 How long does it take for a store to refund/give credit back to a debit? |
I'm not sure if my question makes sense..but this is what happened...
I recently returned an item at H&M and asked for a refund, which is supposed to give me back credit on my ... |
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| Im in school for Massage Therapy, I would like to get a loan to buy different things to start a Massage Therapy business in my home. I things like tables, oils, chairs, uniforms, supplies........ |
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 How bad should your credit be before considering bankruptcy? |
| In other words, If i have a lot of negative items, and a score of about 560, should I just go ahead and file, or try and battle through everything? I have a mortgage that I am behind on and 2 car ... |
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 Ebay paypal? |
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 If your check is being garnished for an unpaid debt can you file bankrupt? |
| or sue the debt collector for collecting on a debt that is over the statue of limitations?... |
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 Credit card hellpp meee? |
| ok i close my credit card at the point that it was about 563.00 know i receive a call that is 800 and something does it continue going to go up after close also they call and they tell evreyone how ... |
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| I have been applying for credits cards for a while online and stuff and it seems as if I cant get accepted and im guessing cause I have no credit history so I was just curious is there a website i ... |
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 Good 1st credit card? (plz read details)? |
I am 18 & have not had a credit card b4, I am looking 4 1 which i could use free (provided i payed the balance of monthly) & if possible 1 which gives cash back or points.
I have no ... |
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 Experian is saying that my credit score is 703. Why can't I get an auto loan? |
| I am only 19 and I have a lack of credit history but with a credit score of 703, why can't I seem to find someone to finance the car that I want? I make approx 35000 annually, so I definitely ... |
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 How do you raise your credit score fast? |
My credit score is 475 right now and I want to raise it to 800 before the end of this year. How would I do that?
Thanks.... |
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 How old does a debt need to be before you can no longer be chased for it? |
Additional Details
I am in the UK, I don't live above my means. I own my own, very profitable business! This is a debt i knew nothing about util they contacted me after 4 years! I ... |
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*Team McCain* | Paid off debt that was in collection....? |
my boyfriend has horrible credit. so we got his credit report and started paying off the debt collectors. his credit score has not gone up. should we just not pay the rest of the debt collectors off and just let them drop off his credit report? or do we spend all this money and pay them off and it doesnt help his credit report?
Additional Details
*i read this some where, is this true??** However, the act of paying off a debt actually hurts your credit. Negative credit is allowed to stay on the credit report for a maximum of seven years, except for bankruptcy which may remain up to ten years. This seven year clock begins ticking on the "date of last activity," or, in other words, when the last action took place on the account. By paying an outstanding, delinquent debt you will change the account status to "paid collection," "paid was late," or "paid was charged off"-- which will stand out as a very negative listing. Furthermore, you will create a new date of last activity on the day you settle the account. The seven year clock will reset and begin all over again. |
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Antacid
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Any collection will stay on any ones credit report for seven years even if it is paid off or being paid off. Paying it off as you go does not erase the damage of your previously taking it into a collection status. However once the collection is paid in full ( including interest and fees you are raped for) it will show up as a Paid Collection in the credit bureau and increase your credit score dramatically. Erasing bad credit is a very slow process, and it takes a long to work away from. Once the paid collection becomes seven years old it will erase from your credit history in all three credit bureaus. It is harsh but stick with it as good credit is a wonderful experience. Take it from me who has had my credit destroyed and now can buy about anything. |
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Katie W
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He still let it go to collection; that fact doesn't change. However, his paying off the outstanding debt will let it die off his credit record in due time, instead of keeping resurrecting as each new collection agency who buys his debt starts the clock ticking over. It just won't be quick... it takes 7 years to drop from a credit record.
His debt-to-credit ratios should improve, though -- assuming he's not building up other debts which cancel out the good work so far -- which should help somewhat faster, though not much since having something default that badly is a BIG negative. |
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SlimMick
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Paid charged-off debt will be updated to "paid" or "settled," but it will remain on the credit file for seven years just like unpaid debt. Paying off charged-off debt doesn't really improve your score much...it's often not worth the trouble unless you are specifically be sued by the creditor or if you are applying for a new mortgage. Yes, it does change the "date of last activity, which resets the statute of limitations...which is the time period that your creditors to sue you...This is another reason for why it may not be a good idea to pay off charged-off debt.
Note: Pay for Delete agreements cannot remove the charge-off notation of the original creditor... |
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Jimmy F
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you have to threaten creditors with legal action to get things removed from your credit report.i know this from speaking with a finacial advisor,you don't have to get a lawyer but what you can do is,write them a letter telling them that the debt has been paid and show proof of debt being paid.then you tell them that you will give them 30 days to remove the debt or you'll be seeking legal action.it worked for me i hope it works for you. |
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askmeguru21
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That's nice you guys want to take care of your old debt but this could be a negative thing pending on how long that debt has been in collections. I have an an excellent credit rating by concentrating on the present and future accounts in my opinion Forget about the old accounts. Ignore the collectors and forget about payment plans don't even discuss your old debt with them eventually old debt will disappear from your credit report. Good Luck! |
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Fernando U
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It is true that paying off an old account in collections will reset the 7 year clock. Now, a little known fact is that new creditors will not really care if you ended up in collections as long as you did pay those accounts off eventually.
In order to improve his credit score the number of accounts in good standing has to be greater than the number of accounts either past-due or delinquent (in collections). As you keep paying off the old accounts and open new ones his credit score will improve.
Also, do try to settle those old debts for 35% to 50% of the balance. That amount would be closer to the original amount owed, without late fees and other penalties. |
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Reaper
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Theres no use of paying them unless its a written pay for delete agreement! |
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Kevin P
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First of all start with one debt at a time if they are all old debts.
1. You should negociate with the debt collectors maybe offer 30-50% of the total owed.
2. Get it in writing that this debt will be paid in full before you mail them the check. Do not give them access to your bank accounts.
3. Ask them to report to the credit agencies that the dept is paid (not sure of the correct wording).
He does owe the money so he should pay the money but be deliberate and stay on your plan. |
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puedodharma
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If you're paying off a debt that has been sent to a collection agency, you're losing already. Seeing as how your contract with the credit card companies is not dually inclusive and does not have full disclosure, you're not liable for the 'debt' anyway. Not to mention that when they send your bill to a collection agency, the agency has no contract with you, and thus you are not legally responsible for paying them. They are acting as a third party interloper, which is why they often get irate with you over the phone, or threaten to mess with your credit. They have no power, and thus act as blowhards, releasing hot air if little else.
Stop paying them back for money that YOUR SIGNATURE created in the first place, persuant to HJR-192. Your signature is kept on file at the credit card company, or bank, whatever you want to call them, and goes on their books as a promissory note, thus making the real value, of which they loan you only a portion.
There are numerous court cases cited in the book below which prove my point, and show you that your credit exists due to an agreement between the banks and the government entered into in 1933.
America has been bankrupt since 1933, and thus you have nothing of intrinsic value with which to 'pay' your debt with, and they must, legally, be discharged.
This will not affect your credit in anyway. Your credit is backed by the Federal Reserve Bank, and the Land of the UNITED STATES, as well as the CITIZENS of the UNITED STATES.
In other words, until the Amero gets here, Your Credit is Infinite, and can be extracted as equity by you.
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Allen H
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once you pay off a debt that is on your credit report, it can take up to three months to come off.
Be patient, it will get better. |
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