Should a charge-off show a balance?

Does a charge-off show a remaining balance?

Okay, so like, does a charge-off mean you still owe? Ugh, gets me so confused.

Basically, a charge-off does leave a zero balance on your credit report… eventually. The original creditor’s done with it.

But here’s the kicker: that balance doesn’t vanish into thin air. Someone wants that money!

I actually had this happen, back around July 2018, weirdly enough. My old credit card debt from a shopping spree at Macy’s (whoops!) was charged off. Next thing you know, I was getting calls from “Credit Solutions Inc.” Creepy.

My credit report showed that Macy’s closed the account, zero balance.

But, uh, “Credit Solutions” was now reporting that I owed them like $300. I had to wrangle with them about the documentation and all. Horrible experience.

So yeah, charge-off = zero on that specific account, but the debt’s probably now in the hands of a collection agency. Keep an eye on your credit report; you’ll likely see a new entry. Just my 2 cents, ya know?

Should a charge-off have a balance?

Ugh, charge-offs. So annoying.

• Should a charge-off have a balance? No, no, NO!

• Zero. Zilch. Nada. Got it?

The balance, like, actually showing on your credit report after a charge off?

It should be zero. Should, should, should. But that’s not always what happens, is it?

• What about the original loan amount? Stays there.

• High credit limit? That sticks around too, I guess.

Okay, let’s say my Capital One card, limit $3,000, I, like, completely flaked. And they charge it off.

• Charged-off debt? Still shows the original amount!

The original $3000 stays, but the current balance needs to be zero! Why do they even bother showing the OG amount? So frustrating. I’m thinking of just moving to Bali and forgetting all this credit score nonsense, tbh.

A charge-off is NOT debt forgiveness tho!

Okay, so I looked it up.

• Charge-off: An accounting term. Doesn’t erase debt.

• Creditor can still try to collect. Collection agencies are evil.

• It’ll ding your credit score.

• Remains on credit report for 7 years. Woohoo!

I hate credit scores so much.

Can a charge-off show a past due balance?

Charge-off. Past due. Huh. They wrote it off. Loss for them. Not me. Still owe it. Ugh. So annoying. Balance owed…still there. Credit report…messed up. Called Credit Karma yesterday. 720 score. Need 760 for that loan. New car. Tesla. Model 3. Maybe blue. Or red. Past due…keeps showing. Balance too. Called Chase. Annoying hold music. Explained it. They said…yeah, it can show. Even after charge-off. Ridiculous. Need to pay this off. ASAP. Before December. Trip planned. Japan. Tokyo. Kyoto. Ramen. Sushi. Must. Eat. All. The. Food. Credit score…gotta fix it. Focus.

• Charge-off doesn’t eliminate debt.
• Creditor might still report past due amounts.
• Balance owed can remain on credit reports.
• Impacts credit score negatively.
• Paying it off is crucial for score improvement.

My Chase card. Ending in 7774. $2,315 balance. Ugh. Need to sell that old guitar. Fender Strat. Maybe get $1,000. Close. Gotta hustle. Side gig. Deliver food. Uber Eats. Evenings. Annoying but necessary. Credit score. Priority.

How do I know if an account was charged-off?

Debt marked. Loss for them. Stain on you. 180 days. Ticking clock. Your score, impacted. Seven years it lingers. Like a bad tattoo. Recovery possible. But at a cost. Debt doesn’t vanish. They sell it. Vultures circle. Who owns it now? A mystery. Worth checking. Credit report. AnnualCreditReport.com. Free. Know your rights. Debt collectors. Relentless. Harassment illegal. Document everything. Every call. Every letter. Power in knowledge.

• Credit report: Your primary source. Check it.
• 180 days: General timeframe. Can vary.
• Seven years: Charge-off remains.
• Debt collection: Expect calls. Know the law.
• AnnualCreditReport.com: Official site. Free reports.

FICO score. Damaged. Repair takes time. Patience. A virtue. Or a curse. Depends on your view. Life is absurd. We try anyway. Good luck.

Why did my credit score go up after a charge-off?

Charge-offs gone? Score jumps. Makes sense.

Balance vanishes, score ascends. Debt gone, simple.

My own score did. After my student loan debacle of ’22. Stressful year.

Here’s the deal.

• Charge-offs ding your score. Bad mark.
• Deletion erases the ding. Obvious.
• Balance removal is key. Utilization matters, see? It impacts your credit health.
• Delinquent debt weighs heavy. The heavier the balance, the worse.
• Deletion removes the debt. No debt, better score. Who knew?

My mom says “pay your bills.” Profound, really. sigh

#Balance #Chargeoff #Debt