off.
Can you close a credit card account if there's a balance on that account?
You can, but you'll still have to pay the balance monthly until it's paid off. Incidentally, if you're closing an account to help your credit, research shows that closing accounts in good standing can often ding your credit.
Will having a negative balance in an unused checking account affect your credit rating?
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.
Can you close a credit card account if there's a balance on the account or must you pay the balance in full?
Yes, you can cancel the card even if there is a balance remaining on it. You contact the credit card company and request the card be cancelled. You will no longer be able to use the card, but you still pay the balance, either in monthly payments or in a lump sum. But you do not have to pay the balance in full when you cancel the card.
If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
What does it mean when an outstanding account balance is closed on your credit report and the balance is shown as zero but you did not settle the debt from four years ago?
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
