topic Re: Chase CC charge off is ruining my life!! HELP in Rebuilding Your Credit

Chase CC charge off is ruining my life!! HELP

Anonymous — Wed, 22 Feb 2017 17:39:00 GMT

I really don't know what to do. I have a Chase CC that I opened in 2001, I lost my job in June 2010 and tried as best as I could to make all payments, a single dad with 3 kids it was most important to keep a roof over their head. The account is now a charge off on my CR as of January 2014. I am trying to refinance my house and nothing can happen with this CO. I don't know who to contact as far as negotiating payment, getting it removed etc. Should I dispute it through reporting agency? May 2019 is the on record date for deletion. Any help would be great! Thank you

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Wed, 22 Feb 2017 18:19:22 GMT

@Anonymous wrote:
I really don't know what to do. I have a Chase CC that I opened in 2001, I lost my job in June 2010 and tried as best as I could to make all payments, a single dad with 3 kids it was most important to keep a roof over their head. The account is now a charge off on my CR as of January 2014. I am trying to refinance my house and nothing can happen with this CO. I don't know who to contact as far as negotiating payment, getting it removed etc. Should I dispute it through reporting agency? May 2019 is the on record date for deletion. Any help would be great! Thank you

Disputing it won't do you any good unless you can see there are inaccuracies. If there aren't, you could make the situation worse for yourself.

I would contact Chase first to see if they are willing to accept payment and recall the account from collections. You can tell them about your situation and ask if they would be willing to delete it with a pay in full, but I wouldn't get your hopes up. If they won't delete it, try to negotiate a payment.

If they won't accept any payment, you can get the information from them on the collection agency to contact. Try to get them to delete for a pay in full first (get this in writing), and then negotiate down a lower price - try to push for them to report that it was paid, with no remarks that it was a lowered negotiated rate than what you owed.

Re: Chase CC charge off is ruining my life!! HELP

RobertEG — Wed, 22 Feb 2017 18:31:39 GMT

The post makes no reference to a collection.

Do you have any indication that it has either been referred or sold to a debt collector?

If a collection also reports, you will then have an additional major derog to deal with.

Did the prospective lendor state that the CO must be paid as a pre-condition for any refinancing, or is it simply a matter of its score/rate impact?

What other major derogs do you have in your credit report, what is your current score, and have they given you a qualifying score?

Do you have the money to pay the charge-off debt before proceeding with your refinance approval?

Additionally, does the OC still own the debt?

The DOFD is likely May 2012, which would likely also mean that the debt is nearing 5 years from date of first delinquency in the current chain.

Lots of factors come into the mix.......

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Wed, 22 Feb 2017 18:39:00 GMT

HI,

Yes, Chase still owns the debt, it has not been sent to a clollection. My current score is 600 and I need a 620 to qualify with the lender, I have some late payments but no other charge offs or colletions. The balance is $4276 that was charged off. My family is willing to help me pay it if they will remove it. I am hoping to be able to neogiate that if I can. What is the DOFD?

Re: Chase CC charge off is ruining my life!! HELP

rmduhon — Wed, 22 Feb 2017 18:42:41 GMT

DoFD is the Date of First Delinquency. That is the date that you first became delinquent and never brought the account current afterwards.

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Wed, 22 Feb 2017 18:55:11 GMT

@Anonymous wrote:
HI,
Yes, Chase still owns the debt, it has not been sent to a clollection. My current score is 600 and I need a 620 to qualify with the lender, I have some late payments but no other charge offs or colletions. The balance is $4276 that was charged off. My family is willing to help me pay it if they will remove it. I am hoping to be able to neogiate that if I can. What is the DOFD?

My mistake, you asked who to contact, so I assumed you didn't know who owned the debt currently.

Re: Chase CC charge off is ruining my life!! HELP

RobertEG — Wed, 22 Feb 2017 18:59:50 GMT

Is there some pressing reason why you must proceed with refinancing of your current loan prior to or concurrent with settling your current delinquent debt with Chase?

A PFD offer may take some time to complete, as any acceptance of deletion of derogs, such as the CO, would be voluntary on their part.....

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Wed, 22 Feb 2017 19:15:26 GMT

Yes, my interest rate is 6.5%. I want to get things in order to make the refi easier

Re: Chase CC charge off is ruining my life!! HELP

RobertEG — Wed, 22 Feb 2017 19:19:26 GMT

But you can put off the refinance until after you improve your score?

