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By law the original creditor must "charge off" an account within 180 days of default. The term refers to the action taken to enable the OC to list the account as a tax loss. The account in all probability will be sold for literally pennies on the dollar, (2-3 cents generally) to a third party collector. Who will then pursue collection begining with phone and mail contact and if unsuccessful in that action, possibly a lawsuit.
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What word that has a J sound mean the same as use a credit card for this it ends with e?
charge
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.
Are you still liable for a debt after a credit card company charges off your account?
Yes, a charge off does not mean a debt is invalid nor uncollectible. The term is used by creditors to indicate a debt that they believe is not collectible under normal procedures and they are clearing the debt from their books for taxation and operational purposes. The OC will then refer (or sell) the debt to a collection agency or collection attorney for further action.
What does a 0 balance charge off mean?
A 0 balance charge off means that the debt company has given up trying to collect the debt. It may sound good, but the effect on the credit rating is very bad.
What future implacations does a charged out credit card balance have and what does charged out mean?
Charged out means you cant charge any more on your card, & the furer implications it will have is it will slowly make your credit bad credit till you pay your credit card off where their is no more out standing balanc.
What does credit card negotiation mean?
Credit card negotiation is when you contact the bank and negotiate your credit card debt. This can mean negotiating a payment plan or just trying to get the overall debt reduced.
What does it mean you are qualified for a credit card?
It means a credit card company wants to put you into debt by giving you a credit card you can use.
What are some ways to prevent credit card debt?
Some ways to prevent credit card debt start with the basics. Know your budget and know your limitations. Just because your credit limit is high does not mean you can afford to charge huge amounts. Be sure to keep your bills paid off as they come in and only use your credit card in emergencies!
What does an annual fee mean with credit cards?
The annual fee of a credit card is a charge applied once yearly. This charge is the cost of having the credit card. There are many credit cards available that do not charge a fee. The credit cards that do charge a fee often offer rewards, like travel.
Can a high credit card balance prevent you from getting a mortgage?
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
What is the maximum amount you can charge on a credit card called?
Assuming you mean as a customer - that's called your credit limit.
What is internal charge off?
A bank or a loan company can "charge off" a small amount of debt to get the amount off their books. However, this will affect a person's credit report. And it does not mean the person does not have to pay the debt. A debtor should still work to pay off the charge off, to clear the debt and save their credit rating.
What does insufficient debt experience mean?
In short it means that you have one or both of the following problems: 1.) You haven't paid off enough debt in a timely manner for a company to trust you to pay back any debt you may incur or 2.) You haven't established credit. The easiest way to establish credit is to get a credit card and and pay back the debt when its due on the credit card statement is due not in bulk.
What does a charge off mean on my repo'd car?
Your creditor added a negative entry (a charge-off) to your credit report and will continue to attempt to collect on the debt.
What does it mean when you have no credit?
That your an efficient person that lives within their means! and has no debt. That's great! Credit card companies are dropping like flies anyway!
What word that has a J sound mean the same as use a credit card for this it ends with e?
charge
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.
