First collection! Chase 9k CLD, ouch.

Anonymous · ‎11-04-2015

Hi everyone,

I lost access to my old account: Rolex

I hope this isn't the wrong area.

I got a colleciton on my credit report, it's the only negative I've ever had. Because of it Chase dropped my credit line from 10k to 1k.

How I got the collection is a bummer, I had a bank account with bank of the west that I was locked out of for quite some time. The branch here is horrible and even charges you to use their outside atm so one day I went in and told them how I've been locked out of my account and I requested to have all my funds taken out and given to me. They complied but what I didn't realize is that this dropped my balance below their service fee free qualificaiton. So while my account was 0 it overdrafted and over a month they charged a 3$ and something over draft fee everyday until it was -100$.

However, I was completely unaware of this and we had construction at my house so everything was a mess including my mail, I eventually got an email that my credit score dropped significantly due to a collection from The Best Service Company/Bank of the West.

What would be the best course of action to remove this collection? My score dropped from a 790 to a 660

Would chase restore my line?

Any help is appreciated

Anonymous · ‎11-04-2015

A pay for removal deal is probably your best bet, both on the three bureaus and on ChexSystems (otherwise you'll likely have problems getting new bank accounts). Make sure to get any sort of deal in writing from the collection agency/Bank of the West. I don't know if Chase will undo the CLD after the cleanup though; others might have better insight into that.

Anonymous · ‎11-04-2015

@Anonymous wrote:
A pay for removal deal is probably your best bet, both on the three bureaus and on ChexSystems (otherwise you'll likely have problems getting new bank accounts). Make sure to get any sort of deal in writing from the collection agency/Bank of the West. I don't know if Chase will undo the CLD after the cleanup though; others might have better insight into that.

Thanks for the reply! How would I request a PFD, should I phone them or do it by mail?

Anonymous · ‎11-04-2015

@Anonymous wrote:
@Anonymous wrote:
A pay for removal deal is probably your best bet, both on the three bureaus and on ChexSystems (otherwise you'll likely have problems getting new bank accounts). Make sure to get any sort of deal in writing from the collection agency/Bank of the West. I don't know if Chase will undo the CLD after the cleanup though; others might have better insight into that.
Thanks for the reply! How would I request a PFD, should I phone them or do it by mail?

I've never done that before but this seems like a good resource: http://www.creditinfocenter.com/debt/pay-for-delete.shtml

Anonymous · ‎11-04-2015

@Anonymous wrote:
@Anonymous wrote:
A pay for removal deal is probably your best bet, both on the three bureaus and on ChexSystems (otherwise you'll likely have problems getting new bank accounts). Make sure to get any sort of deal in writing from the collection agency/Bank of the West. I don't know if Chase will undo the CLD after the cleanup though; others might have better insight into that.
Thanks for the reply! How would I request a PFD, should I phone them or do it by mail?

By mail is the best bet. You need the paper trail in case they don't actually delete the collection.

Anonymous · ‎11-04-2015

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
A pay for removal deal is probably your best bet, both on the three bureaus and on ChexSystems (otherwise you'll likely have problems getting new bank accounts). Make sure to get any sort of deal in writing from the collection agency/Bank of the West. I don't know if Chase will undo the CLD after the cleanup though; others might have better insight into that.
Thanks for the reply! How would I request a PFD, should I phone them or do it by mail?
By mail is the best bet. You need the paper trail in case they don't actually delete the collection.

Got it, should I explain my reasoning like in OP? Or short and to the point for PFD

Anonymous · ‎11-04-2015

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
A pay for removal deal is probably your best bet, both on the three bureaus and on ChexSystems (otherwise you'll likely have problems getting new bank accounts). Make sure to get any sort of deal in writing from the collection agency/Bank of the West. I don't know if Chase will undo the CLD after the cleanup though; others might have better insight into that.
Thanks for the reply! How would I request a PFD, should I phone them or do it by mail?
By mail is the best bet. You need the paper trail in case they don't actually delete the collection.

Got it, should I explain my reasoning like in OP? Or short and to the point for PFD

There's templates available online (Google "pay for delete") that might be helpful.

Anonymous · ‎11-04-2015

Do you absolutely know for certain that the CLD was attributed to the collection? I know Chase is conservative, but there have to be other factors involved. Have you applied for a lot of credit lately?

Anonymous · ‎11-04-2015

@Anonymous wrote:
Do you absolutely know for certain that the CLD was attributed to the collection? I know Chase is conservative, but there have to be other factors involved. Have you applied for a lot of credit lately?

I haven't applied for a new card since December of last year, so I assume that's why because the collection is the only thing that's changed on my report and it's caused a serious drop in credit score

Utilization is around 30% and always pay on time, it's always been this way because I run all household expenses through cards and pay statement balance.

Anonymous · ‎11-04-2015

@Anonymous wrote:
@Anonymous wrote:
Do you absolutely know for certain that the CLD was attributed to the collection? I know Chase is conservative, but there have to be other factors involved. Have you applied for a lot of credit lately?

I haven't applied for a new card since December of last year, so I assume that's why because the collection is the only thing that's changed on my report and it's caused a serious drop in credit score

Utilization is around 30% and always pay on time, it's always been this way because I run all household expenses through cards and pay statement balance.

Interesting. Chase IS a conservative lender, apparently getting moreso by the day.