New here with question

iVillage Member
Registered: 04-15-2003
New here with question
8
Mon, 06-16-2003 - 4:12pm
Does anyone here know what a chargeoff on a credit card is?
Avatar for joyleft2
iVillage Member
Registered: 03-27-2003
Mon, 06-16-2003 - 5:11pm
It's where the company has given up that they will receive payment and has decided to take a loss on your account. It stays on your credit report for 7 years from when the company charged it off. You can still pay a charge off and it will show "Paid-charge off". HTH! Joy
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iVillage Member
Registered: 02-14-2003
Mon, 06-16-2003 - 5:13pm
HI ssbriss. A charge-off is when your creditor believes there is no chance of collecting from you. The debt is sold to a collection agency. It will be noted as a charge-off on your credit report.

http://www.bankrate.com/brm/news/debt/20021216a.asp?prodtype=advice

Please remember that questions about debt are best asked on our Debt Q&A board. This board, Debt Support Group, is for emotional support while repaying your obligations. :o)

Ms Joe

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CM Ms Joe Cool
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iVillage Member
Registered: 03-27-2003
Mon, 06-16-2003 - 8:24pm
Here's a link to an article I discovered yesterday after discovering a charge-off on dh's credit report.

http://www.bankrate.com/brm/news/debt/20021216a.asp

Good luck with it, and please come back. This is a great group of ladies.

Heather

iVillage Member
Registered: 02-14-2003
Mon, 06-16-2003 - 10:04pm
LOL! Yep, that's the same article I gave. GMTA. :o)

Ms Joe

Ms Joe
CM Ms Joe Cool
Senior Community Moderator
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iVillage Member
Registered: 03-27-2003
Mon, 06-16-2003 - 11:18pm
Oops. Guess I should have paid more attention.

What's GMTA?

iVillage Member
Registered: 02-14-2003
Tue, 06-17-2003 - 9:23am
Great Minds Think Alike :o)

Ms Joe

Ms Joe
CM Ms Joe Cool
Senior Community Moderator
moneylifecm@mail

iVillage Member
Registered: 03-27-2003
Tue, 06-17-2003 - 11:05am
Of course! I realized that after I posted. I guess the corollary to that would be, "ASDO." "And so do ours." LOL That's what dh always says when we say or think something at the same time and I say, "great minds think alike." I've stopped saying it. :)

Thanks again,

Heather

iVillage Member
Registered: 02-14-2003
Tue, 06-17-2003 - 7:52pm
We could always go back to the days before Netspeak and just say, "jinx!" LOL!

Ms Joe

Ms Joe
CM Ms Joe Cool
Senior Community Moderator
moneylifecm@mail