By Admin on Dec 3, 2009 in Credit
Sara asked:
I went 300 dollars overdrawn because i had a medical emergency. now with all the penalty charges i’ll need 750 dollars just to get to zero. i’ll be able to do it, but it may take up to 6 weeks to get all the money to put in my account. I have ok credit and i really don’t want to have bad credit because of this.
I went 300 dollars overdrawn because i had a medical emergency. now with all the penalty charges i’ll need 750 dollars just to get to zero. i’ll be able to do it, but it may take up to 6 weeks to get all the money to put in my account. I have ok credit and i really don’t want to have bad credit because of this.
Talk to your bank and explain the situation and try to pay them back as fast as possible.
Yorky | Dec 5, 2009 | Reply
You’ll be reported to chexsystems for account abuse. Some institutions wont be willing to help you when you have this on your record.
freed1one | Dec 8, 2009 | Reply
Most banks won’t report anything to the credit companies until you are overdrawn for 120 days.
Coors | Dec 10, 2009 | Reply
talk to the bank about your situation to see if there is anything that they can do. This won’t ruin your credit, but it won’t be good for it. good luck. Next time you have an emergency try to take care of it another way.
Annie's Mom | Dec 10, 2009 | Reply
I agree with the ones that say talk to the bank. Most of the time, if you contact them and express that you would like to pay them back, they will work out a payment plan/reduce fees/stop more fees from being added. If you don’t contact them, they’ll probably assume you want to hide from them and they’ll be more hostile about getting it back.
swegner_water | Dec 13, 2009 | Reply
Many banks do not look kindly on customers that overdraw their account and do not quickly pay off the overdraft and fees. After a certain period of time they will usually close the account and report you to Chex Systems making it difficult or impossible to open an account with any bank for up to 5 years. Also if they consider that you defaulted, the default will likely be reported to the credit bureaus.
Mike | Dec 13, 2009 | Reply
Depends if you have an overdraft account and your paying on it, it wont effect your credit. If there is no over draft and your just negative in your checking, wont get reported until its 90 days past due…Just try to pay on it as quickly as possible..Hope this helps
Torn | Dec 13, 2009 | Reply
the bank i use offers a program called the “fresh start loan program”. it allows you to return your account back to $0 and repay the bank monthly until the full overdrawn balance is repaid with no interest. you might ask them if they do that.
ellie | Dec 17, 2009 | Reply
Usually the bank will send you a letter that will state how many days you have to bring your account back into the black. Typically it is 30 days.
Better talk to the bank and see if you can arrange something.
My Take on It | Dec 17, 2009 | Reply
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – creditreport.imess.net
Richard | Dec 20, 2009 | Reply