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How is your credit score affected if a credit card company closes your account because of inactivity?
Your credit score is affected by ALL the information in your credit history. Specifically, a recently closed, inactive, revolving account would impact the amount of credit available to you, thus changing your debt-to-available-credit ratio. If this particular acccount was the oldest account in your file, closing it would also shorten the history of your open credit accounts. The amount of impact to your current score would depend upon what remained open in your file and, once again, ALL the data showing, not just this one account.
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Does it hurt your credit if a credit card company closes your acouunt because you aren't using the credit card?
No. It will show on a credit report as an account closed due to inactivity. It has no effect on your credit score.
Can a credit card company close your account due to inactivity?
They could, it is not a usual practice, however, they want your business/money. More than likely they will add a fee(s) for non-use.
Which accounts are affected when the company provides services to a cash customer?
When a company provides services to a cash customer, the cash account increases due to the receipt of payment, while the service revenue account also increases, reflecting the income generated from the service. This transaction is recorded as a debit to the cash account and a credit to the service revenue account in the company's financial records. Additionally, there is no impact on accounts receivable, as the payment is received immediately.
Can you have a payable account as a prepayment?
Generally speaking, no. A payable account is a liability account where the company owes something. If you have a payable on your books it's something you "owe" another person/company. Prepayment refers to something that is "prepaid" or paid before hand. Prepaid accounts are generally considered "assets" on your books. For example "Prepaid Insurance" would be listed in your assets. If your company prepays for something, you list it on your books as an asset of some form. If you ordered computers from another company and prepay for receiving them, your books will list this transaction as an account receivable, which is an asset account because now the company you paid the computers for "owes you" and it will be an asset on your account. Now if we reverse this transaction and a company pays your company for computers that it has not received yet, then it becomes a liability on your account (i.e. account payable) because you now owe that company something. Therefore a payable account of any kind can not be listed as a prepayment.
When an invoice is paid what accounts are affected?
When an invoice is paid, the accounts affected are typically the cash or bank account and the accounts receivable account. The cash or bank account increases to reflect the incoming payment, while the accounts receivable account decreases, indicating that the amount owed by the customer has been settled. This transaction helps maintain accurate financial records and ensures that the company's cash flow is properly tracked.
Does it hurt your credit if a credit card company closes your acouunt because you aren't using the credit card?
No. It will show on a credit report as an account closed due to inactivity. It has no effect on your credit score.
How are credit accounts affected when another company buys them out?
When often another company buys a credit card company, they have purchased your account. Most often, it is business as usual, and payments are directed to the new owner of the account.
Can a credit card company close your account due to inactivity?
They could, it is not a usual practice, however, they want your business/money. More than likely they will add a fee(s) for non-use.
What does Closed-Credit Grantor mean on a credit report?
It means that the account was closed by the company that granted the loan or credit. An example would be Chase closing a customers credit card (with or without a balance) due to inactivity, poor account performance, or due to a decline in the customers financial health.
My account was in my friends list?
If you have lost your account because it was in your friends list, you should contact the company where you have your account. They can help you find your account and your log on information.
Which accounts are affected when the company provides services to a cash customer?
When a company provides services to a cash customer, the cash account increases due to the receipt of payment, while the service revenue account also increases, reflecting the income generated from the service. This transaction is recorded as a debit to the cash account and a credit to the service revenue account in the company's financial records. Additionally, there is no impact on accounts receivable, as the payment is received immediately.
Can you have a payable account as a prepayment?
Generally speaking, no. A payable account is a liability account where the company owes something. If you have a payable on your books it's something you "owe" another person/company. Prepayment refers to something that is "prepaid" or paid before hand. Prepaid accounts are generally considered "assets" on your books. For example "Prepaid Insurance" would be listed in your assets. If your company prepays for something, you list it on your books as an asset of some form. If you ordered computers from another company and prepay for receiving them, your books will list this transaction as an account receivable, which is an asset account because now the company you paid the computers for "owes you" and it will be an asset on your account. Now if we reverse this transaction and a company pays your company for computers that it has not received yet, then it becomes a liability on your account (i.e. account payable) because you now owe that company something. Therefore a payable account of any kind can not be listed as a prepayment.
How consumers are affected by Sony company?
i believe because we keeping buying there items no matter what the price is
Why should a company open a business savings account?
A company open a business savings account because it makes transaction and payment much easier. You can read more at www.citibank.com/savings
When an invoice is paid what accounts are affected?
When an invoice is paid, the accounts affected are typically the cash or bank account and the accounts receivable account. The cash or bank account increases to reflect the incoming payment, while the accounts receivable account decreases, indicating that the amount owed by the customer has been settled. This transaction helps maintain accurate financial records and ensures that the company's cash flow is properly tracked.
How is a competitor a stakeholder?
Because they can be directly affected by a company's performance and, in turn, directly affect their competitors' performance
Can a company who closes your account try to collect interest three years after closing the account?
Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.
