topic Re: Any advice on JPMCB Auto Loan? (closed/CO) in Rebuilding Your Credit

Any advice on JPMCB Auto Loan? (closed/CO)

draychi — Wed, 04 Aug 2021 23:02:57 GMT

So this year I paid off 9 collections (all removed), settled a Merrick CO for 25% owed, and this is the last account I need to take action on. This account irritates me the most, as someone else wrecked the car during a lapse of insurance.

JP Morgan Chase Auto - Repo / Closed / CO

Balance: $13,647 (reported on EX)

I was on the phone with them earlier to see if they still had this account or sold it, and I think the guy gave me a different balance.

1. Assuming their balance is different than what is reported, can I get this zero'd out or removed as a dispute?

2. If not.. should I try to settle? After reading around a bit, I've seen people settle with them for as low as 20% of the balance.

I would be willing to do up to 25% if they remove the lates or the whole account (doubtful though lol).

Re: Any advice on JPMCB Auto Loan? (closed/CO)

mycreditscoreisfair — Thu, 05 Aug 2021 00:56:48 GMT

1. No, all they would be required to do is update the balance to the correct amount and/or validate the amount they have is correct.

2. It doesn't appear to be updating regularly, so it may not be hurting as bad as it could. I would personally try to settle it but the chances they remove the negatives is essentially zero.

Re: Any advice on JPMCB Auto Loan? (closed/CO)

draychi — Thu, 05 Aug 2021 00:59:36 GMT

Yea, they're not agressive at collecting at all. I think since they auctioned off the car and got some cash from it, they leave me alone lol. I get like 1 letter every 9 months in the mail. No phone calls.

I think if I could settle for $2k-$3k, it would be worth clearing out that $13k balance; especially since I'm after a mortgage next year.