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Hello all!
It's time for me to be responsible for my actions and I have decided to work on my credit. (Sorry for the long story ahead of time)
I have 5 charge offs (Chase, HSBC, Cap. One, Amex and WaMu whcih is now Chase).
HSBC shows charge off as of Aug 2008 and sold my account to another lender. Balance shows $0 with no CA reporting on any of my reports.
WaMu (Chase) shows charge off as of May 2008 and also sold my account to another lender. Balance is also $0 with no CA reporting on any of my reports.
Here's the 3 biggies:
Chase, Amex, and Cap. One charged off my accounts and still show balances because only they are reporting on my report.
Capital One pulls my account every month and updates the balance. CR says it will continue on record until Sep of 2014, but they have been reporting charge off every month since Aug 08.
Chase also pulls my account every month and every few months updates the balance. Will stay on report til Dec of 2014 and also has been reporting charge off every month since Sep 08.
Amex is also pulling my account every month (sometimes twice in a month under different divisions of AMEX) and updates the balance. Will stay on report til Ap of 2014 and is also reporting charge off every month.
I have got dunning letters from CAs (which I had previously ignored) and settlement offers from CAs not reporting on my reports and also got settlement offers from AMEX.
I have the ability to PIF Chase now ($2700 is listed amount, they wanted to settle for $1500), or pay most of Cap. One now ($4700 is listed amount, they did not offer settlement), or start payment agreement with AMEX now (over $15,000 and they offered $8500 settlement). Cannot pay all three as I can only scrap up about $4000 now.
Getting nervous now as Cap One and Chase have assigned accounts to local CAs. Only disputed amount owed with Chase because I can afford to pay them off and they verified amount.
Was thinking of offering Chase a PFD if they pull account away from CA or maybe PIF Chase if they change status on account.
Was concerned that Cap One and AMEX will then come after me because I paid Chase and they think I have money
That is a big post...
I think I would see if Chase would offer a PFD if you pay right away. Personally, for my own sanity, I'd prefer to knock one down at a time. Doesn't hurt to try!
Either way, your score will be hurt for a while. I think you realize this. But getting a PFD will help, and psychologically I think it looks better to see 2 accounts to work on, rather than three. You know?
Update:
Sent Chase a GW/PFD combo email yesterday and got a call back from them today. They are doing a little research and looks like they will be taking care of that Chase CO. Woman I spoke to was interested in knowing when will I be abale to make a payment and I told her within 24 hours of getting a WRITTEN agreement from Chase for what I requested. I am so happy I started resolving these accounts.
1 down, 4 more to go.
Going to try to deal with Cap. One. Is it realistic that they will accept my $1300 of the $4700 that I owe to get rid of my CO?
Eh, Personally I doubt it. It's always worth a shot, try negotiating. You can always try, but that's a little low probably. Give it a shot! If they say no, you can always negoatiate with them
Congrats on the Chase one!!! Just make sure it's in writing and that it spells out ALL the terms to your needs clearly, if not, send it back until it's right