Chase stopped reporting? Help!

[Boribori]

So I have a charge-off from chase. It was. $1k limit, and right it's at $1488. The last time in negatively reported on my CR was on 11/20. It hasn't updated since. My question is, should I call them to pay it? Also, it was charged off in 7/19. What are my settlement chances? 50% of the amount? Better to wait? Why would it stop reporting? Also, no there no is no CA on my CR from chase. 

[gdale6]

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@Boribori wrote:

So I have a charge-off from chase. It was. $1k limit, and right it's at $1488. The last time in negatively reported on my CR was on 11/20. It hasn't updated since. My question is, should I call them to pay it? Also, it was charged off in 7/19. What are my settlement chances? 50% of the amount? Better to wait? Why would it stop reporting? Also, no there no is no CA on my CR from chase. 

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Its their choice whether or not to continue reporting monthly it does cost money to do so. 50% is unlikely if the SOL is not yet expired but you may be able to settle for 75%. I would call and do it before they decide to send it to a collector.

[OmarGB9]

There's no telling why they stopped reporting, but yes you should pay it. Being that it's only about 2 years old, 50% off is highly unlikely. I'd say they'd offer 10-20% off at most, especially since it's still within SOL. You should pay before they sell or hire a third party CA that will add another derogatory to your reports.

[Twotimesacharm]

My husband settled with Chase on a one year old charge off for only 30% of the balance (in 2018), but they sent a letter with the offer. Not sure if that helps, but they do settle for less. 

[gatorlover]

I just settled with Chase for ~30% of the balance (70% off). It was still within the SOL. Hopefully this helps if you decide to negotiate with them -- the offers they gave me were around 60%, but they accepted my 30% offers.

[designated_knitter]

If you had a charge-off and it has been over 3 years, keep an eye on your snail mail for a 1099-c.

A 1099-c is the worst of both worlds... gets reported to IRS and you have to pay taxes on it but it continues to show on your credit reports with full amount owed.

Having recently just dealt with this, try to make a deal with them as soon as possible to avoid the 1099-c.  Plus, the 0 balance owed with no additional updates will look much better on your credit reports.