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Wed, 22 Feb 2017 19:21:02 GMT

I have no choice, I need a 620 minimum to qualify. So yes, I am putting it off until I improve my score.

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Wed, 22 Feb 2017 21:15:11 GMT

Crazy!

You are in the exact same situation as I was..

2012 my chase was charged off due to loss of job and not being able to keep up with it.

They kept the charge off internally in their reovery department. The debt was never sold so they continued to report the balance which killed my utilization. I was always at 118% UTI.

I tried to get a refinance in 2015, no luck... the lender said I needed to take care of the charge-off for more than one reason. My score started around a 630 but by the time they trashed it with hard inq it had dropped to low 600's.

Fast forward to this year, I finally got a settlement with them. My score is back to a 670 and should climb another 30 or so once I pay off my current card (at 93%).

I think chase had some large law suit back in early 2012 which caused them to freeze all collections, this kept eveything active internally and thus killing credit reports with UTI etc..

Your going to have to bite the bullet and settle that debt, PIF or ride it out... I didnt want to wait another 2 years for the refinance cause interest rates are climbing as the economy gets better. Hoping to have mine done by April.

Good luck

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Wed, 22 Feb 2017 21:19:36 GMT

Oh and a dispute wont help unless theres incorrect information. I had mine in dispute prior to the refinance, it was artifically inflating my score. The lender required all disputes to be removed which is what pulled it to the 630.

Look on the report, theres a chase phone number. Call it and ask for a supervisor, then ask to be transfered to their recovery department. This is where you will negotiate.

I got a settlement from $7800 down to $3000, but the best would be if you can afford it, offer to pay in full for deletion. they will probably take it. A settlement doesnt look good but it did fix my UTI.

Make sure you have the cash in hand and ready to pay. they will give you 10 days from the day you agree to the settlement. This is 10 actual days not 10 business days.

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Thu, 23 Feb 2017 13:52:23 GMT

Wow..thank you so much for this information. It is exactly what I was looking for. I really apprecaite it. My lender told me that removing that alone will bring my score up enough to qualify for the refi. Again, thank you so much!

Re: Chase CC charge off is ruining my life!! HELP

StartingOver10 — Thu, 23 Feb 2017 14:02:21 GMT

OP, you can get refinanced with the CO on the credit report as it is older than a year. There are mortgage lenders that will go below 620 too. Are you looking at your mortgage score or your FICO 8 score? Mortgage lenders don't use FICO 8 scores.

Also, if you are talking with one of the big box banks - they won't be able to do it. As a result of the mortgage meltdown, many (not all) of the big box banks are absolutely awful at originating mortgages. They do a good job servicing the mortgage - but I would never go to one to originate a mortgage except in very narrow, limited circumstances.

Go to a mortgage lender that only originates, underwrites and funds mortgages. If you want a referral to a couple that are excellent - pm me.

Re: Chase CC charge off is ruining my life!! HELP

aphrodite871 — Thu, 23 Feb 2017 14:34:39 GMT

I'm in this same situation. They charged off most of the debt. But it's still reporting the whole balance. I had to pay income tax on it for 2015 tax year. They sent me a 1009 c. It's killing my uti. I guess I'll have to settle.

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Thu, 23 Feb 2017 16:16:33 GMT

@StartingOver10 wrote:
OP, you can get refinanced with the CO on the credit report as it is older than a year. There are mortgage lenders that will go below 620 too. Are you looking at your mortgage score or your FICO 8 score? Mortgage lenders don't use FICO 8 scores.

Also, if you are talking with one of the big box banks - they won't be able to do it. As a result of the mortgage meltdown, many (not all) of the big box banks are absolutely awful at originating mortgages. They do a good job servicing the mortgage - but I would never go to one to originate a mortgage except in very narrow, limited circumstances.

Go to a mortgage lender that only originates, underwrites and funds mortgages. If you want a referral to a couple that are excellent - pm me.

Not an unpaid chargeoff.

Re: Chase CC charge off is ruining my life!! HELP

Anonymous — Thu, 23 Feb 2017 16:32:52 GMT

I believe that the CO is no the only reasons why he couldn't get the refi approved. Even if the scores was 620+, CO off report, the credit profile just doesn't fit the guidelines on the refi. I would definitely not pursue the refi any longer, not to waste anymore time and keep your hopes up. For example, the lates on your credit report, high utilitizations, LTV, etc... The lender probablly used that as an excuse to tell you no, but you're very far from an approval at this point.