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On experience what does charge-off Paid, Closed mean?

-I attached a photo of what it says.

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6 Answers

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  • 2 months ago

    A ding on your credit that remains there for 7 years.

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  • 2 months ago

    They gave up on collecting this debt, charged it off (essentially wrote it off as uncollectable) and closed the account.

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  • Anonymous
    2 months ago

    not readable but it means bad credit for 7 years and you still owe. 

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  • 2 months ago

    A charge-off usually occurs when the creditor has deemed an outstanding debt is uncollectible; this typically follows 180 days or six months of non-payment. In addition, debt payments that fall below the required minimum payment for the period will also be charged off if the debtor does not make up for the shortfall. The creditor crosses off the consumer’s debt as uncollectible and marks it on the consumer’s credit report as a charge-off.

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  • Judy
    Lv 7
    2 months ago

    You owed them money and didn't pay, it was not in their interest to go to the time and expense of trying to get their money so they just wrote it off and closed your account. It is a ding on your credit for not paying what you owe.

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  • 2 months ago

    The lender gave up on collecting. They may still sell it to a collector. Your credit may be ruined.

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