Chase Business Ink Charge Off- What next with CSP?

[Planet7]

So, I should signed up on this forum a long time ago. I've been following and taking advice for a while. With that said I'm looking for insight with what may have happened with other.

Long story short I had a Chase Business Ink that has now been charged off, due to vendors not paying me. With the large amount being due, and no lower payment with a lower temporary income I had no chance. Prior to the Charge Off I spoke to a Debt Managment company recommeded by Chase; they let me know once I entered a DMP it's guaranteed that Chase would close my CSP account. With that information I opted to set up a payment plan directly through chase in hopes of keeping my CSP. Chase allowed the payment plan and then charge off the amount and sent it to collections.

The Collections Agency offered to settled for less but I've heard it looks terrible on the credit, so I opted to pay the full amount over the course of 1 year. The collections has not been reported. Per the credit specilist with Chase, they mentioned if I stay on the payment on time with the collections agency it will likly not ever show up.

Has Chase sent a business card to collections and allowed the personal credit to stay active? Is it truly case by case. I understand ever situation is unique, just seeing if there's a chance  or should I get ahead of it and send it to the DMP. I've had my CSP for nearly 10 years and my CIB for only about 1 year. Chase still has my CSP account open for payment, it's been about a month.

Any advice, experience, or thoughts are all welcome. 

[pizzadude]

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@Planet7 wrote:

So, I should signed up on this forum a long time ago. I've been following and taking advice for a while. With that said I'm looking for insight with what may have happened with other.

Long story short I had a Chase Business Ink that has now been charged off, due to vendors not paying me. With the large amount being due, and no lower payment with a lower temporary income I had no chance. Prior to the Charge Off I spoke to a Debt Managment company recommeded by Chase; they let me know once I entered a DMP it's guaranteed that Chase would close my CSP account. With that information I opted to set up a payment plan directly through chase in hopes of keeping my CSP. Chase allowed the payment plan and then charge off the amount and sent it to collections.

The Collections Agency offered to settled for less but I've heard it looks terrible on the credit, so I opted to pay the full amount over the course of 1 year. The collections has not been reported. Per the credit specilist with Chase, they mentioned if I stay on the payment on time with the collections agency it will likly not ever show up.

Has Chase sent a business card to collections and allowed the personal credit to stay active? Is it truly case by case. I understand ever situation is unique, just seeing if there's a chance  or should I get ahead of it and send it to the DMP. I've had my CSP for nearly 10 years and my CIB for only about 1 year. Chase still has my CSP account open for payment, it's been about a month.

Any advice, experience, or thoughts are all welcome. 

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What is the status of your CSP, are you late or have you always paid on time ?  What is the balance and credit limit currently ?

[pizzadude]

Also moving this to biz credit for better visibility

[Planet7]

I consistently pay the CSP on time, very rarely over the course of about 10 years have I paid late. I do have a high utlization currently roughly $16.5k  with $17.1k limit.

I admitedlly play on the fence of carrying high debt alot because of how I'm paid. Some moments i make a ton of money pay plenty of it down, other moments are like now.

[Planet7]

Thanks this kind played both sides so wasn't sure which way to put it up

[pizzadude]

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@Planet7 wrote:

I consistently pay the CSP on time, very rarely over the course of about 10 years have I paid late. I do have a high utlization currently roughly $16.5k  with $17.1k limit.

I admitedlly play on the fence of carrying high debt alot because of how I'm paid. Some moments i make a ton of money pay plenty of it down, other moments are like now.

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It sounds like Chase is okay with you having the account open for now, assuming you want to keep it then I'd make sure to continue to pay on time and pay down the balance when you are able. 

[Planet7]

I guess the question stemming from this would be: how quickly do they typically close out the account on the personal credit side? Would it have been truly instant?

[pizzadude]

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@Planet7 wrote:

I guess the question stemming from this would be: how quickly do they typically close out the account on the personal credit side? Would it have been truly instant?

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My guess is that they would have already shut you down if they were going to.   Your CBI charged off, so it was probably late for at least 3 or 4 months before the CO, correct ? 

[Generalsifr1981]

Remember that if you personally guranteed it they will put it on your personal credit report. Not only that FCRA does not cover Personal credit cards or loans. So you are on the hook with that debt. That is the downside of business credit that nobody tell you. Use it wisely or it will backfire. 

[Planet7]

Thank you for that. They made it clear to me when I took out the card and it's showing on my credit hence why I've decided to pay the balance in full without settlement.