Repayment question

[jrubedjmp311]

last year since i was out of work. I just called chase. they will settle both accounts for under 4,000. Do i do it? if i do, is there anything about the reporting status that i can do?

[medicgrrl]

You can ask them to not report "settled for less". They may not agree but it's worth a try.

[jrubedjmp311]

The guy said no way they don't do that. It's a 3rd party that collects for chase but chase still owns the debt. I'm not paying them until I get the word from you haha

[medicgrrl]

This is just my opinion!! If it were me, I would pay the settlement. The sooner they are paid off, the sooner you'll start to recover. 1) You'll be improving utilization 2) You'll be getting further away from the "most recent late". You'll still have 1 card left with a balance but it'll put you that much closer to having them all paid off. Again...just my opinion

[jrubedjmp311]

Will it help utilization? I thought if it's settled the remainder would show as a balance. I hope I'm wrong

[medicgrrl]

Also, I don't know if you've read anything about it, but settlement will cause the lender to issue you a 1099 for tax purposes. You'll have to claim the amount not paid as income unless you qualify for exemption.

[medicgrrl]

If you settle it will show a $0 balance

[jrubedjmp311]

Ok I'm going to do that. Next question.

Do you think chase would ever have me as a customer in the future?

Also, would a gw letter work to chase on the status after paid?

[medicgrrl]

You're probably not going to receive a GW from Chase but you can always try.

Search Chase blacklist and see if they'll let you back in, every lender is different.

[jrubedjmp311]

Just spoke with the chase reconsideration line. He said there is no blacklist and settlement looks better when reapplying than not paying at all (obviously)