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Chase After Charge Off


B Ball Joe
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I have a Chase CC that has recently Charged Off. Has anyone recently had success with them after CO? Will they keep it or move it to a Collection Agency right away? I've been able to settle couple other cards, but Chase wouldn't go below 45%. Thanks

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I have a Chase CC that has recently Charged Off. Has anyone recently had success with them after CO? Will they keep it or move it to a Collection Agency right away? I've been able to settle couple other cards, but Chase wouldn't go below 45%. Thanks

 

JMO.  The damage is done once it is charged off. They will sell it eventually. Paying them will not get the "charge off" off of your credit report.

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A charge off with a zero balance is better for your credit than one with a balance.  However, if you settle with the collection agency, the original creditor is required to report "settled" at least with a zero balance. 

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You will need to post the agency assigned to collect once it is placed.  I would recommend settling before the account is sold which is inevitable with Chase as Midland Credit Management purchases a majority of bad debts from Chase.  MCM likes to sue and only in very rare cases, settle for less than 50%.  More than likely you will be able to settle with an agency for 20-25%.  

 

Good Luck!

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