A charge-off reversal is good, right?

[Anonymous]

So I had a CO on a Chase account.  Inspired by this forum, I sent a PFD letter to the CA about a week ago, which resulted in the CA no longer calling my phone. 

Today, I received two letters from Chase:  One letter states that my account is closed, but I will soon receive a bill for the outstanding payment, and the second letter states that my CO will be reversed, and Chase has updated the credit bureaus.

I know this feels like some sort of a win, however, I was wondering if the account is going to stay on my credit report with a history of late payment.  That can't be good right?

Also, shouldn't I have received a Scorewatch Alert by now? 

Any advice will be appreciated.  Thank you.

[CreditBob]

It sounds like they will remove only the charge off status, show a zero balance, but any lates wills till show. I do believe that on a zero baalnce your score will go up.

[Anonymous]

If the account is a bit older it should go up nicely mine have

from paying off the bad debt...

[Anonymous]

Thanks for your help guys.

Is it still possible to negotiate with Chase to delete the account?  I'm assuming that would give the best result possible.

[Anonymous]

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adrevolution wrote:

Thanks for your help guys.

Is it still possible to negotiate with Chase to delete the account?  I'm assuming that would give the best result possible.

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Unless it's an old account and then it your score might drop I think.

[Anonymous]

Hmm, it's five years old, so that would be unfortunate.  I'm just concerned that just paying off the card would leave those late payments on my record.  That seems worse in the longer run.

[Anonymous]

Paying off the debt thru the CC would remove the CA, and if they remove the CO status

then you would have a TL that goes back 5 years and shows paid, not two bad...

you were late so you have to live with that and a goodwill letter once it's paid may remove it but you will be in a better position than you are now, so take one step at a time and every thing you

do once paid would most likely improve your scores..

[Anonymous]

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adrevolution wrote:

Hmm, it's five years old, so that would be unfortunate.  I'm just concerned that just paying off the card would leave those late payments on my record.  That seems worse in the longer run.

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It's really difficult to tell what will happen.  Sometimes I feel there is really no rhyme or reason. 

[Anonymous]

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@Anonymous wrote:

Paying off the debt thru the CC would remove the CA, and if they remove the CO status

then you would have a TL that goes back 5 years and shows paid, not two bad...

you were late so you have to live with that and a goodwill letter once it's paid may remove it but you will be in a better position than you are now, so take one step at a time and every thing you

do once paid would most likely improve your scores..

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That makes a lot of sense.  I would rather I paid the debt off anyway.  Then, I guess, I have to rely on the good graces of the CC to get my scores up...

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@daytona18wrote:

It's really difficult to tell what will happen.  Sometimes I feel there is really no rhyme or reason. 

I really hate how opaque the system is and how little is being done to change that.

Thank you both for your help.

[Anonymous]

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@Anonymous wrote:

Hmm, it's five years old, so that would be unfortunate.  I'm just concerned that just paying off the card would leave those late payments on my record.  That seems worse in the longer run.

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However, it is still better than a chargeoff status. Chargeoffs and collections kill FICO scores