Thread title.
I cashed 2 paychecks on friday. I wrote a check against the second paycheck, figuring it would've cleared by now. Stupid me, I forgot the holiday. So, now I'm overdrawn by about 200$. Woohoo, go me.
I'm having my parents deposit 250$, so hopefully that will post to the account faster than the check will and it will all even out by the end of the day. If now, well, I'm proper fu[/i]cked.
Now, what reppercussions are there to bouncing a check? The check was made out to a friend, so there won't be legal action. However, will it affect my credit? What other problems might it cause?
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Does bouncing a check affect credit?Follow
It does appear on your credit history. HOWEVER, at the discretion of the bank, they can remove it from your credit record once you've paid the amount owed to the bank. Call the bank and speak with the branch manager, and if you're lucky they'll be willing to work with you on it.
I bounced lots of checks in college and i still have good credit. I do not think it affects your credit just you get charged a certain amount by the bank.
Ok, I am just worried because my best friend and I are planning on getting an apartment soon. Obviously you could see where that might be a bad thing.
My last hope other than the bank manager is that, since the bank normally waits til the end of the day to post everything to their ledgers, that the check was deposited this morning. If it was, so long as the money gets in the account by the end of the day, it should post and the debits should over-value the credits.
Ugh, I just feel stupid for writing a check when I didn't have the money in the account. Stupid check clearing times.
My last hope other than the bank manager is that, since the bank normally waits til the end of the day to post everything to their ledgers, that the check was deposited this morning. If it was, so long as the money gets in the account by the end of the day, it should post and the debits should over-value the credits.
Ugh, I just feel stupid for writing a check when I didn't have the money in the account. Stupid check clearing times.
I would go directly to the bank and resolve it.. They may charge you.. but, at least you wouldn't have to guess where you stand financially..
If your friend has good credit then when they do a background check you should be ok. I think you can make him the primary leaser or something like that.
Me and my girlfriend had no problem getting our apartment. She has bad credit. We had no problem with the background checks or her credit issue.
Me and my girlfriend had no problem getting our apartment. She has bad credit. We had no problem with the background checks or her credit issue.
You should be fine. Everyone bounces a cheque at one time or another. One little smudge on your credit record won't matter much, and if your bank is nice they can remove it for you. I wouldn't stress over it too much, unless you have a repeated history of bouncing cheques your potential landlord won't really even look at it.
Well, thanks guys, you've made me feel a whee bit better :)
Hopefully everything resolves itself nicely.. otherwise, I'm not so worried about it being devastating.
Hopefully everything resolves itself nicely.. otherwise, I'm not so worried about it being devastating.
Back when things went bad with the ex, I bounced a lot of checks. A lot. Things got better, but the past had already happened. A year or so later when I was back on my feet, I applied for my home mortgage (something I wouldn't had dreamed of a year previous). We went over my credit record and it never even came up. Before going in, I had gotten a credit report from Equifax and it wasn't on there either.
Of course, depending on your bank, your milage may vary.
Of course, depending on your bank, your milage may vary.
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Um, waiting for a paycheck to clear, moran. Can't you read? And it was from my checking account, not my savings account. They're hosted at different banks.
So, please continue GFY'ing.
Edited, Tue Feb 22 10:41:01 2005 by scubamage
So, please continue GFY'ing.
Edited, Tue Feb 22 10:41:01 2005 by scubamage
Because a) I don't know the routing number to have money wired, b) it costs less than having the money wired, c) the savings account is at a credit union about 60 miles away (I'm at college, remember?), d) depositing money in the form of cash is faster (immediate), and e) I really don't feel like I need to explain this to you.
Now borrowing 100$ from my parents, and then paying it back by the 4th costs no one anything except a little bit of time. But, anyways, none of this is really your concern. Your post will fade into sub-default land soon enough, so GFY.
Edited, Tue Feb 22 10:48:44 2005 by scubamage
Now borrowing 100$ from my parents, and then paying it back by the 4th costs no one anything except a little bit of time. But, anyways, none of this is really your concern. Your post will fade into sub-default land soon enough, so GFY.
