topic Re: Success Stories for Chase CO? in Rebuilding Your Credit

Success Stories for Chase CO?

Anonymous — Thu, 29 Nov 2018 18:43:39 GMT

Have you ever gotten Chase to remove a charge-off?

I have several with Chase. I am deciding between holding out for a pay-for-delete, or just accepting a CO/Paid in Full, then starting a GW campaign. Past experiences with Chase would help me understood which is more likely to succeed.

Re: Success Stories for Chase CO?

Anonymous — Thu, 29 Nov 2018 23:41:30 GMT

Not to be the bearer of bad news but I had a CO that I didn’t know about until earlier this year. I paid it in full, it was only $300, and after I sent them the money I realized it was BS. I spend an incredible amount of time proving it was an error on their part (they transferred an overdraft to a credit card I was not using and believed to be closed), and the executive office agreed and sent the money back, but refused to remove it from the credit report. I live in NY so it fell off a few months after I got the money, but they were pretty clear that pay-for-delete/goodwill letters are not helpful. Good luck, though. No harm in trying!

Re: Success Stories for Chase CO?

Anonymous — Fri, 30 Nov 2018 03:19:08 GMT

Thanks, NKB! Sorry to hear you got such unfair treatment. Might not be what I was hoping to hear, but it's still quite useful.

Re: Success Stories for Chase CO?

sjt — Mon, 03 Dec 2018 23:29:58 GMT

@Anonymous wrote:
Have you ever gotten Chase to remove a charge-off?

I have several with Chase. I am deciding between holding out for a pay-for-delete, or just accepting a CO/Paid in Full, then starting a GW campaign. Past experiences with Chase would help me understood which is more likely to succeed.

It is impossible to get a PFD from Chase or any other lender, unless there was some sort of extenuating circumstance.

Based on your question on this thread and the other one, I recommend that you go ahead and settle with Chase.

Here are the reasons:

Chase still owns the debt and chances are they are still reporting on a monthly basis, this keeps your score down.
When you pay or settle, it will zero out the balance and stop monthly reporting. Your score will increase.
Keep you off the blacklist.
Peace of mind knowing its paid and not worrying about any lawsuits.

Re: Success Stories for Chase CO?

Anonymous — Tue, 04 Dec 2018 22:09:27 GMT

Thanks, sjt. I appreciate you taking the time. I've been mulling for almost a week and am leaning toward just mailing the checks.

One question: You recommend settling. Are you advising that I negotiate for a lesser amount? If so, would there be a significant bump to my credit if I paid in full, rather than settling?

Re: Success Stories for Chase CO?

sjt — Tue, 04 Dec 2018 22:20:37 GMT

@Anonymous wrote:
Thanks, sjt. I appreciate you taking the time. I've been mulling for almost a week and am leaning toward just mailing the checks.

One question: You recommend settling. Are you advising that I negotiate for a lesser amount? If so, would there be a significant bump to my credit if I paid in full, rather than settling?

Couple of things to consider:

Whether you pay in full or settle on a charged off account, the score increase would be the same. There will be a notation in the CR that you settled for less then owed.
The difference between the settlement and the amount you owed is a debt forgiveness, which is considered income. If you are considered "insolvent" that can offset the debt forgiveness amount.
If the amount of settlement is not that much less then the amount you owe, you might consider just paying the full amount owed, but that is up to you.

Re: Success Stories for Chase CO?

sjt — Wed, 05 Dec 2018 01:00:29 GMT

I re-read your other post and wanted to respond to those questions you had:

The removal period/date of negative information is 7 years from the DOFD. That will never change.
When you make a payment, that will reset the Statue of Limitations (SOL) which is the period that a creditor can legally collect the debt. Each state has different time frames. For instance, in California the SOL is 4 years from the date of last activity/payment. It will reset when a payment has been posted. So you might want to check your state's SOL and see what the status is.
I think its in your best interest to pay these debts. Call Chase and see what they would settle for. They might settle for 50%, they might settle for 90%.
If you decide to settle or pay in full, you will be done with it and you will be one step closer to better credit.

Keep us posted.

Re: Success Stories for Chase CO?

