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What does it mean when a credit card account is charged off?

April 26, 2017account charged credit card mean

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What does it mean when a credit card account is charged off?

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When a C.C. is charged off, it is basically being written off as a bad debt to the bank. Once you hit so far past due (usually 180-210) days past due they have to report this to the credit bureau as a charge off, which affects you the same as an R-9 (similiar to a bankruptcy).. best option once this happens… do everything you can to work out a payment plan because usually the interest and fees have stopped on a charged off account….