Can a creditor take payment after account is settled and closed?

[Mondavi]

I had a chase card that was CO back in 2007 for a really small amount. Well the next year it went to a CA, I paid a CA what they asked for. Turns out they were not the smartest group of people. The amount they asked for was not the entire balance. " It did not say anything about a settlement offer"

 

Five years later when I actually looked at my credit report I saw that Chase had a CO "settled for less than full amount". Well this July I am trying for a home. It pissed me off that I had that remark on my report. Turns out I was $24 dollars short of paying the entire amount. I tried over 15 GW's to different Chase addresses all denied. I just wanted to pay the rest of the balance at least and have it marked as paid in full.

 

Finally after many many letters and phone calls about 3 weeks ago I spoke to someone who was more than happy to take the payment and would update my account to paid in full.

 

So since my account had a zero balance and was settled for less than full amount over 5 years ago can they actually accept a payment from me? " it cleared my bank account" Reason I ask that is their Executive Offices told me they could not accept a payment from me once the account had be closed and settled with a zero balance.

 

Of course I am looking for some sort of reason I can get this dam thing removed or at least changed to "pay as agreed" and I should not even be in this situation with the credit card since it should have never went into a CO because Chase screwed up. That is another story though.

[cv91915]

As long as the rest of your credit profile supports your qualification for a mortgage, one old, settled collection shouldn't be a deal killer.

[Mondavi]

My TU has two CO counting this one. TU98 713

EQ 3 paid CO + unpaid collection that will drop off in 4 months EQ Fico 690

EX Two CO paid.

All of my CO are 6 1/2 years old except one that is from 2008.

 

So as you can see I would love to get at least one more CO removed. The less explaining I will have to do to an UW the better.

[cv91915]

My TU has two CO counting this one. TU98 713

EQ 3 paid CO + unpaid collection that will drop off in 4 months EQ Fico 690

EX Two CO paid.

All of my CO are 6 1/2 years old except one that is from 2008.

 

So as you can see I would love to get at least one more CO removed. The less explaining I will have to do to an UW the better.

Agreed. I would start doing obsolete disputes on the first day of the month, three months prior to their scheduled drop date. I had a lot of success doing that with all of the bureaus. Sounds like you are very close on most of these. You might even consider delaying your mortgage hunt for another month until you can kill these off.

 

If you are serious about starting the mortgage process for real in the next few months, you might put in a mortgage app somewhere immediately, in order to draw out any cockroaches NOW, so they don't pop up during closing and cause a whole bunch of new headaches. Better to be SURE that you know what's out there now than deal with surprises when it really matters.

[Mondavi]

I did a mortgage app spree last year just to get the cockroaches to come out. I knew I had no chance for a loan then.

Homes prices are going up as well as interest rates where I live. Same home has went up $17,000 in the last 10 months. The home bulider I like is starting his final phase of a small sub division with around 25 homes. I would like to get a good lot since none of the lots have been taken yet. So that is why I want to move on it soon.

I tried to do an obsolete on the Chase one with TU 6 months early. No luck. I read EQ might remove things 2-3 months early and EX well is a pain in the flowers.