I have 2 Chase Credit Cards that have a combined $10,000 balance on them. I am getting a big bonus and was wondering how much would it take to pay them off? Do you think I could settle with Chase for less than the 10k? Should I call the back door #?
Accounts the are not in arrears cannot be settled. And, if they do become charged-off, it's no guarantee the creditor or collection agency will take a settlement.
Go ahead and give it a try! They might accept it!!! And all it is going to cost you is a major blow to your credit score, but who really needs good credit these days?!
Is it worth calling to see if they would settle and close out my cards for less than the 10k I owe?
They may offer some sort of credit help. The day you call them, they're going to start soft pulliing your credit report very often. Honestly, they're not going to settle with you. They'd rather charge your account off and sell it to a collection agency. The CA may settle with you after so many months of them having your account. But if they determine you're capable of paying them they may sue.
Go ahead and give it a try! They might accept it!!! And all it is going to cost you is a major blow to your credit score, but who really needs good credit these days?!
Ask someone without a job that question. Employers are doing credit checks now more than ever. And if one need car insurance, a low score affects their premium. A low score can cost you money. A high score can save you money in more ways than one realize.
Starting Score: 703