Anonymous — Wed, 05 Dec 2018 20:50:47 GMT

I'm about a year away being able to apply for early exclusion on all three, so it sounds like settling makes the most sense. Do I just call Chase and ask them to mail me a settlement offer?

Re: Success Stories for Chase CO?

sjt — Wed, 05 Dec 2018 21:02:22 GMT

@Anonymous wrote:
I'm about a year away being able to apply for early exclusion on all three, so it sounds like settling makes the most sense. Do I just call Chase and ask them to mail me a settlement offer?

Yes, I would call Chase and tell them you would like to settle these accounts, but dont have the money to pay them in full. See what they have to offer.

Re: Success Stories for Chase CO?

Anonymous — Thu, 06 Dec 2018 04:59:38 GMT

Sigh. I already told them I could do a pay-for-delete with full payment. But I'll call and ask if they have a current settlement offer. The worst that can happen is they say no. And then I'll pay them in full.

Thank you! I'll report back after I get up my courage to call again.

Re: Success Stories for Chase CO?

Anonymous — Thu, 06 Dec 2018 22:51:41 GMT

I just got off the phone with Chase and have settlement agreements for all three accounts. Oddly, no one brought up my pay-for-delete offer, even though I made one offer on the phone and another two offers via mail.

The original balances were $8,964 in total, and my settlements come to $5,225--so I paid 58%. I'm happy with this resolution. My checks are all ready to be sent certified mail tomorrow.

Thanks for everyone's help! I'm sure I would have spent months bumbling around without you all. I plan to apply for a new credit card as soon as my credit report catches up (I've been too afraid to even try). And in a year, I can apply for early exclusion. I'm much obligued to the knowledge and experience of these boards in helping me down the right path.

Re: Success Stories for Chase CO?

sjt — Fri, 07 Dec 2018 02:56:41 GMT

Congrats for settling the Chase debt. Once it posts to your CR, you should see a decent bump in score.

DId they email you an agreement letter?

Re: Success Stories for Chase CO?

Anonymous — Fri, 07 Dec 2018 03:15:48 GMT

Thank you! You really helped clarify the big picture for me. They said that an agreement is in the mail, but that I could send payment now. I agreed to getting the payment to them by 12/21. I figured since I was dealing directly with Chase and not a 3rd party, this is kosher?

Re: Success Stories for Chase CO?

sjt — Fri, 07 Dec 2018 03:17:30 GMT

Yes its ok.

I would add a cover letter confirming the agreement. Maybe you can overnight it and then a call them a few days later to confirm receipt of payment.

Re: Success Stories for Chase CO?

sjt — Fri, 07 Dec 2018 03:18:30 GMT

BTW, what is your current credit profile? Any other debts that you need to take care of. Do you have other credit?

Re: Success Stories for Chase CO?

Anonymous — Fri, 07 Dec 2018 04:10:48 GMT

Oh good, that's a relief. I'm looking forward to mailing these tomorrow, certfied mail. I have already included a letter that reads pretty much "enclosed is payment in the amount of X for our settled agreement of credit card account XXXX XXXX XXXX XXXX."

In addition to these accounts, I have a closed Care Credit card (PAID AND CLOSED). I have one open credit card account with Capital One. I managed to save that one just before they charged it off and have paid on time since 2014. They restricted the card (I can't actually charge anything to it), but my credit limit still shows on my credit report. It has a 46% utilization. My credit history has this card as PAY AS AGREED. . .I'm not sure what that indicates. I've been thinking of using the money I saved by settling to pay that balance down to increase my score.

I checked my score today for the first time in six years. It's 659, which is not as terrible as I feared.

Re: Success Stories for Chase CO?

sjt — Fri, 07 Dec 2018 14:10:27 GMT

It would benefit you to get the balance below 30%, 9% is best for optimal credit scoring.

Where did you get your score from?

Re: Success Stories for Chase CO?

Anonymous — Fri, 07 Dec 2018 18:12:35 GMT

Thank you! I can definately get the Capitol One card under 30% and maybe down to 9%. Since it's frozen, I figured I should keep it high enough that I can keep making regular payments without brining the balance to zero. I may call them to inquire about it.

I got my score from Credit Karma. I looked them up beforehand, since I was nervous they might share info. Ironically, my checking account is with Chase, so I didn't want to sign up for my score with them.