Is it possible to have a Charged Off credit card that is still Open?

[Anonymous]

To me, that does not seem to make sense.

I am using Credit Karma to pull this information. This is also the same information that was on my credit report from January 2015 except it was last reported at that time was May 2013 and the balance at that time was $938.

This is what my equifax report: 

Last Reported: Jan 06, 2016

Creditor Name: MERRICK BANK CORP

Account Type: Credit Card

Account Status: Open

Opened Date: Nov 01, 2011

Closed Date: --

Limit: $650

Term: --

Monthly Payment: --

Responsibility: Individual Account.

Balance: $937

Highest Balance: --

Payment Status: Collection/Charge-Off

Worst Payment Status: --

Date of Last Payment: Feb 01, 2012

Amount Past Due: $937

Times 30/60/90 Days Late: 1/1/43

Remarks: Charged off account

Thanks in Advance.

Solo

[Anonymous]

If it's not paid off. Yes. Mine reported open until I paid them off. Then they closed it. It's a tactic to use to hurt your CS so you'll pay it. They will also update it every month until it's paid.
It's really hurts your UTI because on that card your over 100% UTI about 150% UTI on that card alone.

[Anonymous]

Thanks Harley.......Oddly it's even past the Statute of Limitations. 

Should I offer a settlement or a PFD? Or is Merrick Bank one of those @$$Hole banks that won't work with someone?

[RobertEG]

Highly unlikely.

The definition of a closed revolving account is that it is no longer available to the consumer for additional credit.

Once an account has reached the stage of delinquency that results in a charge-off, it is almost certain that the creditor is no longer permitting the consumer to increase the bad debt.

If you tried to use the card to make a purchase, it would almost certainly be denied.

Lack of update to closed, however, is common.  The creditor has simply not made that update.

It is not substantive, since update to closed will not remove it from your util scoring.

It is not, in my opinion, worth the effort to get corrected until the debt is paid.

[Anonymous]

Solo Merrill bank is the worst to deal with. They had me at 45 90 day lates. Updated it every month. They will not PFD. They are very strict and have zero empathy. I still snail mail them goodwills. They however did offer me to put it in dispute and leave it there, I guess in some way it excludes it from scoring. I'm buying a home in the next couple years so that would only leave me to have it removed from that status. So I left it as is. PIF so it would close and not hurt my UTI and stop updating. It took a few months but all those 90 day lates will drop off along with the 30/60 days and will update to closed/charged off.
I'll never give up sending out a GW letter and an email once a month. I may one day get lucky and they may delete it. The price of a monthly stamp vs increasing my CS to get a better interest rate is 1000's vs a few dollars on stamps.

[Anonymous]

I've got a few accts they are 6+ years old that are STILL
reporting as open and late, every freakin month, ugh. They are killing my scores because it looks like I'm late every month when actually it's been 6 years.

[RobertEG]

If still unpaid, then aren't you in fact late for 6 years?

[Anonymous]

Technically, yes. But once a creditor charges off an acct and sells it how can they then also update the status every month? Wouldn't that responsility then fall to the collection agency? That's my issue. The 3 accts that are still being updated were charged off and sold around 2010. Why would a creditor care enough to update the they wrote off years prior? I've got one where both the original creditor and the CA are both updating every month for the same acct. I actually paid that one 2 months ago so it should update soon.

[Anonymous]

Actually mine has not been sold to a collection agency.

But, if it is SOLD to a collection agency, I do not think they can still report the account open. They no longer have the legal right to collect on the debt.

Correct me if I am wrong. 

[Anonymous]

You would think, That was my fight with merrick but I lost. I was under of that impression also, but the fact is they can by the standards. I would assume if I bought a debt from you, then I would assume the collection and you would wash your hands of it.

In the credit world it doesnt work that way.