First collection! Chase 9k CLD, ouch.

[Anonymous]

Sent a pay for deletion letter. You want to get this taken care ASAP. This is one of the cons to creditors offering us free FICO products because they get a snap shot every month of our credit profiles and can take immediate action before we know what's going on.

[taxi818]

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@Anonymous wrote:

Hi everyone,

I lost access to my old account: Rolex

I hope this isn't the wrong area.

 Sorry to hear op. To get a collections means your were late for quiet 

I got a colleciton on my credit report, it's the only negative I've ever had. Because of it Chase dropped my credit line from 10k to 1k. 

How I got the collection is a bummer, I had a bank account with bank of the west that I was locked out of for quite some time. The branch here is horrible and even charges you to use their outside atm so one day I went in and told them how I've been locked out of my account and I requested to have all my funds taken out and given to me. They complied but what I didn't realize is that this dropped my balance below their service fee free qualificaiton. So while my account was 0 it overdrafted and over a month they charged a 3$ and something over draft fee everyday until it was -100$. 

However, I was completely unaware of this and we had construction at my house so everything was a mess including my mail, I eventually got an email that my credit score dropped significantly due to a collection from The Best Service Company/Bank of the West.

What would be the best course of action to remove this collection? My score dropped from a 790 to a 660

Would chase restore my line?

Any help is appreciated

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Sorry to hear op. To get a collection means you were late for a long time. Pay for delete is your only hope as it is still fresh. If you have more cards expect some of them to follow chase and lower their risk. This should never happen. Ever. We preach this here. Pay from another account. But never miss a payment. What a shame. 790-660. I'm just tongue tied with this. Geez. So much hard work lost in an instant. Offer extra money if necessary to give this deleted. Cash talks. I guess it is true in the world of fico. The bigger you are the harder you fall. I'm sad just reading this

[takeshi74]

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@Anonymous wrote:

I hope this isn't the wrong area. 

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Not necessarily wrong but don't overlook the Rebuilding subforum.

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@Anonymous wrote:

Thanks for the reply! How would I request a PFD, should I phone them or do it by mail?

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Again, Rebuilding.  Take a look at its stickies.

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@Anonymous wrote:

owever, I was completely unaware of this and we had construction at my house so everything was a mess including my mail, I eventually got an email that my credit score dropped significantly due to a collection from The Best Service Company/Bank of the West.

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That is unfortunate but you have to aware of the terms of your accounts and actively monitor all your accounts.  You may want to adjust your practices as it had to take quite a bit of time for this to go to collection.  Otherwise you run the risk of having problems with other accounts as well.

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@Anonymous wrote:

Do you absolutely know for certain that the CLD was attributed to the collection?  I  know Chase is conservative, but there have to be other factors involved.  Have you applied for a lot of credit lately?  

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A new collection is a major red flag -- bigger than new credit generally.  Even if it's not the only reason it's a significant one.  It's why we always recommend addressing dergogs first.  They can have a major inpact and hold one down.

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@Anonymous wrote:

Interesting.  Chase IS a conservative lender, apparently getting moreso by the day. 

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Collections and other derogs are red flags to all creditors.  Some are willing to tolerate more risk than others but a new collection will always have a significant impact.  Chase is certainly more conservative than some and less than others but an individual receving AA due to a new collection does not mean that a creditor is conservative.  It's never just about the creditor.  One's credit profile is the other important piece of the equation.

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@beautifulblaquepearl wrote:

This is one of the cons to creditors offering us free FICO products because they get a snap shot every month of our credit profiles and can take immediate action before we know what's going on.

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This has nothing to do with free FICO's.  Any creditor with an established relationship can and will SP to monitor one's credit.  You cannot assume that your credit profile no longer matters after you are approved.

[Anonymous]

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@beautifulblaquepearl wrote:

Sent a pay for deletion letter. You want to get this taken care ASAP. This is one of the cons to creditors offering us free FICO products because they get a snap shot every month of our credit profiles and can take immediate action before we know what's going on.

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Free FICO scores have nothing to do with AA. Creditors are checking our credit reports regularly. The difference with Free FICO scores is that they just show us what they found.

[Anonymous]

Called and they only offered to report it as paid, do I call again? Wouldn't do pay for delete. I emailed them and they called me.

[Anonymous]

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@taxi818 wrote:

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@Anonymous wrote:

Hi everyone,

I lost access to my old account: Rolex

I hope this isn't the wrong area.

 Sorry to hear op. To get a collections means your were late for quiet 

I got a colleciton on my credit report, it's the only negative I've ever had. Because of it Chase dropped my credit line from 10k to 1k. 

How I got the collection is a bummer, I had a bank account with bank of the west that I was locked out of for quite some time. The branch here is horrible and even charges you to use their outside atm so one day I went in and told them how I've been locked out of my account and I requested to have all my funds taken out and given to me. They complied but what I didn't realize is that this dropped my balance below their service fee free qualificaiton. So while my account was 0 it overdrafted and over a month they charged a 3$ and something over draft fee everyday until it was -100$. 

However, I was completely unaware of this and we had construction at my house so everything was a mess including my mail, I eventually got an email that my credit score dropped significantly due to a collection from The Best Service Company/Bank of the West.

What would be the best course of action to remove this collection? My score dropped from a 790 to a 660

Would chase restore my line?

Any help is appreciated

---

Sorry to hear op. To get a collection means you were late for a long time. Pay for delete is your only hope as it is still fresh. If you have more cards expect some of them to follow chase and lower their risk. This should never happen. Ever. We preach this here. Pay from another account. But never miss a payment. What a shame. 790-660. I'm just tongue tied with this. Geez. So much hard work lost in an instant. Offer extra money if necessary to give this deleted. Cash talks. I guess it is true in the world of fico. The bigger you are the harder you fall. I'm sad just reading this

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I know I'm so bummed, it was a bank account