topic Chase and Discover questions in Credit Cards

Chase and Discover questions

Anonymous — Tue, 10 Sep 2013 04:51:47 GMT

We closed our accounts with chase and discover after getting in trouble with debt from medical bills,etc. We are currently on 0% interest plans to pay them back within a certain number of years (3-5). We are about 2 years away. Payments have been drawn from our checking account. Our credit currently stinks. However, I am looking to rebuild our credit. I currently have a capital one card for $320 cl. But I need to get something for emergencies as hotels, car rentals, etc make a big deal about debit cards. I am also coming into some money where we can pay off all of our old debt in the next month or two. So i am going to be able to call these companies up and pay them the rest that is owed. Hopefully I can negotiate a settlement and they take a reduced amount in exchange for me paying them everything now. Questions, if I do a settlement will I be able to reopen these cards that we had accounts with (we had the discover account for like 18 years. We always paid it on time till we ran into medical issues). We have paid it on time every month since it has been renegotiated to 0% interest rate. If I pay full price, will they reopen the card even if our credit stinks now? I would like to play on the we have been customers for 18 years but ran into trouble, but now everything is good again.

Re: Chase and Discover questions

myjourney — Tue, 10 Sep 2013 04:57:39 GMT

I'm so glad that you have your health and financial picture is looking better

In most cases they will not re-open old accounts hopefully you will be one of the lucky ones and they do so i'm pulling for you.

Re: Chase and Discover questions

09Lexie — Tue, 10 Sep 2013 05:02:58 GMT

^ this plus accounts will be settled or less. Chase will probably say no to future approvals for awhile.

Re: Chase and Discover questions

Creditaddict — Tue, 10 Sep 2013 06:15:39 GMT

Credit terrible because of the medical or?
How much is left on these 2 accounts?
Original limits or what is reported now?
Any other debts besides these 2?
Do you know scores currently?

Re: Chase and Discover questions

compassion101 — Tue, 10 Sep 2013 07:14:22 GMT

I wouldn't pay them early unless there is an advantage for you for doing so. I'd rather invest the money and/or have the security of extra cash in case you need it. I kinda doubt it will be right away that these companies will give you credit again, maybe down the road hopefully

Re: Chase and Discover questions

youngandcreditwrthy — Tue, 10 Sep 2013 12:21:12 GMT

Sorry to lol but Discover and Chase aren't going to extend you credit if you didn't pay them in full.
Is this payment plan affecting your credit?

It's possible you could just get another prime card from a diff lender If you have no lates and no notation of "debt counseling" on your reports...

Re: Chase and Discover questions

Anonymous — Tue, 10 Sep 2013 12:35:03 GMT

Here's how it was for me. I charged around... $1500 with Chase when I first turned 18. Being stubborn I decided I will never pay them back, not even a payment plan (this was in 2004). Fas forward to 2012', 760's across the board they still wouldn't give me $1. I recently app'd for the Military Star Card and was approved for them, TWO WEEKS AGO. So, it took longer than the "7yr" period for me to get back in with them. I can't blame them though, why would they lend to me??

Re: Chase and Discover questions

youngandcreditwrthy — Tue, 10 Sep 2013 12:40:35 GMT

Well, if it was in 04, I'd give ya another chance.
These banks get tax deductions(write offs) and sell the debt...
After a while, seems like they'd lose money by not extending credit to someone who has learned the err of their ways!

Re: Chase and Discover questions

atarvuzdar — Tue, 10 Sep 2013 15:55:54 GMT

Please be careful of settling accounts for less than you owe. Credit card companies have a habit of labeling that a charge-off (because it is) and that can really kill your credit score. Not sure what they're reporting on your credit reports right now with your 0% payment plan, but a charge-off would not help things.

Good luck!

Re: Chase and Discover questions

Anonymous — Tue, 10 Sep 2013 19:17:04 GMT

Debt issues because of medical bills. I actually pay like $800 a month now in medication and dr copays!! I had a very high risk pregnancy and was on bedrest, the baby was born sick (Thankfully she is healthy happy 4 year old today), shortly after she was born I was diagnosed with severe lupus SLE. So we lived on credit cards for awhile when trying to make ends meet.Everything is closed. We have 29k (does not include car which is 19k and with chase) in debt that I am wiping out with this money. There should be enough to put in savings (10k). I am expecting about 40-50k as part of a settlement from a car accident hubby was in. They are in the negotiations stages now. Oh and I forgot hubby was in an accident that totaled MY car (he took it to work because it had been sitting while I was out of town for work. A girl on a suspended license for DWI and in her dad's car and her dad was in the car with her plowed through a stop sign at 55miles an hour into him. Both cars were totaled. He had to be cut out of the car.He had broken ribs and knee surgery and back issues as a result). We want to pay the debt off and be free of it. Right now, just Discover and Chase is about 13k all together. I have a 0% interest rate on everything. My payments to them both equal to $770 a month. So I am anxious to get rid of this.

Chase was pretty cool about the 0% interest plan. They sent us a letter after 6 months telling us that they were marking our credit reports as current and removing past dues on it! They said it was because we had made all of our payments on the plan on time to them. It took Discover a while to come around. They eventually gave us a 0% interest 5 year plan too.

So I guess if I want credit with them (Chase did give us a car loan with our terrible scores of 500 and 520 last year at a 7.9% interest rate. I know I was shocked too! They also hold our mortgage note) I need to pay full amount to them for a chance. Anyone else negotiate. I am pretty good at negotiating as I do that in my job everyday (contracting officer for govt). We also have several collections from accounts that have been charged off and passed around to JDB. A few have sued, all have lost. They hd no documentation to back up paperwork, could prove they owned the debt, or didn't have a chain of custody.

We also are trying to get ourselves into upgrading to a new house within a year as our house is too small with one bathroom and three daughters, a hubby and me. I am hoping to get my score up to 620 within a year or higher. We will be using my hubby's va loan (right now ours is a conventional loan because VA always counted daycare costs in the ratios, my last one is in prek now. WHOO HOO so that frees up another $700 a month and will not be in our debt to income ratios as in the past). I do want to get credit again with discover and chase.

Re: Chase and Discover questions

lithium78 — Tue, 10 Sep 2013 19:23:12 GMT

Honestly, your best option right now is to forget about unsecured cards for a while (except for your Capital One card, of course). If you can scrape together $1000 for a deposit, you could get a secured card from a credit union or different bank to use for car rentals, hotel stays, etc., since they frequently won't take debit cards (or they will hassle you about it). A credit union might be your best chance to get a secured card without an AF. When your credit improves, most financial institutions will unsecure the card and refund your deposit.

Re: Chase and Discover questions

CreditScholar — Wed, 11 Sep 2013 03:24:11 GMT

@lithium78 wrote:
Honestly, your best option right now is to forget about unsecured cards for a while (except for your Capital One card, of course). If you can scrape together $1000 for a deposit, you could get a secured card from a credit union or different bank to use for car rentals, hotel stays, etc., since they frequently won't take debit cards (or they will hassle you about it). A credit union might be your best chance to get a secured card without an AF. When your credit improves, most financial institutions will unsecure the card and refund your deposit.

+1. I have to agree with the others and say that your odds of getting anything from Chase is quite low. I wouldn't even bother in this case until your credit has cleaned itself up a lot more. If you're not even at 620, I'm pretty certain they won't even touch you regardless of whether or not you've paid back past debts.

Getting a car and home loan through Chase is different since it's secured debt, which is quite different to unsecured debt (credit cards). This is doubly true if you've burned them in the past.