Need Help with a 2007 Chase CO

[thezubin1]

Hello Everyone this is my first posting, but I have been reading the myfico forums for awhile and have learned a great deal. I used to have excellent credit until about 2005.  Unfortunately having money in my mid twenties , coupled with 120K in unsecured credit left potential for overuse.  I have paid all my bills on time since, but have the following baddies still remaining:

BOA platinum plus(closed, originally-$6800): 0 balance-four 30 day lates

BNY personal line of credit(closed in 2006, originally-$1500): 0 balance-currently reporting 30 day late.  obviously an error.  Cannot verify to whom this TL belongs to.

Chase platinum(closed in 2007, originally $10000): settled for less than full/CO.  This TL was opened as 0-12 months interest free on balance transfer and purchases, and I had disputed the interest amount as I was charged since day one.  I was never aggresive about it until the amount built up after 18 months or so and paid the pricipal amount, roughly 10K and did not pay the interest of $1097 for which they recently sent me a 1099-C form.  Can anyone assis me as to what I should do?

2/24/2011: FICO TU-656, EQ-645

TARGET: 760

2005: 800+!!!

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

BofA - how old are the 30s?

BNY LOC - If closed in 2006, then I wouldn't do anything to the TL on account of the 30-day. For the most part, 30 day lates beyond 2 years really aren't hurting your scores any. However, if not yours, then you should think about it or ponder any action. I'd be afraid of my info being compromised due to ID Theft. Is it possible you were added as an AU by a parent or relative? Look at the TL closely, under responsibility, does it say "authorized user"," individual", or "joint"?

Chase - Send a GW and ask them to remove any lates and the "paid for less than full" comment. Be sure to include that 1099 into your taxes. If you still disagree with the interest, then contest it with Chase again. Seems like there's also a way to contest it with the IRS. I recall reading an article recently where someone was able to do that.

[thezubin1]

Thank you for your reply.

BOA-all the lates are more than 2 years old.  However, there is a lack of consistancy from EQ to TU to EXP.  Is this normal?  For example, EQ and EXP are showing more lates than TU. 

BNY-this was my TL, however I had closed it in Jan 2006 PIF.  I spoke with a VP at the Chase executive offices and he advised me that they did not aquire any closed accounts from BNY or WAMU even though a Chase branch in Harrison, NY verified that Chase did have this account.  This gentleman was nice enough to spend approx 30 mins on the phone with me and file a dispute on my behalf. 

I also spoke to him about the Chase CO and he said to send him my dispute letter directly and he would see what he could do.  I will keep you posted.  Keeping my fingers crossed.

Thank you for the advise regarding the 1099.  I will hold off on this until I hear back on the dispute. 

[thezubin1]

I would like to thank everyone's input in the My Fico forums.  After contactacting the Chase exec offices and reaching someone really helpful, I was able to have this entire TL deleted.  The nice woman was unable to update it to paid in full or paid as agreed, but was able to delete it as if it never existed.  Is this better than having the below???  Any feedback would be appreciated.  Also, I noticed that EQ and EXP FAKO updated within 2 days and TU has yet to update.  From what i see this is normal.  Also, my scores have only gone up 7 and 8 points respectively.  By UTIL is close to 80%.  I thought that may be the main reason.  Any feedback as to how the deletion of this TL will help my scores going forward will be much appreciated. 

Condition:	Derogatory
	Balance:	$0
	Type:	Credit Card
	Pay Status:	Collection/Chargeoff
	Past Due:	$0
	High Balance:	$11117
	Terms:
	Limit:	$10000
	Payment:
	Opened:	03/02/2005
	Reported:	10/01/2007
	Responsibility:	Individual
	Late Payments (last 7 years):
	30 Days Late:
	60 Days Late:
	90 Days Late:

	Remarks:
	[TransUnion] Payment after charge off/collection Settled - less than full balance
	[Experian]
	[Equifax]