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Valued Member
ronniejr
Posts: 38
Registered: ‎02-24-2011
0

Re: Paying off Chase Credit Cards

hahah my thought exactly.  I don't get the question either!! If you OWE than you  PAY.  If its in collection (with the charge off already there) then settle is possible.  Yeah sure someone can try to settle.  who knows it might work...

Senior Contributor
john398
Posts: 3,526
Registered: ‎01-19-2009
0

Re: Paying off Chase Credit Cards

Just thought I add lets say you do pay less than you owe, you will have to pay income tax on the amount they charge off because Chase would send you a 1099-C also the charge off would not look good on your credit

Valued Contributor
AndySoCal
Posts: 1,950
Registered: ‎04-07-2009
0

Re: Paying off Chase Credit Cards

Do you know that a settled account is considered a major derog and will lower your scores?

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Frequent Contributor
JagerBombs89
Posts: 406
Registered: ‎09-13-2009
0

Re: Paying off Chase Credit Cards


AndySoCal wrote:

Do you know that a settled account is considered a major derog and will lower your scores?


Thats really not important!  I SAY GO FOR IT!  YOU CAN DO IT!!!

New Visitor
CreditRepair4
Posts: 5
Registered: ‎06-04-2011
0

Re: Paying off Chase Credit Cards

Thanks to everyone for their feedback.  I have paid of the amount in full.

Regular Contributor
RozBuds
Posts: 202
Registered: ‎09-27-2008
0

Re: Paying off Chase Credit Cards

[ Edited ]

CreditRepair4 wrote:

Thanks to everyone for their feedback.  I have paid of the amount in full.


Congrats! You made an excellent decision. You must feel a huge weight lifted from your shoulders now.

RozBuds

Valued Contributor
Uborrow-Upay
Posts: 2,708
Registered: ‎10-16-2008
0

Re: Paying off Chase Credit Cards


RozBuds wrote:

CreditRepair4 wrote:

Thanks to everyone for their feedback.  I have paid of the amount in full.


Congrats! You made an excellent decision. You must feel a huge weight lifted from your shoulders now.

RozBuds


+1

 

CreditRepair4, I'm proud of you.  Good job!  :smileyhappy:

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

Re: Paying off Chase Credit Cards


Uborrow-Upay wrote:

RozBuds wrote:

CreditRepair4 wrote:

Thanks to everyone for their feedback.  I have paid of the amount in full.


Congrats! You made an excellent decision. You must feel a huge weight lifted from your shoulders now.

RozBuds


+1

 

CreditRepair4, I'm proud of you.  Good job!  :smileyhappy:



+2!  :smileytongue:

Just puttin' syrup on something, don't make it pancakes.
Valued Member
ronniejr
Posts: 38
Registered: ‎02-24-2011
0

Re: Paying off Chase Credit Cards

that happed to me.  I got a 1099-C for my Chase settlement.  The account was already charged off for almost 5 years.  I just paid the principle and Chase knocked off the interest. 

Valued Member
ronniejr
Posts: 38
Registered: ‎02-24-2011
0

Re: Paying off Chase Credit Cards

Perfect.  Less cash in you account but you saved you credit.  Making cash can be quicker then waiting 7 years for bad info on you Credit report to fall off.. very very SMART move. 


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