topic Re: Advice for GWing Chase? in Rebuilding Your Credit

Advice for GWing Chase?

Anonymous — Sun, 27 Jul 2008 03:39:46 GMT

So I defaulted on my Chase Visa a year and half ago, and last Nov I settled the account for about 70% of the balance (after they served me with legal arbitration papers).

It is now paid in full, and reporting on my CR's as: $0 balance, DOLA Nov. 2007, Charged off as bad debt, showing late pays from 12/06-11/07.

I want to GW them to try to have them change the account status from 'Charge off' to 'Closed.' I don't have the whole "I was a good customer for a long time" line to give them, as this card just showed up in my mailbox in May of 06 and by December I had defaulted.

How should I go about doing this? Anyone have any experience with Chase? I have already started GWing Chase for my Pier 1 card (1 late pay) and they keep responding saying its illegal to change information on CR's.

Any thoughts?

Re: Advice for GWing Chase?

Anonymous — Sun, 27 Jul 2008 20:30:14 GMT

bump...

Re: Advice for GWing Chase?

Anonymous — Sun, 17 Aug 2008 04:47:29 GMT

Bump... one more time.

Re: Advice for GWing Chase?

Anonymous — Sun, 17 Aug 2008 05:58:51 GMT

From what I have read, just keep sending for the Pier 1. In regards to the Chase card - maybe just explain to them that you were simply being irresponsible with your finances, you are working on getting everything straightened out and are turning your life around and would greatly appreciate the goodwill adjustment.

Re: Advice for GWing Chase?

Anonymous — Tue, 09 Sep 2008 09:37:50 GMT

Any luck with the Pier1 GW yet?? I'm sending my first one in the mail tomorrow, we'll see what happens. I figure I'll just keep sending it until they get sickof hearing from me. Good luck with yours, if you haven't gotten it taken off already!

Re: Advice for GWing Chase?

Anonymous — Wed, 10 Sep 2008 00:11:42 GMT

Nothing yet... I keep getting the same response, "We only report accurate info... blah, blah, blah." I keep sending them though.

Good luck with yours, let me know if you get it to work.

Re: Advice for GWing Chase?

Anonymous — Wed, 10 Sep 2008 01:47:34 GMT

Well, so far no luck with Chase.... They keep sending we have reviewed the information and will continue to report accurately...

So i guess I'll just keep the local post office busy...

Chase is last skidmark on my CR, 2 30day lates from last year...

Re: Advice for GWing Chase?

RobertEG — Wed, 10 Sep 2008 03:37:51 GMT

IMHO, getting them to close the account wont help your scorenow , and may hurt it.

Account status as open or closed records current account status. Changing this status is a separate credit file field code, and does not erase the separate payment history field codes in your file, such as the prior derog CO status.

Your current account status, if you have paid it off, should now be current,but still showing the prior related CO fileds and DOFD fields, which are not erased by paying the account or closing it. Closing an account does not erase prior derog info in your file. That is only done by way of an entire deletion of the account from your CR, Apparently, that is not what you have asked them to do.

In fact, closing the account may harm your score. If they close the account, which is now in good standing, you will lose the CL of that account in subsequent %util calculations. It will also begin the tolling of the ten year clock in your file from closing date that will utlimately cause you to lose the aging history of the account after ten years.

The only gain you can get right now is to ask them to delete, and not just close, the account. Then its derog payment history will go away, but also you will instantly lose both its CL and account age in your avg aging calculation.

Yes, they are correct in stating that creditors are instructed in the CRA reporting manual that it is iimproper to delete a prior derog report unless it was improper in the first instance. In a GW letter, you are askiing them to disregard this, and show you good will. From my experience, a creditor wont be motivated to do this based solely on your acounting of reasons why you did not pay on time. Rather, I feel that the best motivation to get a credtor to do a GW deletion is to include some statement of how it will affect your future business with them. "I will love you forever, and only use your card forever, if you extend this GW to me!"

Message Edited by RobertEG on 09-09-2008 08:37 PM

Re: Advice for GWing Chase?

Anonymous — Wed, 10 Sep 2008 03:53:59 GMT

RobertEG wrote:

IMHO, getting them to close the account wont help your scorenow , and may hurt it.

