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Usually 180 days after DLA. Be advised a charge off does not indicate that the debt is not valid and subject to collection procedures.

2006-07-14 19:29:57
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Related Questions

Can you reopen a credit card that was closed by the issuer?

No. The reason a credit issuer closes an account is because they no longer consider you an acceptable risk.


Credit card closed by issuer affect credit score?

Yes. Creditors report to the credit reporting agencies the terms under which an account is closed. It looks bad and is a slightly more derogatory status when an account is closed by the lender vs. closed by the customer.


What is the max charge for a late credit card payment?

Penalties and fees are established by the card issuer and information can be found in the terms of the agreement made when the account was opened.


If get a new credit card because of fraud will that effect credit?

Unfortunately, it will reduce your credit score. What happens is that the original credit card account shows as closed, and you have a newly issued credit card account with a new number through the same credit card issuer. It will take at least 2 years before the newer credit card account is seen as a seasoned trade line.


Do you have to have a bank account with the bank that issues the credit card?

No - in most cases. As long as the credit card issuer can determine your credit worthiness, it doesn't matter where your bank account is. There is one exception. If you apply for a secured credit card, you must keep a 'security deposit' of a certain amount in the institution chosen by the credit card issuer (usually their own bank).


What is credit credit?

The card issuer (usually a bank) creates a revolving account and grants a line of credit to the card holder, from which the card holder can borrow money for payment to a merchant or as a cash advance. A credit card is different from a charge card, where it requires the balance to be repaid in full each month.


What steps should you take if there is a suspicious charge on your credit card?

You should contact your card issuer to report the incident.


Can a credit card company cancel your credit card for non use?

Yes. Read the issuer Terms & Conditions - for example, I have read Amex Gold Business Charge Card; it says there, that they may close the account for any reason within 2 months notice... I have seen o the net people saying that their account have been closed for this reason and I can assume it is a valid reason as card issuers don't need the accounting paperwork for a non-working account.


Can you keep one of your credit cards if you file chapter 13 bankruptcy?

Yes; however, the issuer is not required to continue to extent you credit (can close the account).


What country had the first credit card issuer?

The United States had the first credit card issuer, Diner's Club.


how does the credit card payment system work?

When you authenticate a payment on a card, the merchant's payment system will send a request to the card issuer to ensure that funds are available either in the account or in credit. The card issuer will supply an authentication code to the merchant approving the transaction. The card issuer will then arrange for the transfer of funds to the merchant's bank.


What is the difference between debit and visa card?

A debit card is a card that is connected to your bank account. If you pay with your debit card, your purchases will be charged to your bank account. A visa card is usually an unsecured credit card. When you pay with a credit card, the issuer pays for your purchases and the issuer will bill you for the purchases with additional interest for using their services. In other words, your purchases are on credit.


Can you use your debt card as credit?

No - a debit card and a credit card are two entirely different methods of payment. With a credit card, any purchases are immediately paid for by the card issuer to the retailer (assuming you're within your credit limit) - and the issuer charges you monthly interest on the outstanding balance until the account is paid off. With a debit card, you can only make purchases if you already have the money in your account.


Can a credit union in Arizona through which you had a credit card freeze your bank account?

If the bank is the one that has the credit card, they can associate the card with the account. This might be a violation of regulation E. However if the bank and the card issuer are not the same, they have to get a judgment and then go to the bank with that.


If someone used your credit card on an internet gambling site without your permission what happens if you dispute the charge?

Did you report the card loss to the issuer? If charges appear on your statement and you know that you did not make the charges, you can contact the credit card issuer to dispute the charges. You may have to fill out an affidavit that states you did not [have] knowledge of or consent to these charges. The credit card issuer will then go back to the company submitting the charges to dispute the amount. The credit card issuer should send out confirmation of your request to dispute, confirmation of the amount that may be credited back to your account, pending the dispute. Once they have completed their investigation, your account will be billed for the charges [again] if you cannot prove the case of identity theft/creditcard theft/fraud and the disputed amount was credited to your account. If the dispute is legit, you should receive notification of this. Keep all correspondence regarding this for as long as information can stay on your credit report, which in most cases, is seven years. [But keeping for ten won't hurt].


What financial liability do you have if a credit card account was opened in your name and closed after you informed the card issuer that fraudulent information was used to open the account?

If you did not use the credit line then you are not responsible for any debt incurred due to the fraudulent act. If you did use the account then you are considered a co-conspirator and are legally liable for any charges made and penalties, fees assessed. Such incidents can be deemed criminal and/or civil issues.


What steps are taken when you deny a charge?

If there has been activity on your credit card that you did not authorize, you will need to contact the creditcard issuer to cancel the card. The sooner you do this, the better.


If you don't want your cash advance wired to your account can you have it sent to you through Western Union?

No. Assuming this is query is referring to a cash advance on a credit card. The money must go into a valid account that has been provided to the credit card issuer/lender.


What is the meaning of the term 'chargeback'?

When a consumer makes a dispute with a credit card issuer successfully, the credit card issuer is to refund the consumer. This is what the banking industry calls a chargeback.


If you sign up for a credit card for the free t-shirt but never call to activate the account will that negatively affect your credit?

It may. "Signing up for a credit card" means that you signed some form of contact to open a credit account. This contract (most likely) authorized the credit issuer to make an inquiry into your credit report and to charge you fees for activation and account set up. An inquiry is an indication that you might be opening up new accounts. New accounts also cause deductions because there is no history yet as to how you have paid on the account. If you don't pay any fees or charges (those are usually the first charges on a credit card account) this will negatively impact your credit as late payments and then a collection or charged off account. Those will show for 7 years, plus 180 days.


How does a credit card differ from a debit card?

When you use credit card for purchasing goods and services, the credit card issuer pays for it first and you pay the credit card company. On the other hand, when you purchase using a debit card, your purchases are charged to your bank account.


Which Indian bank is the largest issuer of credit cards?

icici


What happens when you make a purchase using a credit card?

the credit card issuer pays the store


Who decides to charge someone for credit card fraud?

It depends. A credit card comapny might notice suspicious activity and begin an investigation, or the subject of the credit card fraud may go to the police to file a report. * The credit card issuer with assistance from the FTC and the USDOJ.


Should you use all credit cards occasionally to keep credit in good standing?

If one's credit is already in good standing, using the credit card will not help. First, one may reduce their credit score depending on how much they spend. Second, the issuer may believe that fraud is at work since the card may not have been used in a while. The main reason to use your credit cards occasionally is to keep the account open and avoid non-use fees. Some companies will close an account if the account is not used in some period of time. Also, they may charge a dormancy fee if the card is not used.