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If a credit card has charged-off balance it means that you don't have to repay the debt?
Wiki User
∙ 11y ago
You don't have to repay the debt but u are required to report the amount of the "charge off" to the IRS and pay taxes on it when you file your tax return
Wiki User
∙ 11y ago
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How can a person get a credit card with no income?
They can't ! A credit card is issued in recognition that the card-holder is able to repay any balance owing. If a person has no regular income - they are extremely unlikely to be granted a credit card !
Which credit card companies give credit cards with no income?
No credit card company will give you a credit card without a regular income, as they need to know that you have the means to repay whatever you borrow
Can student credit cards be used to repay loans?
Whether or not a you can repay loans with a credit card depnds on the policies of you debtors. You can pay some student loans with a credit card, if you are in default. However private lenders are under no obligation to accept credit card payments.
What is an advantage credit cards have over other forms of consumer credit?
Credit cards have the advantage of providing generally up to 56 days credit at no cost providing the balance is repaid in full. This is making best use of other peoples money (the bank or credit card company) in effect but you have to be sure you can repay on time or potentially sky high interest charges kick in.
Why do you need a cosigner if you dont have credit?
If you have a bad credit record, that indicates to a lender that you are likely not to repay your loan. If you have no credit record, a lender cannot determine whether you are likely to repay your loan.In either of the above cases, the lender may want you to find someone who has a good credit record that indicates he or she is likely to repay the loan to act as your co-signer. A co-signer becomes equally responsible for repaying the loan with you. If you fail to repay some or all of the loan, the lender can require the co-signer to repay it as if the co-signer had taken out the loan him or herself. (The co-signer can then take action to try to recover the payments from you, but that does not concern the lender.)The co-signer is a person with good credit (or at least better credit than you) to whom the lender can turn for repayment if you fail to repay. Having a co-signer makes the lender more confident that they can get repaid.
How can a person get a credit card with no income?
They can't ! A credit card is issued in recognition that the card-holder is able to repay any balance owing. If a person has no regular income - they are extremely unlikely to be granted a credit card !
Which credit card companies give credit cards with no income?
No credit card company will give you a credit card without a regular income, as they need to know that you have the means to repay whatever you borrow
What does a credit for a bank do?
It is an agreement between banks and borrowers where banks make loans to borrowers. By extending credit, a bank essentially trusts borrowers to repay the principal balance as well as interest at a later date.
Can student credit cards be used to repay loans?
Whether or not a you can repay loans with a credit card depnds on the policies of you debtors. You can pay some student loans with a credit card, if you are in default. However private lenders are under no obligation to accept credit card payments.
When does your bad credit go away if you are not able to repay it?
7 years
What is an advantage credit cards have over other forms of consumer credit?
Credit cards have the advantage of providing generally up to 56 days credit at no cost providing the balance is repaid in full. This is making best use of other peoples money (the bank or credit card company) in effect but you have to be sure you can repay on time or potentially sky high interest charges kick in.
What is a synonym for compensate?
recompense, repay, refun, reimburse, remunerate, atone, balance
Why you want to credit balance for director account at liability side?
It is because Direcror is a sperate entity from the business, at the same time to satisfy the Business Entitty concept it has to be credited and when time comes he will repay as a liability only
Can you close your checking account if you have a balance left on your VISA card?
Yes, you can close your checking account even if you have a balance left on your VISA card. However, closing the account will not eliminate your obligation to repay the remaining balance on your credit card. You will still be responsible for making payments on the outstanding debt.
Why do you need a cosigner if you dont have credit?
If you have a bad credit record, that indicates to a lender that you are likely not to repay your loan. If you have no credit record, a lender cannot determine whether you are likely to repay your loan.In either of the above cases, the lender may want you to find someone who has a good credit record that indicates he or she is likely to repay the loan to act as your co-signer. A co-signer becomes equally responsible for repaying the loan with you. If you fail to repay some or all of the loan, the lender can require the co-signer to repay it as if the co-signer had taken out the loan him or herself. (The co-signer can then take action to try to recover the payments from you, but that does not concern the lender.)The co-signer is a person with good credit (or at least better credit than you) to whom the lender can turn for repayment if you fail to repay. Having a co-signer makes the lender more confident that they can get repaid.
Receiving money to buy goods and services with the promise to repay in the future?
Credit
When you purchase items using credit you?
obligate your future earnings to repay a loan