Account status as open or closed records current account status. Changing this status is a separate credit file field code, and does not erase the separate payment history field codes in your file, such as the prior derog CO status.

Your current account status, if you have paid it off, should now be current,but still showing the prior related CO fileds and DOFD fields, which are not erased by paying the account or closing it. Closing an account does not erase prior derog info in your file. That is only done by way of an entire deletion of the account from your CR, Apparently, that is not what you have asked them to do.

In fact, closing the account may harm your score. If they close the account, which is now in good standing, you will lose the CL of that account in subsequent %util calculations.

The account is charged off with a $0 balance......it isn't being included in util.

An account showing as a CO is not an "account in good standing" as it is a charged off account, even if paid.

It will also begin the tolling of the ten year clock in your file from closing date that will utlimately cause you to lose the aging history of the account after ten years.

The account will be removed for 7 years from DOFD. Under certain circumstances, some accounts can convert to a positive account at 7 years and remain for another 3. I am not sure that a CO account will ever do that.

The only gain you can get right now is to ask them to delete, and not just close, the account. Then its derog payment history will go away, but also you will instantly lose both its CL and account age in your avg aging calculation.

CL of a CO account is not being used in revolving util when the account has a $0 balance.

Yes, they are correct in stating that creditors are instructed in the CRA reporting manual that it is iimproper to delete a prior derog report unless it was improper in the first instance. In a GW letter, you are askiing them to disregard this, and show you good will. From my experience, a creditor wont be motivated to do this based solely on your acounting of reasons why you did not pay on time. Rather, I feel that the best motivation to get a credtor to do a GW deletion is to include some statement of how it will affect your future business with them. "I will love you forever, and only use your card forever, if you extend this GW to me!"

Message Edited by RobertEG on 09-09-2008 08:37 PM

Re: Advice for GWing Chase?

Anonymous — Wed, 10 Sep 2008 03:55:59 GMT

How severe are the late pays that are showing for the account?

There is a chance that having the CO comment removed may not even help your score, especially if you have severe lates(90,120,150, etc) showing in the payment field.

Laurenlou wrote:

So I defaulted on my Chase Visa a year and half ago, and last Nov I settled the account for about 70% of the balance (after they served me with legal arbitration papers).

It is now paid in full, and reporting on my CR's as: $0 balance, DOLA Nov. 2007, Charged off as bad debt, showing late pays from 12/06-11/07.

I want to GW them to try to have them change the account status from 'Charge off' to 'Closed.' I don't have the whole "I was a good customer for a long time" line to give them, as this card just showed up in my mailbox in May of 06 and by December I had defaulted.

How should I go about doing this? Anyone have any experience with Chase? I have already started GWing Chase for my Pier 1 card (1 late pay) and they keep responding saying its illegal to change information on CR's.

Any thoughts?

Re: Advice for GWing Chase?

Anonymous — Wed, 10 Sep 2008 04:39:31 GMT

In my case, I'm basically begging that my OC just completely delete my account from my report. I didn't have a long history with them anyway, and I'd just as well like to start clean.

But that's just the case in my circumstance.

Message Edited by treski on 09-09-2008 09:39 PM

Re: Advice for GWing Chase?

Anonymous — Wed, 10 Sep 2008 13:47:57 GMT

@Anonymous wrote:
So I defaulted on my Chase Visa a year and half ago, and last Nov I settled the account for about 70% of the balance (after they served me with legal arbitration papers).

It is now paid in full, and reporting on my CR's as: $0 balance, DOLA Nov. 2007, Charged off as bad debt, showing late pays from 12/06-11/07.

I want to GW them to try to have them change the account status from 'Charge off' to 'Closed.' I don't have the whole "I was a good customer for a long time" line to give them, as this card just showed up in my mailbox in May of 06 and by December I had defaulted.

How should I go about doing this? Anyone have any experience with Chase? I have already started GWing Chase for my Pier 1 card (1 late pay) and they keep responding saying its illegal to change information on CR's.

Any thoughts?

I have had a CC account with them for over 5 years that I closed about 2 years ago while going through a divorce. I tried to GW them twice to remove some 30 and 60 day lates and they gave me the standard denial letter too. I also tried to call them to reopen the acct and they said "no." Then I applied for a new card hoping that my history with them would help override my EX 630 score....and they said "no." I haven't had much luck with them at all.