Credit rebuild advice

[Anonymous]

Hello

was wondering if I can get some advice on credit rebuilding.

I have 2 cc from chase bank charged off to MRS associates,(amount $4500) dofd 1/19

2 cc charged off from capital one ($11000) DOFD 2/19

1 cc discover card that is on a hardship plan. ($2400) paid as of 7/20

I wasn't sure if pursuing a settlement for all the accounts would be beneficial or try to PIF as much as possible.

thank you

[Anonymous]

You are definitely still within the statute of limitations, so they can sue you for the charge offs on all 4 credit accounts. If you are able to pay something and are comfortable setting up a payment plan, it may be worth calling them to talk about options. If they are going to sue, you will know soon. Always better to try to get in front of that train versus being hit by it in court with both full bill AND legal bills. Capital One will definitely sue for 11k. Not sure about Chase. 

Have you checked your state/county online case search to see if anything has been filed yet? You should. Esp for Cap One.

When were the accounts charged off? I assume late 2019.

[Anonymous]

@Anonymous I agree with DCgirl.

MRS associates appears to be a collection agency that collects on behalf of chase.

I honestly think you should settle for as much as you can reasonably afford. Set up a payment plan with chase and cap one. 

You likely won't be able to get back in with Chase for a long while (they have long memories).

Once you settle with Cap one, I believe you can get back in after 1-2 years. 

[OmarGB9]

I'm afraid we'll need a bit more information. What is your income, your monthly expenses, and any other positive negative accounts on your CR. Whether to pursue a settlement or not depends on you and your finances.

[FireMedic1]

PIF or settled they will have to show a $0 balance after its done. The monthly updates will stop and they will age off in time. If your house hunting. Either way they will have to be paid one way or another. Good Luck.