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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.

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10y ago

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If you have 0 balance on your credit card and never use what happens?

Believe it or not, it can hurt your credit score. You should charge something on it at least once a month and pay it off immediately to avoid interest charges.


When might someone see 'credit card 0 balance transfer' on their statement?

'Credit Card 0 Balance Transfer' would appear on your credit card statement if your credit card is paid off in full. This means that you do not have to transfer any money from your bank account to pay off your credit card balance.


What is the difference between saving account and salary account in bank?

In Salary Account 0 balance is allowed and in saving account minimum balance required


What are some causes of 0 credit card balance?

Having a credit card balance of zero on a credit card is a good thing. It means one has no debts to the credit card company, which also means that no additional interests will be charged. If one either has not used a credit card or has paid all open debts and interests, they would have a credit card balance of zero.


If you are claiming 0 dependents does this mean you will be getting a larger amount of income tax?

You don't get income tax..you pay it. You may get a refund of OVERPAID estimated tax, like getting money back when you use a $20 bill to pay a $10 charge. You paid $12. It doesn't make a difference what you claim onyour W-4, the amount of tax you actually pay is determined by your 1040 return.....and that should reflect your actual number of dependents and exemptions. Claiming 0 on W-4 (or 1040) would mean you have the HIGHEST amount of tax withheld and on your return would pay more than if you had dependents.

Related Questions

Mortgage charge off and debt forgiveness?

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.


What do you do with the car if your credit report shows there is 0 balance and says charge off?

Simplest way to deal with it is to call a local wrecker company to come get it.


Will a credit report still show as charge off even if you paid it off and have a 0 balance?

Yes and it will report that way until the SOL has run its course for the reporting time which is 7 years.


What are 0 credit cards, and where can I learn more?

0% credit cards allow you to charge to your card for up to 18 months with no interest. However, after the 18 months, the interest on the remaining balance is huge. You should only get this card if you can pay off the balance in full before the 0% rate expires.


What is the net charge of the ionic compound calcium fluoride a. 2- b. 1- c. 0 d. 1?

c. 0 Calcium has a 2+ charge, and fluoride has a 1- charge. When combined in the ionic compound calcium fluoride (CaF2), the charges balance out to a net charge of 0.


If you have 0 balance on your credit card and never use what happens?

Believe it or not, it can hurt your credit score. You should charge something on it at least once a month and pay it off immediately to avoid interest charges.


What does it mean when a neutron has a neutral charge?

it has no chrage 0 (electrical)


Does o mean off?

well, it depends on what the other stand says if it's 1 and 0, then 0 would be off most of the time o or 0 will mean off


How many potassium ions are needed to balance the charge of one sulfide ion Explain?

One potassium ion is needed to balance the charge of one sulfide ion. This is because potassium has a +1 charge and sulfide has a -2 charge. Therefore, one potassium ion with a +1 charge will neutralize the -2 charge of one sulfide ion, resulting in a net charge of 0.


What does a 0 on your credit rating mean?

It means that you do not have a credit yet.Aplly for a credit card at locally store and charge something then pay it off right awat then you will have a credit rating.


When an atom loses an electron what is its charge?

Assuming the atoms starts off as a neutral atom, the new charge will be:0 - (-1) = +1


Is 0 percent apr balance transfer offer a trap set by credit card companies?

This offer is a trap. Once you have you begin paying off your balance, the one with the lowest APR balance will be paid off first, defeating the purpose of this low APR balance.