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They are sold to collection agencies and negatively impact your credit report.
What else can I help you with?
how can i get free money to pay off my credit cards?
how can it get free money to pay off my credit cards
Can credit cards still charge interest after credit debt has been paid offbefoe due date?
Yes they can. They charge you from the time they last charged you interest until its paid off.
What is an Example of good credit?
Paying off all credit cards each month Paying off all credit cards each month
What happens when a Bank loan is charged off?
It will show on your credit report where your bank loan was "Charged Off". This means the bank wrote off the money and gave up on collecting it. However they can sell that debt to a collection agency to try and collect it. It will show on your credit report for 7 years.
What is an example of exhibiting good credit?
Paying off all credit cards each month Paying off all credit cards each month
Does paying off credit cards hurt your credit score?
Paying off credit cards can actually help improve your credit score by reducing your overall debt and showing responsible financial behavior.
How can one find advice on how to pay off credit cards?
Paying off credit cards is the first step to a debt-free life. For tips on paying off all of your credit cards, check out websites like The Motley Fool or Money Girl.
Can a credit card company reopen a charged off account?
No, a credit card company will not reopen a charged off account. They may choose to grant you a new line of credit, but this would be rare.
Where can one find information on paying off credit cards?
Information about paying off credit cards can be found on sites that deal with credit problems. There you can find places to go to to help pay off your credit card debt within your budget.
Can you use a credit card to pay off other credit cards?
Yes. Contact your credit card company. They will need the account numbers of your other credit cards.
Can paying off credit cards increase your credit score?
Yes off course. Paying off any debts will increase your credit score.
What are the drawbacks of a credit card?
Good about credit cards - Credit cards are actually some times beneficial. When you want to buy a car - some places won't let you because of your credit score. If you don't have a credit card, you don't have a credit score. Draw backs of a credit card - If you don't pay off the amount of money you charged, you will go into debt. So only use your credit card if you KNOW you can pay it back ASAP!
