Chase Charge Off

[compassion101]

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@n777ua wrote:

Correction - BK7; not charge off.

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@sjt wrote:

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@n777ua wrote:

Friend of mine had $13750 charged off in 1995 - he has never been able to re-establish with them.  Last try a couple of years ago, he was told if he repaid the $13750, he "may" be able to open a credit account.  He declined.

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Im suprised Chase did not sell the account to a JDB.

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Not certain that they are even allowed to suggest she pay back a debt that was included in BK. They certainly can deny her a card though.

[blondy250]

Wow, who would have thought a bank won't issue you new credit when you burned  them in the past, crazy.

[Vegas247]

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@blondy250 wrote:

Wow, who would have thought a bank won't issue you new credit when you burned  them in the past, crazy.

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LOL blondy250....btw, your Fico scores are incredible! My discover TU is only 780. Hopefully someday I can break 800

[sjt]

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@H4LO wrote:

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@bizzyballa31 wrote:

Wow those timeframes are remarkable.  At what point does it become overkill?  15 years is a lifetime.  Its Amex just as bad? 

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I'm a little confused here... 

Nothing is overkill.

You took their money, used it, bought whatever you did buy and burned them. A debt is a debt, it's as simple as that.

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I tend to agree with your sentiment but if Chase (or any other bank) sold the account to a JDB there is really no recourse in trying to pay them back and having it noted that it was paid back.

[enharu]

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@sjt wrote:

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@H4LO wrote:

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@bizzyballa31 wrote:

Wow those timeframes are remarkable.  At what point does it become overkill?  15 years is a lifetime.  Its Amex just as bad? 

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I'm a little confused here... 

Nothing is overkill.

You took their money, used it, bought whatever you did buy and burned them. A debt is a debt, it's as simple as that.

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I tend to agree with your sentiment but if Chase (or any other bank) sold the account to a JDB there is really no recourse in trying to pay them back and having it noted that it was paid back.

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Banks are paid cents for each dollar owed when the debt is sold to collection companies. And it doesn't change the fact that the customer did burn them.

[sjt]

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@enharu wrote:

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Banks are paid cents for each dollar owed when the debt is sold to collection companies. And it doesn't change the fact that the customer did burn them.

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I agree, but my point is once a debt was sold to a JDB there is no way to pay them back and have the payment reflected in their records.

[B335is]

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@sjt wrote:

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@enharu wrote:

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Banks are paid cents for each dollar owed when the debt is sold to collection companies. And it doesn't change the fact that the customer did burn them.

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I agree, but my point is once a debt was sold to a JDB there is no way to pay them back and have the payment reflected in their records.

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Are you sure about that?  For some reason Amex instantly came to mind.

[longtimelurker]

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@H4LO wrote:

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@bizzyballa31 wrote:

Wow those timeframes are remarkable.  At what point does it become overkill?  15 years is a lifetime.  Its Amex just as bad? 

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I'm a little confused here... 

Nothing is overkill.

You took their money, used it, bought whatever you did buy and burned them. A debt is a debt, it's as simple as that.

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Right, but banks aren't there for moral lessons, they want to make a profit.   So it's at least conceivable that a bank COULD say:

"Yes, BadPast burned us for $2101 in 1997.   But since then, no incidents on his CR, he has lots of high limit cards, reports a high income.  If we can get him to use our card, we could make some money"

Or it may be that their evidence shows that once someone burns them, the chance of profitibility is too low, or it maybe easier just to have hard rules.  But it doesn't mean that the denial necessarily makes the best financial sense

[compassion101]

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@longtimelurker wrote:

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@H4LO wrote:

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@bizzyballa31 wrote:

Wow those timeframes are remarkable.  At what point does it become overkill?  15 years is a lifetime.  Its Amex just as bad? 

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I'm a little confused here... 

Nothing is overkill.

You took their money, used it, bought whatever you did buy and burned them. A debt is a debt, it's as simple as that.

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Right, but banks aren't there for moral lessons, they want to make a profit.   So it's at least conceivable that a bank COULD say:

"Yes, BadPast burned us for $2101 in 1997.   But since then, no incidents on his CR, he has lots of high limit cards, reports a high income.  If we can get him to use our card, we could make some money"

Or it may be that their evidence shows that once someone burns them, the chance of profitibility is too low, or it maybe easier just to have hard rules.  But it doesn't mean that the denial necessarily makes the best financial sense

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I think there is another business reason, though. The fact that someone who is thinking about burning a company whether through a charge-off, BK, etc, is certainly gonna think one way about burning capone/discover etc that might let them back in 5 years down the road and instead think twice about a company that has a reputation to never forget like chase/citi/amex.