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If an account is 90 days past due can making a settlement with the company hurt your credit?
I am not certain what you mean by "hurt," but paying your debts always looks good, even if you have the late payments on your CR. Anytime a debtor voluntarily pays on/off a debt it shows they are trying to do "the right thing."
Sure it can hurt, depending on how the creditor reports it. If they report "paid in full" and agree to remove late entries from your credit report, you are home free and looking good. If they report it as "settled" or "paid -- collections" or anything to that extent, it surely hurts. In fact, any variation of the word "settled" triggers an R-9 reporting code, which is the same code used for charge-offs. It is just above bankruptcy in terms of credit severity and will stay with you for 7 years.
What else can I help you with?
Can a collection agency report the same collection account under 2 different account numbers on your credit report?
Yes actually they sell the account to differant collectors and will continue to blemish your rating until it is paid in full/ settlement or you request the item to be removed for lack of authenticityAnswerSorry, a single account cannot be sold to multiple collectors at the same time. Sometimes a collector will update an account making it seem that the account is active,and the reporting data is in error, such as transposed numbers, or even the number of someone else's account. Regardless the reason, it should be brought to the attention of the credit bureau(s) and if found invalid,should be expunged.
Where would a credit card from a merchant account be accepted?
Without knowledge of the credit agreement you have on the account it would not be possible to give a clear answer. Make sure to check with the store cashier whether your payment method would be accepted before making a purchase.
Can they freeze your bank account for credit card debt in New Jersey?
Only a court of law by issuance of a Order of Garnishment or Levy can freeze a bank account. Any credit card company or debt collector making such threats are breaking the law, and you're entitled to damanges for their actions. I would google "FDCPA attorney new jersey" and get paid! I have no respect for a collector or agency that breaks the laws and lies to debtors!
My account balance with American express has been turned over to a collection agency. Does American express over a reduced payoff as a settlement?
when a company "sells" a bad debt to a collection agency it is at a fraction of the total bill due. So, if you have a bad debt to American express in the amount of $10,000, more than likely it was sold to the collection agency for 2-3000. The remainder can be written off by American Express on the taxes that are filed by the company. What you can do is contact the collection agency after saving 40% of the debt (or 4000) and offer to negotiate a settlement. If you settle for $4000.00 you are saving $6000 and the collection agency is making 50-100% profit on the bad debt. This what the debt settlement companies do - no sense in paying the settlement company fees when we can negotiate ourselves.
If a credit card account has been closed what is the obligation in paying off the remaining debt?
When you signed up for the credit card you agreed to pay for any debt that you incurred. If your promise is worth anything, you are obligated to pay your debt. Failure to pay the debt will probably result in legal action by the credit card company and no doubt will result in a bad credit rating, making future loans more difficult. If you don't pay the debt, they will get you. At some point in the future, you will wish that you had paid the debt. The outstanding balance and any applicable interest or fees will remain valid until paid as agreed. If the account holder defaults on what is owed, the creditor can remand the account to collections and/or pursue legal options such as arbiration or a lawsuit.
What effect does settlement on a collection debt have on your credit score?
A settlement on your will have a negative impact on your credit score. Why? Because you are making a non-full payment of your debt. However, it is safe to assume that if a credit card company is willing to settle your accoutn balance, you are ALREADY delinquent in the timely payments. Thus, your trading apples for cranapples with respect to your credit score. That is, your credit is likely bad continuing to make no or late payments versus settling an account for less than the value of the debt. Seek the advice of legal counsel.
Can you transfer money to a credit card?
Yes, you can transfer money to a credit card by making a payment from your bank account to the credit card account.
What happens to my credit card if I close my bank account?
If you close your bank account, your credit card account will typically remain open and unaffected. However, you will still be responsible for making payments on your credit card balance as usual.
How many years of not making a payment can a credit card company still collect from you?
as long as they want to, Generally they will sell the account to a collegetion agency after 6 months of non-payment
Can medical bills effect your credit while making payments on them?
Yes, this is only reported on your credit report if it is a collection account.
When making a credit card purchase at a store, to whom do you agree to pay?
When making a credit card purchase at a store, you agree to pay the credit card company that issued the card.
What is the meaning of close the Profit and Loss Summary account?
profit is when the company is making money and a loss is the company is not making money.
How can I use credit on my debit card for purchases?
You can use credit on your debit card for purchases by selecting the credit option when making a transaction. This allows you to use the funds in your checking account as if it were a credit card, with the purchase amount deducted from your account later.
How long are unpaid medical bills on your credit score?
Unpaid medical bills are on your credit score until they are settled with the company that issued the bills or written off of the credit report. This could be for many years if you are making payments on the account or might end more quickly if you have declared bankruptcy.
Is it possible to deposit cash into my credit card account?
No, it is not possible to deposit cash directly into a credit card account. Credit cards are typically used for making purchases and payments, and cash deposits are usually made into bank accounts.
How can I pay the annual fee on my credit card?
To pay the annual fee on your credit card, you can typically do so by logging into your credit card account online and making a payment through the payment portal. You can also call the credit card company's customer service number and make a payment over the phone, or mail a check to the address provided on your credit card statement.
I don't know who using my credit card and withdrawing money out of my account i did a investigation of my account for a while i know i use the card on the computer to buy stuff so the investigation we?
First thing you should be doing asap is to call the CC company and cancel that credit card. You may be liable for all current charges before making that contact call. Do it now to protect your credit rating and history.
