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hammy702
Joined: 20 Mar 2009
hammy702's page
Posts: 1
64 Magic Points
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Subject: Credit repair question
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Fri Mar 20, 2009 1:40 am
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Thanks for taking the time to read my scenario any help will be appreciated.
My wife and I had a credit card account with Chase Bank. When we opened the account we transferred over a balance of approximately $8000.00 for the 0% interest offer. At the end of the 12 month promotional period I paid the account in full. We never again received a paper statement.
Approximately 6 months later I received a collection letter from Fredrick Hanna stating I owed $260.00 on the above mentioned Chase account.
I contacted Chase and they informed me that when I paid the account off it was in the middle of the billing cycle; therefore I accrued interest of approximately 40.00. Each month I was late, they charged a $39.00 late fee on top of the original $40.00. I informed Chase that I never received a statement of any kind stating I owed the 40.00 or any other amount for that matter. They told me that we had signed up for electronic statements via email. I don’t ever remember doing this and I never remember receiving an email from them.
Chase advised they did a "charge off" on the account and turned it over to collections. They advised they would not be able to remove anything from our credit reports even if the account was paid in full.
I contacted the collections company and paid them the full amount the day after I received the collection letter. They also said they would be unable to remove the negative marks from our credit profiles.
My question is how I can have the “charge off” status removed from our credit profiles and on what grounds. We have never had a late payment on any of our other accounts and the Chase Banks is the only negative item listed and it has dropped our scores well over 100 points.
Thanks again, Travis |
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Subject: they lie
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Fri Mar 20, 2009 10:38 pm
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| the company that reported the debt to the CA is the one that has the authority to remove any and all details to continue to push for the removal. |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 102
510 Magic Points
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Sat Mar 21, 2009 7:16 am
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| Quote: |
| My question is how I can have the “charge off” status removed from our credit profiles and on what grounds. We have never had a late payment on any of our other accounts and the Chase Banks is the only negative item listed and it has dropped our scores well over 100 points. |
chase will only remove it from your report if you show them all the receipt of your transactions (even the new $ 260 receipt) i hope it won't be any problem if you can settle with them with proper proofs with you. 
hammy702 one more to add that your CA mark can be removed by the CA only and you need to show hem the proof of $ 260 receipt for the removal of the negative mark. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Sat Mar 21, 2009 10:24 am
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| ANY can of 'Negative' itmes can drop your score ALOT. Can you call Chase and explain what happened? Well...Chase IS right. Usually if an account is in a 'Charge Off' status, and you DO pay it in full ( even after the 'Charge Off' was reported), the item can stay on your CR for 7 years ( I believe?). However....the OLDER the 'Charge Off' gets, the more your Credit score will start rising, again. Also, remember, as well, to keep paying your other debts ( loans, etc.) in a timely manner. This will help raise your score, too. |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 102
510 Magic Points
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Sun Mar 22, 2009 11:13 am
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| Quote: |
| the OLDER the 'Charge Off' gets, the more your Credit score will start rising |
sdchargers_63
i agree with you on this subject matter. but really unaware about the exact working of this matter.i need to eloberate on the matter.
see suppose someone's loan is 2 years 'charge off 'status and someone's in a 3 years 'charge off' status then how one can corelate how much percentage gain will be in credit score of the person who is having 3 yrs charge off status as compared to the 2 yrs charge off status?
i am more interested in the corelation between the years of charge off versus gain in credit score in terms of percentage or on graphical representation. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Sun Mar 22, 2009 11:58 am
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| Umm......."in terms of percentage or on graphical representation." Sorry...but, THIS I really don't know. |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 102
510 Magic Points
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Sun Mar 22, 2009 12:01 pm
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sdchargers_63
ok no issue, so discussion member might have answer for this query.lets hope so!! |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Sun Mar 22, 2009 12:07 pm
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| OH YEAH!! A member should be around shortly. I'd rather tell you "I don't know" then tell you something that's not true. |
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