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Established Member
Posts: 10
Registered: ‎05-15-2007
0

Chase Loan Mod Disaster

I am out of ideas and have decided to look for help on the board. I received a permanent modification from then EMC in 2010. My original loan amount before modification was 220k and fee and late payments were added back it went up to 233k. My issue is that after the modification the tradeline was never changed so I have a balance of about 225k with a high loan amount of 220k which is wrecking my utilization and my scores will never go over 600 until this is fixed. I have contacted EMC several times and not the new servicer Chase to no avail. I recently sent a complaint to the CFPB and Chase still wont budge saying they have to report the original amount despite the term changing on my report to 400+ months and the payment changing. Does anybody have any ideas as to what I should do next. At this point I feel like I was better off letting the house go as I would be in much better shape today credit wise. Any help would be appreciated.

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Chase Loan Mod Disaster

Considering that the modification was for the purpose of keeping your home; which was successful... I'm not really sure what you can do. Are you quite certain that its not the late payments which are hurting your score even more?

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Established Member
Posts: 10
Registered: ‎05-15-2007
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Re: Chase Loan Mod Disaster

It's definitely my utilization which is at 100% my thoughts is that everything about the trade line has changed except the high limit which I'm sure they could change if they wanted to.
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Chase Loan Mod Disaster

I'm not sure that they can. I wasn't aware the installment loan utilization was factored into fico.

If you took out a loan for 220k.... and your highest loan balance was 225k... then they are accurately reporting the loan.

You should feel good about getting to keep the house.... if you had defualted there would have been a huge mess to clean up which would have effected you much longer.

Starting Score: 08/29/2011 TU 671 EQ 674
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Established Contributor
Posts: 619
Registered: ‎09-26-2011
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Re: Chase Loan Mod Disaster

[ Edited ]

webhopper wrote:
 I wasn't aware the installment loan utilization was factored into fico.


Installment balances aren't included in the utilization that matters, only revolving credit. I'd be in heap big trouble if it were, thanks to my student loans.  If they are reporting accurately, not much you can do about it.

 

ETA: there has to be something else dragging on your score. Late payments can certainly do that in a big way, especially if they are recent.

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

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New Contributor
Posts: 69
Registered: ‎08-28-2012
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Re: Chase Loan Mod Disaster

I also believe, if what I've heard is correct, that the fact that you went through a modification can affect your credit score as well.  It seems like I've read somewhere that even if your payments are on time, and you go through a mod (it's possible, from what I've heard with the HAMP program) to get a more affordable payment, it still shows up on your reports and can affect your score.

 

You said your utilization is at 100%, Is that when you check your score on here, because it seems like my utilization on here is only calculated by my revolving credit.  Are your credit cards maxed out by any chance?

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Moderator
Posts: 14,062
Registered: ‎04-15-2011
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Re: Chase Loan Mod Disaster

+1 Check your util on revolving accounts.

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