Not a huge fan of Chase right now.....9/1 UPDATE

[gdale6]

Its perfectly legal for a creditor to update the info on your TL as long as it remains unpaid doing so keeps your Fico from recovering as it looks new every month even though it actually occured at a different time. Since its been updated I would go ahead and pay it since they would have to update it anyway once your balance went to 0 and its the fact that it happened that Fico goes off of. You could see an increase in score depending on whether or not its being included in your revolving utilization it would depend on your overall util profle. 

[CreditCuriosity]

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@gdale6 wrote:

Its perfectly legal for a creditor to update the info on your TL as long as it remains unpaid doing so keeps your Fico from recovering as it looks new every month even though it actually occured at a different time. Since its been updated I would go ahead and pay it since they would have to update it anyway once your balance went to 0 and its the fact that it happened that Fico goes off of. You could see an increase in score depending on whether or not its being included in your revolving utilization it would depend on your overall util profle. 

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Oh I agree with this..  What Taxi and I were speaking of is ones that haven't been updated in say 4 years and paying that.  A person has no real incentive(other then the obvious possible judgement) to pay something like that as it will be a huge ding on there score as it is like it happened yesterday again.  I just see that as a weird thing with the FICO scoring system is I believe what he was mentioning and what I brought up.  I know that is why a ton of people don't pay off old debts, just let an old dog die type of thing I guess.  When some people truely want to pay them off, but not be penalized hence waiting for after it falls off there report and making the creditor whole again like Amex let says as an example ince it falls off so they don't drop 50-100 points for paying off said debt while on report once that hasn't reported for quite some time.  Please correct me if I am wrong as not an expert on this, but believe that is how it works

[Anonymous]

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@gdale6 wrote:

Its perfectly legal for a creditor to update the info on your TL as long as it remains unpaid doing so keeps your Fico from recovering as it looks new every month even though it actually occured at a different time. Since its been updated I would go ahead and pay it since they would have to update it anyway once your balance went to 0 and its the fact that it happened that Fico goes off of. You could see an increase in score depending on whether or not its being included in your revolving utilization it would depend on your overall util profle. 

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Your absolutely right.  My problem is how the situation has been handled.  Very poor customer service. I'm over a year outside the Sol but I am the type to try and pay my debts.  Went through a rough patch with a divorce and slow times with my business. But things are much better now.  And I can pay them off.  Already paid Amex and WF.  Great experiences with all reps involved with them and they simply updated my accounts to paid charge offs.  

[sjt]

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@gdale6 wrote:

Its perfectly legal for a creditor to update the info on your TL as long as it remains unpaid doing so keeps your Fico from recovering as it looks new every month even though it actually occured at a different time. Since its been updated I would go ahead and pay it since they would have to update it anyway once your balance went to 0 and its the fact that it happened that Fico goes off of. You could see an increase in score depending on whether or not its being included in your revolving utilization it would depend on your overall util profle. 

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+1

Most creditors do report it monthly until its paid or they sell the debt. It could be the case where Chase was reporting it all along and the OP had not noticed this.

Im also suprised that Chase still owned the debt and did not sell it.

@Like @gdale6 stated, once the account is paid there will be a bump in score and would not be on Chase's blacklist.

[Imperfectfuture]

Do a google. Chase isn't allowed to sell debts (they were bad boys).

Not to be a Debbie downer, but isn't this more of a rebuilder thing?

[UncleB]

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@Imperfectfuture wrote:
Do a google. Chase isn't allowed to sell debts (they were bad boys).

Not to be a Debbie downer, but isn't this more of arebuilder thing?

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IMO it could go either way.  While this thread could be useful to rebuilders, it's also a good read for those of us who are not rebuilding, but might have a five year old CO with Chase.  It lets anybody in that position know the risks they take in trying to pay the old debt, regardless of if they feel it's the 'right' thing to do.

I used to be one of those people who felt that I always needed to do the 'right' thing no matter what.  I've come to realize that sometimes I must be realistic, and learn to operate within the framework of the system as it exists, not as it should be. 

The proverb "No good deed goes unpunished" is very much true in many cases.