Edited, Tue Feb 22 10:48:44 2005 by scubamage
King Nonlinear wrote:
the way all you losers bury my genius
Quote:
Let me know when you start whoring yourself out Mr. Successful, I'll toss you some nickels.
This from the guy who gets his rocks off annoying people on a message board.
proofsock wrote:
I once had an ant bite on my scalp, it was weird
I didn't know that ants could bite. I thought they spit acid like most insects? You're prolly right though, I'm not gonna claim to know anything about bugs.
Edited, Tue Feb 22 11:01:15 2005 by scubamage
Actually, if you bounce a check it will appear on your credit record as a Collection, or R5.
Once it is placed on your credit it will remain in this stauts for approximately 90-120 days. After this time period it will change to a charge-off, or R9.
Despite what anyone tells you, paying an item with a negative conotation on your credit report off will only result in the account changing to paid status. It will not come off your report at this time, it will simply read Paid/Charge-off or Paid/Collection etc.
The only way to remove something from your report once it is placed there negatively is to dispute the item with all three major credit Bureaus (Experian, Transunion, Equifax) by writing a detailed letter quoting the Fair Credit Reporting Act sections concerning accurate information. Or you could wait 7 years from the date of last activity as well.
FYI a Paid/Collection, Paid/Charge-off, Paid/30 days late or whatever has the same damaging effect to your score as an unpaid item.
Edited, Tue Feb 22 11:22:47 2005 by DarkRein
Once it is placed on your credit it will remain in this stauts for approximately 90-120 days. After this time period it will change to a charge-off, or R9.
Despite what anyone tells you, paying an item with a negative conotation on your credit report off will only result in the account changing to paid status. It will not come off your report at this time, it will simply read Paid/Charge-off or Paid/Collection etc.
The only way to remove something from your report once it is placed there negatively is to dispute the item with all three major credit Bureaus (Experian, Transunion, Equifax) by writing a detailed letter quoting the Fair Credit Reporting Act sections concerning accurate information. Or you could wait 7 years from the date of last activity as well.
FYI a Paid/Collection, Paid/Charge-off, Paid/30 days late or whatever has the same damaging effect to your score as an unpaid item.
Edited, Tue Feb 22 11:22:47 2005 by DarkRein
DarkRein wrote:
Actually, if you bounce a check it will appear on your credit record as a Collection, or R5.
Once it is placed on your credit it will remain in this stauts for approximately 90-120 days. After this time period it will change to a charge-off, or R9.
Despite what anyone tells you, paying an item with a negative conotation on your credit report off will only result in the account changing to paid status. It will not come off your report at this time, it will simply read Paid/Charge-off or Paid/Collection etc.
The only way to remove something from your report once it is placed there negatively is to dispute the item with all three major credit Bureaus (Experian, Transunion, Equifax) by writing a detailed letter quoting the Fair Credit Reporting Act sections concerning accurate information. Or you could wait 7 years from the date of last activity as well.
FYI a Paid/Collection, Paid/Charge-off, Paid/30 days late or whatever has the same damaging effect to your score as an unpaid item.
Edited, Tue Feb 22 11:22:47 2005 by DarkRein
Once it is placed on your credit it will remain in this stauts for approximately 90-120 days. After this time period it will change to a charge-off, or R9.
Despite what anyone tells you, paying an item with a negative conotation on your credit report off will only result in the account changing to paid status. It will not come off your report at this time, it will simply read Paid/Charge-off or Paid/Collection etc.
The only way to remove something from your report once it is placed there negatively is to dispute the item with all three major credit Bureaus (Experian, Transunion, Equifax) by writing a detailed letter quoting the Fair Credit Reporting Act sections concerning accurate information. Or you could wait 7 years from the date of last activity as well.
FYI a Paid/Collection, Paid/Charge-off, Paid/30 days late or whatever has the same damaging effect to your score as an unpaid item.
Edited, Tue Feb 22 11:22:47 2005 by DarkRein
Ok, who actually referrs you to the collections though? Would it be the institution that you owe, or the bank itself?
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