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Frequent Contributor
LionLaw
Posts: 258
Registered: ‎06-10-2012
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Chase - Goodwill adjustment for a charge-off from 2010?

Greetings.  I'm new here, and I'm looking for some advice on what action to take on a few bad items on my credit report.

 

The first I'm trying to deal with is a Chase Visa that was charged off as a bad debt and trasferred in June 2010 with a balance under $10,000.  I eventually settled with the debt collector.  Ideally, I'd like to get the delinquency and charge off removed as a goodwill adjustment (the account had never been delinquent prior to the delinquency), but absent that, I'd like to get the whole trade line deleted from my report.

 

I've sent a letter to the address on my credit report, and tonight I sent an e-mail to the executive office, both requesting a goodwill adjustment.  A few searches of the forum indicate that a lot of people on here have had success getting goodwill adjustments from Chase.  I'd appreciate any advice or insight.


Starting Score: 617 (EQ 6/10/12)
Current Score (8/28/13): EQ: 691 EX: 706 TU: 700
Goal Score: 700

Discover it $4,500 (02/2001); Amex PRG (Backdated to 01/2006); Amex ZYNC (Backdated to 07/2006); Wells Fargo Cash Back Visa $5,500 (12/2011); Citi Diamond Preferred MC $2,000 (07/2012); B of A Cash Rewards Visa Signature $5,000 (02/2013)

Valued Member
heckofagator
Posts: 33
Registered: ‎04-04-2012
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Re: Chase - Goodwill adjustment for a charge-off from 2010?

[ Edited ]

I've heard that the debt must be paid in full for them to do an adjustment/deletion.

 

That being said, I had a mortage with them that's paid off but has a 180 late.  I've sent 3 GW letters and all times have received a response that they don't do GW adjustments or deletions.  Guess maybe its the luck of the draw or something else, but they were very stern with me that this was their final decision.

Regular Contributor
m29
Posts: 112
Registered: ‎08-30-2011
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Re: Chase - Goodwill adjustment for a charge-off from 2010?

I sent you a PM! :smileyhappy:


Starting Score: 8/30/11 EQ 520 TU98 593
Current Score: LO Pull 3/5/12 EQ 659 TU04 652 EX 649
LO Pull 5/26/12 EQ 656 TU04 668 EX 651
Goal Score: 700 by 12/30/12


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Established Contributor
sjt
Posts: 681
Registered: ‎05-05-2010
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Re: Chase - Goodwill adjustment for a charge-off from 2010?

Question: If Chase (or any other creditor) transferred the debt to a collection agency chances are they sold it to that collection agency. Even if you paid the collection agency in full for the debt, the Chase would still have a lost. So why would they grant a goddwill?

Established Contributor
2NE1
Posts: 999
Registered: ‎12-06-2011
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Re: Chase - Goodwill adjustment for a charge-off from 2010?

I'll tell you why, because we're human beings and make mistakes, but we should be allowed to make changes and given a second chance. I'm pretty sure a large percentage of us fell into debt not on purpose, there had to be an understandable reason, sometimes a life changing event. Also, if a company takes into consideration your GW request, you're most likely to do business with them again in the future (at least that's the way I see it).

Chase has been wonderful helping me throughout my rebuilding process. I used to have WAMU and Chevy Chase cards that were bought by Chase and went into CO status. One I finished paying it off in full, the other was sold to collections, so yes Chase did loose money but they didn't use that excuse to reject my GW request at all. I did not EVEN PAY the CA in full and they ALSO granted me my GW request.

I'm thankful that Chase has given me the chance to start fresh with them. I'll make sure to apply to one of their products in the future. They sure have an amazing customer service! :smileyvery-happy:

Good luck OP! :smileyhappy:

Starting Score: 486 EQ, 529 TU, 518 EX 12/6/2011 (FICOS - lender pull)
Current Score: 595 EQ SW 1/10/13 628 TU08 1/10/2013 593 EX (BoA HP) 1/5/12
Goal Score: > 620
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Frequent Contributor
LionLaw
Posts: 258
Registered: ‎06-10-2012
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Re: Chase - Goodwill adjustment for a charge-off from 2010?

sjt - That's a good question.  Honestly, before I started researching the process of rebuilding/rehabilitating credit, it would have never occurred to me that a lender would remove a negative credit item just because the consumer requested it.  But, I was encouraged to learn that lenders are willing to do this, and especially that Chase seems more willing than most.

