Chase card closed... now what?

[seachelsgo]

So I'm just starting to figure my mess out... but anyways, I could use some advice on what to do with my Chase Starbucks Duetto card. I let the payments fall behind, and then received some mail with info about DMPs that Chase sponsored, but never an official notice of closure of my account. But apparently, my account IS closed (and shows that on all 3 CRs). Is it possible to get this card reinstated now that I've made several larger payments on this account?

FYI:

CL 500

Balance: was 758, now 430

My FICOs:

TU 513

EX 520

EQ 551

Help!

[creditninja9000]

I doubt it......They'll probably want to pull your reports again and looking at your scores, if you've burned them once they probably see it coming a second time.......

[creditninja9000]

And to be honest, a balance of 758 seems small. If it's 400+ now that's not much and I don't see them reinstating the account without it being fully paid first and one lump sum might look better than smaller payments.

If you have any other accounts I'd just let that one go, but it couldn't hurt to try after it's fully paid maybe?

[seachelsgo]

758 is indeed small, but I am a sad college kid with less than 800/month of take-home pay so a lump sum probably isn't going to happen. I'm just so sad because I really, really get it now! Too little too late I guess... but maybe I'll try talking with them after a few months of "large" payments.

Until then, I'm kind of in limbo trying to figure out what the heck else I can do to raise my score

[haulingthescoreup]

Yes, it does sound like you're in the credit time-out corner.

Sorry to hear that, but on the other hand, you've got time and youth on your side. You certainly won't be the first college student who bobbled their credit. Even if Chase has closed you down, the card should report for ten more years on your credit history, and the lates will fall off after seven years, leaving you 3 years of clean history.

I would definitely plan on paying them back. Chase has a long, long memory, and IMO, it's not right to run out on your debts. (Not that you were planning to.) It might be useful to call and talk to someone higher up than the first-line CSR's who answer the phone. Tell them that you got in over your head, you can't pay it off in one swell foop, but that you would like to remain (or get back) on Chase's good books, and will they please look kindly upon you in the future if you satisfy your debts? (and maybe said CSR can document this conversation in your records.)

I'm a firm believer in not burning bridges; and in fact, trying to give them a nice coat of paint and maybe a couple of potted plants as I leave. You never know when you might want to double back and go over that bridge again. Good luck!

[seachelsgo]

Time out? Aww, boo. Well, I'm making regular payments to Chase (2x/month), and trying to help my credit across the board, because as you probably figured, I've got some other not-so-pretty things going on there.

As for reinstating the account, a Chase rep told me (by phone) that it was not possible to reinstate the account, but I was more than welcome to apply for a new card with Chase (not happening w/ my scores!). Did he lie to me?

[creditninja9000]

In all honesty, I think it's a possibility, but probably not until you fix the rest of your report. They're most likely going to want to check it before trusting you again unfortunately.

I think it's a possibility and it doesn't hurt to be persistent. I'll say from my experience with BoA, about 80-90% of them don't have any clue what they're talking about ........took 4 calls to get a product change with them, all of the first three saying it wasn't possible.

I'd say keep trying but pay down the balance first, quickly, I've heard you'd only have about 90 days to reopen a closed account.

Message Edited by ejbeasley on 04-15-2008 07:26 PM