0
Depends upon the state you live in, every state has different laws like statute of limitations of how many years that they can collect after credit has gone to bad debt. Generally the creditor will "charge off" the debt within 180 days of the last DLA. There are not specific laws regarding such action it is mainly a procedure done by the creditor to remove a debt from their account books for means of tax issues and for collection of the debt via other methods.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
How does a credit card charge off effect your credit score?
Negatively!
If you file bankruptcy will that remove a charge off report from a credit card?
Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.
How little does your credit card debt have to be for the credit card company to charge it off as uncollectible?
any amount due them
When must a bank charge off a credit card?
When you have filed Bankruptcy.
When can a credit card company charge off your account?
after 30 days or sooner
Do you get a 1099 form for the balance of a credit card charge off?
Yes. A 1099 C
How is a charge card different from a credit card?
A charge card you have to pay the full balance at the end of the month. You can buy as much as you want, but you must pay at the end of the month. A credit card will give you a limit of $xxxx and you can pay that off over years and build the interest until you can never pay it off. So essentially you can buy a yaht with a charge card but not a credit card. The downside to the charge card is the fact that if you cant pay up in full every month, they will gut you worse than a credit card would. Also, charge cards carry an annual fee for their generous rewards points and the risk they incur by backing you.
Do you have to pay for windows live?
Yes, they charge you $0.50 off your credit card! I don't know why, but they do.
If you buy songs off itunes on a iPhone do you pay for them on your phone bill or by credit card?
You have to have a credit card or an iTunes gift card to be able to purchase music, movies, books, apps, etc. and it doesn't charge off your bill.
How long can a credit card company keep applying charge off to your credit report after the loan was paid in full?
7 years
What does a 0 on your credit rating mean?
It means that you do not have a credit yet.Aplly for a credit card at locally store and charge something then pay it off right awat then you will have a credit rating.
How much should I charge on a 500.00 credit card limit so that its not bad on my credit report?
Your payment history is the most important feature for your credit report. If you have a $500 credit card, this is one that may be a "gotcha" card that will charge you for exceeding the credit limit, may add charges exceeding that limit and so on, leading you into a vicious cycle. Only charge what you can pay off entirely at the end of the month.