 

I certainly don't claim to be deserving of or entitled to a goodwill adjustment from Chase, but Chase has nothing to lose by making it, and, as the name implies, they have an opportunity to generate some goodwill. 


Starting Score: 617 (EQ 6/10/12)
Current Score (8/28/13): EQ: 691 EX: 706 TU: 700
Goal Score: 700

Discover it $4,500 (02/2001); Amex PRG (Backdated to 01/2006); Amex ZYNC (Backdated to 07/2006); Wells Fargo Cash Back Visa $5,500 (12/2011); Citi Diamond Preferred MC $2,000 (07/2012); B of A Cash Rewards Visa Signature $5,000 (02/2013)

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RobertEG
Posts: 17,456
Registered: ‎03-19-2007
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Re: Chase - Goodwill adjustment for a charge-off from 2010?

One reason why a creditor might grant a GW deletion is if they believe whatever led to your prior delinquencies has now been overcome, and they want your future business.

GW letters that emphasize "my wife just left me, the roof is a'leakin, the dawg just died, lost my job," etc., may simply reinforce a perception of risk.

However, demonstrating that those conditions have been overcome begins to paint a new picture of lower risk.

 

They are capitalists.  I would tend to view it in terms of what you can offer them.

 

Charge-offs are a very good example.  In doing a CO, they made an official business proclamation that your lack of payment of the debt  reached the stage that they considered it "uncollectible."  That is a serious perception to overcome.

Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: Chase - Goodwill adjustment for a charge-off from 2010?


RobertEG wrote:

One reason why a creditor might grant a GW deletion is if they believe whatever led to your prior delinquencies has now been overcome, and they want your future business.


LOL BofA has one final shot to do that by June 23rd for TU.  IMHO they are playing chicken with me.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
0

Re: Chase - Goodwill adjustment for a charge-off from 2010?


2NE1 wrote:
I'll tell you why, because we're human beings and make mistakes, but we should be allowed to make changes and given a second chance. I'm pretty sure a large percentage of us fell into debt not on purpose, there had to be an understandable reason, sometimes a life changing event. Also, if a company takes into consideration your GW request, you're most likely to do business with them again in the future (at least that's the way I see it).
 

I am not so sure a large percentage of people got into trouble because of life changing events or what have you... I mean, I justify it to myself all the time as to why I have this hard struggle to overcome, but the bottom line is I took on too much debt because it was avail to do, didn't pay my bills, stayed underemployed, toured in a rock band, and although there are plenty of mitigating reasons to why I ended up in debt, the bottom line is, it was my choices that landed me on this forum rebuilding..

 

I would venture to say a large majority of people became in debt because of choices they made, and many more stay in trouble because they ignore it..

 

Now that my HJ is over (lol) -- I worked for Chase corporate (well, Bank One corporate, but under Chase current management ect ect) and I agree w/ 2NE1.. Chase usually will work with you, if you get the right people involved..

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

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Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Frequent Contributor
LionLaw
Posts: 258
Registered: ‎06-10-2012
0

Re: Chase - Goodwill adjustment for a charge-off from 2010?

Thanks to everyone for the input.

 

RobertEG - I think the factors you cite will help my case.  The root cause of my delinqency (losing my job as a result of the financial collapse in 2008) has been eliminated, and Chase recently granted me an auto loan. 


Starting Score: 617 (EQ 6/10/12)
Current Score (8/28/13): EQ: 691 EX: 706 TU: 700
Goal Score: 700

Discover it $4,500 (02/2001); Amex PRG (Backdated to 01/2006); Amex ZYNC (Backdated to 07/2006); Wells Fargo Cash Back Visa $5,500 (12/2011); Citi Diamond Preferred MC $2,000 (07/2012); B of A Cash Rewards Visa Signature $5,000 (02/2013)


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