Chase Settles for 10%!

[crrredit]

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@wackajala wrote:

Greetings all - just did the same on my end. How much did settling with chase drop your credit score?

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Mine actually went up about 15 points each. They were both updating every month. Now they're not updating anymore and starting to age, so their negative impact is decreasing little by little. 

[JM761]

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@wackajala wrote:

Greetings all - just did the same on my end. How much did settling with chase drop your credit score?

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Hi @wackajala 

I'm a bit late in responding but wanted to give feedback - sorry about the delay!

My chase went delinquent and was charged off in 2019. It stopped reporting at the time so when I finally paid/settled in April 2022, I had a hit to my score because the account updated to add almost 3 years of "CO" status, not because I paid. I'm not positive how much it dropped during that time on my fico score because I was also cleaning up a few other things off my credit but, I have notes that my experian account went from 626 In March to 597 in April and then up to 650 in may.  Some, if not all of the drop was from the updated Chase info. The increase was from removing old medical collections. From there, my score has continued to increase as the effects of the CO are (slowly) fading. Wish I had more info for you but, ultimately, I think the ding recovery from the CO payment update has been not too bad. The issue that helped me the most was getting collections paid and deleted from my account. Unfortunately, we have to wait out the CO though. Chase won't delete the tradeline.

 I hope this helps!

[7774x]

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@crrredit wrote:

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@wackajala wrote:

Greetings all - just did the same on my end. How much did settling with chase drop your credit score?

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Mine actually went up about 15 points each. They were both updating every month. Now they're not updating anymore and starting to age, so their negative impact is decreasing little by little. 

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 My ficos went up  Several points..downside  settled COs becames new late payments

[wackajala]

Appreciate the response. Still figuring out what I want to do here.

[wackajala]

Update to thread.

I ended up taking the chase offer and paid it off.

The records were marked as settled.

I have seen zero impact on my credit score.

Scores are hovering around 650.

No clue how I managed to have zero impact, but at any rate I'll take it.

It has helped quite a bit with the payoff plan.

Thanks everyone for the input.

[crrredit]

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@wackajala wrote:

Update to thread.

I ended up taking the chase offer and paid it off.

The records were marked as settled.

I have seen zero impact on my credit score.

Scores are hovering around 650.

No clue how I managed to have zero impact, but at any rate I'll take it.

It has helped quite a bit with the payoff plan.

Thanks everyone for the input.

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Congrats on getting that taken care of. Good feeling to get it in the rear-view mirror.

[FireMedic1]

It may take another update from the CRA to reflect any score change. Usually it isnt an instant thing. Let us know.

[Epiki71]

Op Thanks for sharing.

I wish to have the same opportunity you had, maybe I should call and see if I get an offer.

Ps, congrats.

[wackajala]

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@Epiki71 wrote:

Op Thanks for sharing.

I wish to have the same opportunity you had, maybe I should call and see if I get an offer.

Ps, congrats.

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In my case I got the offer for the 10% after being on the payment plan via American financial for about a year. It came out of the blue within the account (no notice to me, just appeared in the online portal) around the same time as some other 80% offers I believe from another non chase card which I declined as it wasn't worth it. I did have some months of late payments prior to then which may have triggered it but late payments only in the 30-60 range. I don't have much more info than this unfortunately, but perhaps you can see if there's a way to mirror my setup and see if it gets you anywhere. Good luck with it.

[Epiki71]

@wackajala Thank you so much for the feedback!