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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?
Wiki User
∙ 12y 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.
Wiki User
∙ 12y ago
Ngaira Meyer
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How long does it take for credit card accounts to be closed if they have not been paid?
If a credit card account has an outstanding balance that is defaulted on, the account will not be closed. The account will be charged to profit and loss, or sent/sold/assigned to collections, either internal or external.
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
Can a credit card company report a 30 day late on a closed account that still has a balance?
If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'
Is outstanding Liabilities can debit balance?
Outstanding liabilities has credit balance as normal balance but it can also be debit balance in case outstanding liabilities has paid more than actual amount of liabilities.
When does accounts receivable have a credit balance?
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
How long does it take for credit card accounts to be closed if they have not been paid?
If a credit card account has an outstanding balance that is defaulted on, the account will not be closed. The account will be charged to profit and loss, or sent/sold/assigned to collections, either internal or external.
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
What does chase balance transfer stand for?
A balance transfer is the transfer of balance in an account or a credit card to another account.It also refers to transfer of outstanding balance from one credit card to another credit card.
Can a credit card company report a 30 day late on a closed account that still has a balance?
If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'
Can you transfer a balance on a closed credit account?
No, However it may be possible to pay off your debt with a credit card.
Why did your credit card payment reflect in your outstanding balance but not show up in your available balance?
Because you may have changed the account to a savings :L
What is the meaning of debit balace in income and expenditure account?
Debit Balance- means outstanding balance, meaning you need to pay it! Credit Balance- means you have over paid.
Will a credit card company accept a lower payoff for a balance if the account is not past due but closed?
No
Can a credit card company keep adding interest on a closed account?
Yes, until the account balance is paid in full.
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.
Can a creditor close a revolving line of credit account without notice when the account has been in good standing?
Yes. If you have no balance due or outstanding charges.
What is a retail balance?
A retail balance is the current outstanding balance that a credit card (account) has excluding any other transactions such as cash withdrawals and levied charges. It is basically the outstanding balance from all purchases made at retail outlets/stores, be it physical or virtual (on the net).
