jholub123

2 Contributions 14 People Helped

Member Since: October 2012

Most Helpful Contribution

What does it mean when a collections account has been removed?

Jun 06, 2016
Helpful to 14 out of 19 people

Actually, I thought if you pay it after it's been removed, it goes back onto your credit report for another 7 years. I've been told it is best to not touch those. I'd ask for further advice. Could be shooting yourself in the foot.

Another thing, if they remove after a charge off, depending on the amount, they usually report it to the IRS as income, and you will get a nice bill for taxable income. If you pay taxes as income, it's off your credit report, I think you just move on.

Activity (2 Total Contributions)

What does it mean when a collections account has been removed?

Jun 06, 2016
Helpful to 14 out of 19 people

Actually, I thought if you pay it after it's been removed, it goes back onto your credit report for another 7 years. I've been told it is best to not touch those. I'd ask for further advice. Could be shooting yourself in the foot.

Another thing, if they remove after a charge off, depending on the amount, they usually report it to the IRS as income, and you will get a nice bill for taxable income. If you pay taxes as income, it's off your credit report, I think you just move on.

what credit score is needed to get 0% auto financing

Jan 27, 2019

Money depreciates over time, so I was alwasy told to do the 0% or only very, very low interest rates and skip downpayments. Money now is worth more than what it will be worth in the future. (And it's better to grow money now.) That's what I was taught, though math & finances is not my strong front.