raise credit limit until I was at 4000-5000 dollars and in college and working part time and couldnt afford to pay it, so now on my credit report it shows up as a "charge off" and the company states its been sold or transferred what does that mean? I'm going to try and pay this off real soon but was wondering what all that means... a friend was telling me that after they do it as a charge off to dont have to pay it? Ive read even if you have a charge off it halp to have the balance at 0 is that true?thanks for any help
2007-05-27 00:07:30 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
Will the collection ppl take u 2 court?? if so how likely??
2007-05-27 00:15:12 · update #1
Charge off means the company wrote if off as a bad debt expense and sold means it was sold to a collection agency, you will PROBABLY hear from them at some point (as in when they can track you down).
If you have the opportunity, pay it, then dispute it and see if you can have it removed from your credit report, OR better yet, when they finally contact you, get an agreement IN WRITING that all negatives will be removed from your report when it is paid. This is sometimes hard to enforce, but if you are going to pay it (which, of course, is the honorable thing to do), then try and get that committment from them.
2007-05-27 00:18:00 · answer #1 · answered by Custody Consultant 2 · 1⤊ 0⤋
It sounds like the credit card company sold the account to a collection agency. If you owe money to the company, pay it and request that your credit record be cleared up.
2007-05-27 07:16:22 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