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Chase Charge off Account

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This week I am focusing on at least getting one of my old charge off accounts negotiated to be paid anybody have any leads on how to proceed with Chase I have an acct that was charged off in Jan of 2015 I'm in Missouri and its a 5 year SOL so I'm not waiting 2 more years I want it resolved in 2 to 3 months as the balance is 1300. Any backdoor numbers or any input would be great going so I can start making calls on this Thursday after I hear from CB members on how to get this started.

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While your desire to resolve it by paying the original creditor is commendable, be forewarned that Chase is not noted for being willing to delete. Your BEST hope, and it is slim at best, is going to be to persuade them to engage in a Rule 5000 adjustment. However, given that the account already charged off, that is not really a viable option. This makes the next best solution to be a 1099-C from Chase that at least gets you a zero balance and generally a cessation of updating on a monthly basis. The basic charge-off is not likely going to come off though...

 

With this being a holiday week, do not expect to get many actual decision-makers in their office. After the first of the year, that changes since holidays will be over and people begin returning to work.

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Have you verified that Chase still *owns* that account? At 3 years since charge-off, I'd be surprised if Chase hadn't sold it to a JDB at this point. If Chase still owns it, your credit reports will show both a charge-off amount and a "Balance" amount. If they've sold it, it should show a Balance of $0.

 

If Chase has sold the account, there's nothing you can do to negotiate with them - you either wait it out or find an error in the reporting that you can dispute.

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Have you verified that Chase still *owns* that account? At 3 years since charge-off, I'd be surprised if Chase hadn't sold it to a JDB at this point. If Chase still owns it, your credit reports will show both a charge-off amount and a "Balance" amount. If they've sold it, it should show a Balance of $0.

 

If Chase has sold the account, there's nothing you can do to negotiate with them - you either wait it out or find an error in the reporting that you can dispute.

Nope Chase still owns it as they are reporting the balance owed on my credit file as of June 2016 no others have contacted me on this file I sent out a letter today to try and resolve so I'll see what happens

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Have you verified that Chase still *owns* that account? At 3 years since charge-off, I'd be surprised if Chase hadn't sold it to a JDB at this point. If Chase still owns it, your credit reports will show both a charge-off amount and a "Balance" amount. If they've sold it, it should show a Balance of $0.

 

If Chase has sold the account, there's nothing you can do to negotiate with them - you either wait it out or find an error in the reporting that you can dispute.

Nope Chase still owns it as they are reporting the balance owed on my credit file as of June 2016 no others have contacted me on this file I sent out a letter today to try and resolve so I'll see what happens

 

If the balance is not too crazy high, try settling with Chase before they sell it off to a bottom feeder collection agency like Investment Retrievers who will hound you to the ends of the earth.

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Have you verified that Chase still *owns* that account? At 3 years since charge-off, I'd be surprised if Chase hadn't sold it to a JDB at this point. If Chase still owns it, your credit reports will show both a charge-off amount and a "Balance" amount. If they've sold it, it should show a Balance of $0.

 

If Chase has sold the account, there's nothing you can do to negotiate with them - you either wait it out or find an error in the reporting that you can dispute.

Nope Chase still owns it as they are reporting the balance owed on my credit file as of June 2016 no others have contacted me on this file I sent out a letter today to try and resolve so I'll see what happens

 

A balance with no updates in a year and a half at least means you have not seen your score damaged as much as it COULD have been...far worse would be if they were continuing to update monthly.

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I agree so that's why I'm trying to get in front of this so it doesn't get reported monthly

If they have not reported in a year and a half, then sometimes it is best not to kick the hornets nest. Kicking will likely result in an update to the four major CRA's...

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Can' t wait on this one as I would like to give it the 5 years of SOL in my state but I need to start getting bank loans again for real estate purposes so there is no way around this one and 1 other just have to pay up to play again

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Can' t wait on this one as I would like to give it the 5 years of SOL in my state but I need to start getting bank loans again for real estate purposes so there is no way around this one and 1 other just have to pay up to play again

 

Then best to pay it sooner rather than later. When you pay this, it's going to update, and you're going to lose some FICO points in the short term. But if you were to wait till you app'd a mortgage, the LO would almost certainly require you to pay this off before approving a new loan - causing the highest FICO impact of a freshly updated derog. *PLUS*, the longer you wait, the greater the chance that Chase will sell it, and theny you've got the original CO *and* a JDB reporting, doubling the impact to your FICO. So better to take the hit now and let it start aging again.

Edited by JeffeVerde

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