What does PALMETTO STATE BANK mean on my credit report?

Learn about PALMETTO STATE BANK, an bank offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is PALMETTO STATE BANK?

PALMETTO STATE BANK is shorthand for Palmetto State Bank, with the company name being Palmetto State Bank Inc

PALMETTO STATE BANK is a Bank provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Palmetto State Bank.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

How do I contact them?

Here is the current contact details for Palmetto State Bank:

Address:

  • 601 First Street W / P O Box 158 Hampton, SC 29924

Website:

Email:

Phone:

Payments

payments can be made through a variety of payment methods such as credit card, debit card, or PayPal. Additionally, you may be able to make payments in person or through mail. If you would like to request a refund, you need to contact the company or merchant from which you made the payment. They will be able to provide you with the necessary information and process the refund. Palmetto State Bank offers Mobile Banking for customers to make payments. there are penalties for late or missed payments. These may include service charges after three withdrawals each quarter or a fee for not maintaining a minimum average daily balance.

Question Answer
Do they offer a monthly payment plan? Yes
Can I make payments over the phone? No
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

Palmetto State Bank does not offer loan forgiveness. They do however offer loan consolidation. Loan forgiveness is possible depending on the type of loan and the borrower’s situation. The most common types of loan discharge are due to death, disability, false certification, and closed school discharge. Other qualifications may include public service, military service, and other rarer circumstances.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? Yes

How to Apply

You can apply for a loan online, using a mobile app, or with a cosigner.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

PALMETTO STATE BANK IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Bank

A bank is an institution where money is kept for saving or commercial purposes. They are able to offer Loans and Mortgages which means they have the ability to report on your credit. Banks are generally felt as untrustworthy (30% confidence rating in the USA) by the general public. Banks can make mistakes on your credit report which may lower your credit score, potentially damaging your credit report and costing you money.

How do I remove PALMETTO STATE BANK from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.