topic Experiences settling with Chase? in Rebuilding Your Credit

Experiences settling with Chase?

gatorlover — Sun, 21 Mar 2021 19:37:09 GMT

Hey everyone.

I've got 3 COs with Chase ($3k, $600, and $800) from 2017. They stopped updating all 3 TLs with COs back around 2018, so these haven't looked current in my CR in some time (although a balance is obviously still reporting, and they are CO'd).

I am doing some thinking around which debts to pay first around my COs (I also have AmEx and Discover COs), and was curious what people's experience had been settling Chase accounts. I am split between PIF and settle. Part of my just wants to get my debt resolved, and the path to that is so much faster with settlements vs. PIF, although I know this will affect my chances of getting credit with Chase again any time soon.

My questions are:

Did you PIF or settle?
When you PIF/settled your Chase COs, did they update the tradeline witha CO/N mark before marking it as $0 balance? How did this affect your credit?
What kind of settlement offer (% of total owed) did they offer, and on what amount?
When, if ever, did you get back in with Chase?

Any additional info you might want to add would of course, be welcome

Cheers!

Re: Experiences settling with Chase?

blindambition — Sun, 21 Mar 2021 19:53:25 GMT

If you want relationship in future, make them whole.

Re: Experiences settling with Chase?

blindambition — Sun, 21 Mar 2021 20:11:06 GMT

Chase will update to settled as agreed, with $0 if you settle. Since it hasn't updated, it may potentially dip score, but can happen on either option. Benefit is no longer will update, or be counted in utilization. CO will suppress until it is removed, and Chase won't consider removal, so on report until 7 years from DoFD.

Re: Experiences settling with Chase?

OmarGB9 — Mon, 22 Mar 2021 03:02:07 GMT

@gatorlover wrote:
Hey everyone.

I've got 3 COs with Chase ($3k, $600, and $800) from 2017. They stopped updating all 3 TLs with COs back around 2018, so these haven't looked current in my CR in some time (although a balance is obviously still reporting, and they are CO'd).

I am doing some thinking around which debts to pay first around my COs (I also have AmEx and Discover COs), and was curious what people's experience had been settling Chase accounts. I am split between PIF and settle. Part of my just wants to get my debt resolved, and the path to that is so much faster with settlements vs. PIF, although I know this will affect my chances of getting credit with Chase again any time soon.

My questions are:
Did you PIF or settle?
When you PIF/settled your Chase COs, did they update the tradeline witha CO/N mark before marking it as $0 balance? How did this affect your credit?
What kind of settlement offer (% of total owed) did they offer, and on what amount?
When, if ever, did you get back in with Chase?
Any additional info you might want to add would of course, be welcome

Cheers!

1. I settled.

2. Yes the final month was updated with a N (not ND as in no data, but N as in negative) and they simultaneously updated to zero balance. My score went up a bit because in my case it was updating monthly anyway. In your case it could go either way since it hasn't moved in a couple of years and the update to zero balance and utilization drop may or may not outweigh the update hit.

3. I believe 40-60%, depending on account, as I also had 3. My largest was around $3k and I believe I had to pay 60% on that one.

4. N/A as I haven't tried, but I know it's going to be a while for them to let me back in, if ever.

Re: Experiences settling with Chase?

gatorlover — Mon, 22 Mar 2021 03:21:11 GMT

Thanks @OmarGB9 and @blindambition , for the helpful information.

I have seen others on here mention getting 10 - 30% settlement offers from Chase, I wonder if that was on accounts past the SoL. Considering they seem to have "forgotten" about me and have not updated the TL in almost 3 years, and the SoL is up in a few more months (CA), I am weary of poking the bear. I only have cash on hand right now to settle/PIF either them, Discover, or AmEx, and AmEx has been sending me Optima offers, and it'd be nice to get back in with them.

Lots to consider, I suppose.