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2014-06-25 17:53:43
2014-06-25 17:53:43

A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.


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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.

I wonder if you mean a "charge off" rather than discharge? If you pay a debt off, you send them enough money to cover the cost of the purchase plus any interest charges, and they send you a statement with a zero balance. If you have a debt charged off, that means the load company has given up hope of ever getting the money out of you, they zero out the balance on their computers, and notify the credit bureaus that you are a deadbeat.

What do you mean by "fix" it? Do you want this taken off of your credit report? Was the loan legitimately charged off? Do you still owe a balance on the loan? If you have a legitimate charge off reported on your credit report, it cannot be legally removed. If you owe a balance and the charge off is recent, paying off the balance could help. However, the charge off will still show on your credit report for 7 years, and only time will remove it. Still, if you keep your credit in good shape otherwise, the charge off will hurt you less and less as time goes by. Read more about your credit report and score in the link below.

could i get a grant that would pay off naturak gas and electric with a zero balance. [ay off a few check loans

Ask yourself 'what is interest?'. Find out your interest rate and times it by ZERO. How much money do you owe them now?

they can if it contains a balance. if they charged it off and gave you a zero balance and a pay off letter then they cannot. If they closed the account and reduced the amount you owe you are still responsible for the payments including late fees and interest.

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.

Certainly. And you will make the company very happy. They will probably lower your interest rate (at least temporarily) and increase your credit limit.

Imagine you want to weigh a certain liquid. You can't just pour the liquid onto the balance because it would run off all over the place, but you can weigh it in a container such as a beaker. But if you weigh the liquid and the beaker together the balance will read the total mass of the two; beaker + liquid. You need to take into account the mass of the beaker. So you put the beaker onto the balance and zero it. Even though the beaker is on the balance the balance will read zero now. Now if you pour your liquid into the beaker, the mass reading will be that of the liquid alone.

P&L is an industry abbreviation for profit and loss, as in "charged off to profit and loss". For the purposes of a consumer reading their credit report; it is the same as a collection, charge off, or write off. Many credit granting companies have their own collection and charge off departments. Once a debt is no longer being paid as agreed by a consumer, most companies will attempt some form of collection. At a certain point, not willing to keep bad debts on their books, they simply "write off" or "charge off" the bad debt on their profit and loss figures. They have written the debt off, so it may even show as a zero balance on your credit report. However, the consumer is still responsible for any deficiency balance owing on a P&L account.

wells Fargo charged off my 56,000 dollar home. Reported as 0 payment. 0 balance, and 0 old. What does that mean to me. I have not paid anything since 2007.

Forget about the balance remaining.

"There are many benefits of using a charge card as long as you use it wisely. Charge cards are a great source of immediate cash for emergencies as long as the balance is paid off by the end of the month. If you can't pay off the balance, interest will accumulate and this can make it easy to fall deeper into debt."

Balance may mean many things, the most common is balance as in balance beam. A balance beam is a sick like figure about three feet off the ground. It is used for many gymnastics competitions.

It means being unstable. For example, if you hit a pothole while in your car, the car will be unstable. Either that, or off balance could also mean unpreparded, or surprised. An example for that would be like a teacher. If a teacher gives the class a surprise pop quiz, the class will be off balance by the fact that the teacher didn't tell them first. Off balance is a verb, because in both defenitions, off balance is an action word. Unlike a noun, a person, place, or thing, or an adjective, or an adverb. Basically, off balance is unstable or unprepared. This is what off balance means.

They are applied to the charged off balance and reduce the amount of the debt. eithan and James was ere

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.

I believe you mean a charge off? If this is what you mean, it will stay on your report for seven years. But, if you are interested in understanding what to do once a charge off has taken place, and it is sold to a collection agency

Yes, there write off or charge of, is only for their companies accounting and tax purposes.

Your creditor added a negative entry (a charge-off) to your credit report and will continue to attempt to collect on the debt.

No, the iPod will not charge if it is off. The iPod must be on for it to charge.

I'm not sure I know what a pay off loan is....... but I do know what it is to pay off a loan.Could mean pay your loan off.orPay the principle balance in full. They will usually deduct some of the finance charge if the loan is paid off early.Commonly found in:*charged off accounts*repossession accounts*complete loss accounts paid off by insurances

If you want to lower some of your credit card accounts, you will need to go by a strict a budget. Your spending habits will have to change as to not charge things to your card. You will want to put any extra money you have on them to pay off the balance. If you want to get rid of a credit card, you need to call the company and cancel it once the card balance is zero.

Canceling the balance of a customer account because the customer does not pay is called writing off an account.

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