Reply
Regular Contributor
Posts: 246
Registered: ‎01-25-2008
0

Re: Paying off Chase Credit Cards

[ Edited ]

If you got the money then pay your debt!  Your gonna need good credit, when this economy takes a turn for the worse, which is coming real fast. You will need good credit for a job, and renting a place.

Frequent Contributor
Posts: 389
Registered: ‎11-27-2010
0

Re: Paying off Chase Credit Cards


armywifey85 wrote:

when this economy takes a turn for the worse, which is coming real fast.



I wish I had a crystal ball


Starting Score: 703
Current Score: EQ 773 4/11/14
Goal Score: 800


Take the FICO Fitness Challenge
Established Contributor
Posts: 910
Registered: ‎12-25-2010
0

Re: Paying off Chase Credit Cards

I feel that if someone is uneducated and asking a question they don't deserve to be belittled. We all have to start somewhere. In the future they may be hesitant to seek assistance that might actually benefit if they feel they will just be chastised. That being said, CR4, no don't settle, just pay what you owe and I'd you don't want their services any longer cancel them. If as your name implies you are building your credit then now is not the time to stumble.

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Paying off Chase Credit Cards


JonStur wrote:
I feel that if someone is uneducated and asking a question they don't deserve to be belittled. We all have to start somewhere. In the future they may be hesitant to seek assistance that might actually benefit if they feel they will just be chastised. That being said, CR4, no don't settle, just pay what you owe and I'd you don't want their services any longer cancel them. If as your name implies you are building your credit then now is not the time to stumble.


+1

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Paying off Chase Credit Cards


CreditRepair4 wrote:

Is it worth calling to see if they would settle and close out my cards for less than the 10k I owe?


NO!.

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Paying off Chase Credit Cards

 


Wolf3 wrote:

CreditRepair4 wrote:

Is it worth calling to see if they would settle and close out my cards for less than the 10k I owe?


NO!.


Why not, Wolf3?  They can only say  yes or no. 

Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
0

Re: Paying off Chase Credit Cards


CreditRepair4 wrote:

 

I have 2 Chase Credit Cards that have a combined $10,000 balance on them.  I am getting a big bonus and was wondering how much would it take to pay them off? Do you think I could settle with Chase for less than the 10k?  Should I call the back door #?

Thanks.


Hi CreditRepair4, and welcome to the FICO Forums! Congratulations on your bonus. That's always a welcome addition! Smiley Happy

 

Are your Chase accounts in good standing currently? Are they open, or closed? Are you current on  your other obligations? Is your employment situation stable (or as stable as any job is these days)?

 

Settling a debt for less than the full amount owed would, indeed, be a major blow to your credit. It'd hurt as much as a charge-off would. And, it would make it very difficult for you to obtain new credit for quite a while. Unless you're currently delinquent, on a reduced payment plan, the card is already closed, with lates, etc..., lenders aren't likely to accept less than the full payment due. They already know you can pay, so they'll hold you to that obligation. If you can pay, you should do so in full. With a steady income (job), there are much more effective, and less harmful ways of killing debt, than settling.

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Moderator Emeritus
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Paying off Chase Credit Cards

CreditRepair4,

 

Welcome!

 

In addition, to LilMirth's questions, can you also tell us what the CL and balance is on each Chase card, and what you're anticipating your bonus to be.

 

And congrats on that bonus - very wise to use it paying down debt!

Just puttin' syrup on something, don't make it pancakes.
Established Contributor
Posts: 982
Registered: ‎05-27-2009
0

Re: Paying off Chase Credit Cards

I'm quite shocked to see members of this community encouraging the OP to not pay a legitimate debt. He ran up credit card debt, and now wants to settle for less because he owes a lot... it does not make sense to encourage this behavior.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


Take the FICO Fitness Challenge
Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Paying off Chase Credit Cards


cdtotten wrote:

I'm quite shocked to see members of this community encouraging the OP to not pay a legitimate debt. He ran up credit card debt, and now wants to settle for less because he owes a lot... it does not make sense to encourage this behavior.


What are you reading?  I don't see anyone encouraging the OP to not pay a legitimate debt. 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.