topic Re: Charge off questions in General Credit Topics

Charge off questions

Anonymous — Tue, 26 Nov 2019 21:56:46 GMT

Hello everyone,

I am looking for some help with some questions about accounts that have been charged off.

What can major banks do besides reporting to the credit bureaus on an account that has been charged off?

Does each major bank handle charge offs differently?

Even after your account has been charged off, will major banks still continue the relationship with me?

Will I be able to open up a checking account or credit card after my account is charged off?

I would greatly appreciate any help! Thank you very much!

Re: Charge off questions

Anonymous — Tue, 26 Nov 2019 22:33:33 GMT

@Anonymous wrote:
Hello everyone,

I am looking for some help with some questions about accounts that have been charged off.
What can major banks do besides reporting to the credit bureaus on an account that has been charged off?
Does each major bank handle charge offs differently?
Even after your account has been charged off, will major banks still continue the relationship with me?
Will I be able to open up a checking account or credit card after my account is charged off?
I would greatly appreciate any help! Thank you very much!

If you name the banks/lenders where you have charged off accounts you may be able to get information specific to each bank.

There are several things lenders can do other than report to a credit bureau, up to and including pursuing a court judgement against you.

Re: Charge off questions

I_Love_Cards — Tue, 26 Nov 2019 22:34:42 GMT

They can send the amount to a collection agency, and/or if it’s within the state’s SOL, they can sue you for what is owed (plus court/legal fees).

Whether or not they choose to do that depends.

Banks are unlikely to welcome another relationship with you if you have defaulted on a previous debt and if you have additional accounts with a bank when you default on one, they may close your other accounts as well.

Other banks may also close or limit your accounts due to your default with the first bank.

Some banks are more forgiving than others when it comes to establishing a new account.

Generally speaking-a charged off account means you didn’t pay your debt to that lender. Which will make other lenders quite wary of lending to you lest you fail to pay them as well.