[TiggerDat]

Something you should consider, since you stated it was outside the SOL, is the time it can remain on your credit report.  (These can be different depending where you live.)  If it is near the 7 year mark since first date of non-payment, you might want to consider simply riding it out and then paying it off.  I do agree that it was not handled in the best way.  I would also suggest PFD if they will go along with it. 

Updating the fact that it is still a bad debt should not cause any harm to your score, I believe, since the factor is first date of delinquency, one year from, and two years from being the hardest hits to your report.  Yeah, paying it off should increase your score a bit, but simply waiting it out might be the best way, as long as they don't tack on more interest. 

I think wha tthey should have done is approach this in the manner it was intended by you and worked with you instead of what they did do. 

I don't actually find any of Chase's products to be that appealing and I find them to be rather limited in what they will do for a customer over time.  I have a Freedom card with them and the only way I could get a CLI with them was with a HP.  They won't reduce my APR, when others will, and they won't PC me to a card I can use.  Actually, I think the only cards which would interest me at this point are airlines cards and only for the initial bonus.

[sjt]

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@Imperfectfuture wrote:
Do a google. Chase isn't allowed to sell debts (they were bad boys).

Not to be a Debbie downer, but isn't this more of a rebuilder thing?

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I believe Chase temporarily "volunteered" to stop selling debts back around 2013 to avoid a harsher hand slap. If OP's debt was CO prior to 2013, it could have been sold. Ive read that Chase is begining to sell their bad debts and pursuing legal action in Maryland.

[sjt]

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@UncleB wrote:

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@Imperfectfuture wrote:
Do a google. Chase isn't allowed to sell debts (they were bad boys).

Not to be a Debbie downer, but isn't this more of arebuilder thing?

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IMO it could go either way.  While this thread could be useful to rebuilders, it's also a good read for those of us who are not rebuilding, but might have a five year old CO with Chase.  It lets anybody in that position know the risks they take in trying to pay the old debt, regardless of if they feel it's the 'right' thing to do.

I used to be one of those people who felt that I always needed to do the 'right' thing no matter what.  I've come to realize that sometimes I must be realistic, and learn to operate within the framework of the system as it exists, not as it should be. 

The proverb "No good deed goes unpunished" is very much true in many cases.

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I agree, but paying the charge off would help his score.

I read that someone entered into a payment plan for a Chase charged off account and when it got all paid off Chase reported to the CRA as "Current/0 Balance/Was 120 Past Due." It also fell off the reports a few months shy of the 7 year mark.

[Anonymous]

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@sjt wrote:

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@UncleB wrote:

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@Imperfectfuture wrote:
Do a google. Chase isn't allowed to sell debts (they were bad boys).

Not to be a Debbie downer, but isn't this more ofarebuilder thing?

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IMO it could go either way.  While this thread could be useful to rebuilders, it's also a good read for those of us who are not rebuilding, but might have a five year old CO with Chase.  It lets anybody in that position know the risks they take in trying to pay the old debt, regardless of if they feel it's the 'right' thing to do.

I used to be one of those people who felt that I always needed to do the 'right' thing no matter what.  I've come to realize that sometimes I must be realistic, and learn to operate within the framework of the system as it exists, not as it should be. 

The proverb "No good deed goes unpunished" is very much true in many cases.

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I agree, but paying the charge off would help his score.

I read that someone entered into a payment plan for a Chase charged off account and when it got all paid off Chase reported to the CRA as "Current/0 Balance/Was 120 Past Due." It also fell off the reports a few months shy of the 7 year mark.

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I actually paid it off today, I'm sure hoping it will help because they were the last of my chargeoffs affecting util.  I did get to speak with someone in the credit reporting department of chase and he insured me that the first csr rep didn't make anything any worse for me.  He said she simply changed it to show charged off and update every month. ( Guess that's my fault for waking a sleeping giant.)  By me paying it today it would update again as well but this time show paid.  So either way would have been a new update.  That did make me feel a little better about the whole situation.  So thanks all for all the suggestions and I will come back and update once it show a 0 balance on my reports,  And if that raises my scores any.