topic Re: Repayment question in Rebuilding Your Credit

Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 19:12:47 GMT

Hi Everyone.

I have 3 cards that are closed left to pay.

Barclays - 2400

Chase Slate - roughly 3000

Chase Freedom - roughly 4000

The questions is, I have 2400. Do I pay the barclay off or pay a little to all 3?

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 19:16:00 GMT

What are the credit limits for each card? Are they all still open?

Re: Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 19:17:02 GMT

all closed and over limits

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 19:17:46 GMT

Are they CO's?

Re: Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 19:18:12 GMT

yes

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 19:19:22 GMT

If they're outside the SOL, I would try and negotiate a settlement and see if you can pay 2 accounts off!

Re: Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 19:22:43 GMT

if i settle the chase accounts, will it hurt my score more than chipping away at them? im in a rebuild mode!

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 19:24:04 GMT

Nope, it scores just the same.

Re: Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 19:24:57 GMT

last question, will it hurt my chances of getting an auto loan in a few months?

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 19:30:34 GMT

If they do a manual review. How old are the CO's?

Re: Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 19:38:33 GMT

last year since i was out of work. I just called chase. they will settle both accounts for under 4,000. Do i do it? if i do, is there anything about the reporting status that i can do?

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 19:41:46 GMT

You can ask them to not report "settled for less". They may not agree but it's worth a try.

Re: Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 19:48:22 GMT

The guy said no way they don't do that. It's a 3rd party that collects for chase but chase still owns the debt. I'm not paying them until I get the word from you haha

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 19:52:05 GMT

This is just my opinion!! If it were me, I would pay the settlement. The sooner they are paid off, the sooner you'll start to recover. 1) You'll be improving utilization 2) You'll be getting further away from the "most recent late". You'll still have 1 card left with a balance but it'll put you that much closer to having them all paid off. Again...just my opinion

Re: Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 19:55:15 GMT

Will it help utilization? I thought if it's settled the remainder would show as a balance. I hope I'm wrong

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 19:55:17 GMT

Also, I don't know if you've read anything about it, but settlement will cause the lender to issue you a 1099 for tax purposes. You'll have to claim the amount not paid as income unless you qualify for exemption.

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 19:55:51 GMT

If you settle it will show a $0 balance

Re: Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 19:58:06 GMT

Ok I'm going to do that. Next question.

Do you think chase would ever have me as a customer in the future?

Also, would a gw letter work to chase on the status after paid?

Re: Repayment question

medicgrrl — Thu, 15 Jun 2017 20:01:37 GMT

You're probably not going to receive a GW from Chase but you can always try.

Search Chase blacklist and see if they'll let you back in, every lender is different.

Re: Repayment question

jrubedjmp311 — Thu, 15 Jun 2017 20:15:55 GMT

Just spoke with the chase reconsideration line. He said there is no blacklist and settlement looks better when reapplying than not paying at all (obviously)