cancel
Showing results for 
Search instead for 
Did you mean: 

Charge off question

tag
Anonymous
Not applicable

Charge off question

if an account is charged off, should it be showing a balance? The accounts last activity was 5/1/2012. This is an old Chase card showing status as charged off. Thanks.
Message 1 of 6
5 REPLIES 5
needtodobetter
Frequent Contributor

Re: Charge off question

Yes, it will show a balance unless/until they sell it to a collection agency or law firm.  Then, it should update to a $0 balance, but of course, then you will have an additional derogatory from the collection agency and they will show the balance and very likely additional fees.

 

05/01/15: EQ 519 TU 541 EX 506
10/28/15: EQ 637 TU 646 EX 622
First Goal Score: 600
Second Goal Score: 640
Message 2 of 6
Anonymous
Not applicable

Re: Charge off question

Thanks. So, is it t my benefit to try to settle this account with Chase?
Message 3 of 6
needtodobetter
Frequent Contributor

Re: Charge off question

Yes, that is what I would do.  It will save you from the possibility of the future derog from a collection agency, possible lawsuit, and it will help your UTIL when the account is paid.  They will also most likely stop updating the monthly CO, which hurts your score each time they do it.  

 

Good luck!

05/01/15: EQ 519 TU 541 EX 506
10/28/15: EQ 637 TU 646 EX 622
First Goal Score: 600
Second Goal Score: 640
Message 4 of 6
Anonymous
Not applicable

Re: Charge off question

Thank you. That's what I will do.
Message 5 of 6
needtodobetter
Frequent Contributor

Re: Charge off question

Let us know how it goes.  Good luck!!

05/01/15: EQ 519 TU 541 EX 506
10/28/15: EQ 637 TU 646 EX 622
First Goal Score: 600
Second Goal Score: 640
Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.