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IpingN

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Can a credit card company post a credit limit 6 years after a card has been charged off?
My score dropped 18 points without any recent activity on my part. I had to really scrutinize my report to figure out what happened. Apparently a credit card that was charged off 6 years ago and had no reported credit limit on it for that length of time posted a credit limit last month, so I ended up with a 150% utilization on that card. Can they do that? Also, this reported credit limit is lower than the opening credit limit.

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Is there a collection account reported for this account? If there is a collection account in addition to this account, then that would most likely mean that they sold the debt (unless they just assigned it to a collection company) and if they sold the debt, that means that you no longer owe them and they cannot report a balance. Check into that. You say it is after six years, keep in mind that negative accounts are removed in seven years and there is such a thing as "early exclusion" which means that sometimes Transunion will remove six months prior to the seven year mark and Experian and Equifax will remove three months prior to the seven year mark. Do some research on "Early Exclusion" to learn more about it.

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You need to read the Terms of Agreement for the Credit Card in question.   One was sent to you when you opened the Credit Card.  Companies have the right to change the Terms over the Years also.  So,  can they do this  Yes,  Is there anything you can do?  Pay the Balance off to 0.

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