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whatup1234

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I just printed out my credit report...and one of my credit cards has "charged off" the account?
A credit card just sent me a letter last week asking me to settle . They also stated that I didn't need to take any action. On my credit report it says they have charged off this account. Do I have to do anything or are they just trying to collect something?

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It's not good

A "charge off" generally means that the creditor has given up trying to get any money from you. It's a negative on your credit report. If you settle for less than what you origianally owed it is also going to show a negative on your report. It will say something like "settled for less than original amount" or something like that. Now is the time to work with them to have the least impact on your credit report. If I were you I would talk to them and see what you could do to get that negative remark off of your credit report. Offer to pay the original amount iin payments if they will remove the remark from your report.

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bad credit....

Ok...so let me explain the whole situation. Unfortunately, I have had all the terrible circumstances with the recession. I sold a buisness and settled with a few of my credit cards. I wasn't working for 3 years and finally got part time work (that doesn't pay much). I had to move back in with my parents and am living a very different life. everyone has sympathy but still want money. I got a letter from a card opened in 2006 (on my credit report) offering me a deal. I don't have money to pay them anything because I am trying to pay off a little bit I owe to schools. Anyway, the letter says I don;t have to respond.Is it within the statute of limitations? I live in California where the statute is 4 years. I got a last statement from them in 2011, but the letter came in 2013.

Thanks!

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