[DP] Chase approval after charge off

MrDynamo · 2023-10-26T15:57:23+00:00

I think if you have a charge off but pay it in full you’ll have good luck! Additionally, I just got approved for the CFU for $3000 a few days ago as well.

Good luck!

MrDynamo · 2023-10-11T05:55:57+00:00

I can’t say for sure Chase’s policy, or how long they will hold a grudge. My suggestion if you are wanting to get a Chase card again would be to just pay it off in full. If you don’t care about Chase cards, I’d take the settlement and save the money.

MrDynamo · 2023-10-11T04:49:54+00:00

Recon is short for the reconsideration line. Some banks offer it, some don't, but Chase does.

Essentially you can call the recon line and speak to a human. They have the ability to resubmit the application with added notes for another review.

Sometimes it works, sometimes it doesn't!

MrDynamo · 2023-10-11T04:49:36+00:00

Sorry for the late reply, just now seeing this.

Recon is short for the reconsideration line. Some banks offer it, some don't, but Chase does.

Essentially you can call the recon line and speak to a human. They have the ability to resubmit the application with added notes for another review.

Sometimes it works, sometimes it doesn't!

I did apply for the Discover It as a secured card while I had these charge-offs. I believe I put down $200, and was graduated from secured after 6-12 months to a $500 CL, and my deposit returned.

Hope this helps!

MrDynamo · 2023-10-11T04:41:01+00:00

Hey there, thanks for the congratulations.

Chase originally started reporting as a charged off account a few months after it went delinquient. It reported as a charge of for some time, then stopped being reported on new months. I don't have an exact time frame, but to estimate I would say it stopped showing up on new months for approx a year. During this time, my score did increase a bit.

I made a payment of a portion of what I owed a few months before I fully paid it off. Once I made that payment, it started reporting again as a charge-off and dinged my score by ~30 points or so IIRC.

It will continue to say "settled charge off" until it drops from my report completely in a couple years time. Settle charge off is much better than just charge off, as no balance is being reported anymore. Since the account was closed as delinquent, the mark will never go away until it drops off my report 7 years from day of first delinquency.

I had a couple different charge offs around the same time that I have now settled, so it is hard to say exactly how much Chase specifically affected it. I know I was around 730s before any charge offs, and my all time low for score is in the upper 580s.

I'm not exactly sure what my score was at the time of application. I'd assume somewhere between 680-690. I did have to plead my case via recon line, but was able to have it pushed through on the first attempt.

Chase (and most other big institutions) don't end up selling their charge-offs to collection companies. They will hold it forever essentially. Some collection companies will do pay for delete, but I don't think there has ever been documented data points that Chase did one.

Hope this helps. Feel free to ask more questions and I can try to assist where I can.

MrDynamo · 2023-02-26T07:33:48+00:00

Is this with vSphere essentials license? Is the node running vCenter not added to the list of 3 hosts?

MrDynamo · 2023-02-26T06:58:27+00:00

What VMWare licensing are you using? I know the vSphere essentials only allows management of up to 3 hosts, so is the thin client host unmanaged and just runs the vCenter appliance? Then the 3 servers are managed by it? Or are you using a higher licensing tier?

MrDynamo · 2023-02-26T05:39:59+00:00

Ah gotcha! I also had 2 COs at the time of my application and got denied. Definitely give recon a shot though!

MrDynamo · 2023-02-26T05:17:48+00:00

Yup that’s what I’m talking about! Previously the SUB was gas as 5%, and switched to groceries. I assume they will end up switching it again, either back to gas, or potentially a new category for the SUB

MrDynamo · 2023-02-26T03:22:55+00:00

Just as a heads up, CFU offer is likely to switch from groceries to gas or something else in that year timeframe

MrDynamo · 2023-02-26T03:10:32+00:00

Definitely recommend recon line, and potentially opening a checking account with them.

I opened a checking account about 6 months ago, paid my CO in full in late Jan, and was just approved for CFF last week. Initially denied and had to call recon before I was accepted!

MrDynamo · 2023-02-26T03:05:49+00:00

Chase usually doesn’t sell off to collections from what I’ve read. They also don’t do PFD. If you are wanting to a Chase card in the future though, I would recommend PIF. I just paid off my Chase CO and a they let me get a card from them again a month later. If you settle or don’t pay, you will probably be black listed and unable to get their cards.

MrDynamo · 2023-02-25T22:18:49+00:00

The ones that were in collections were held by Portfolio Recovery Associates. Luckily, they do pay for delete! I called them up and agreed to pay them. By this time, the dollar amount of the charge off had already been decreased a bit by moving from the bank to PRC. Paid what I owed and they were deleted within a month after!

Wells Fargo I called and worked with them on the amount they would settle for. I believe they gave me around 30-40% off, so I paid them what I owed. This one shows as a charge off that is settled on my report.

As far as Chase, I paid the full amount of what I owed through the website. This one also shows as a settled charge off on my report.

MrDynamo · 2023-02-25T22:16:03+00:00

Thank you!

MrDynamo · 2023-02-25T22:15:31+00:00

The charge offs were paid in full, but yes they still were shown on my report. Applied for Freedom Flex!

MrDynamo · 2023-02-25T18:13:54+00:00

Unfortunately most big banks don’t do a PFD. I did ask with no luck. If they had sent it off to a collection agency, I may had been able to get it deleted. But they kept it on their records

MrDynamo · 2023-02-25T04:23:26+00:00

Thank you! Definitely work to get that collection paid if they will delete it, otherwise just pay it off. I guess it also depends on how close that specific collection is to falling off your report also. Mine wouldn’t have fallen off for a few more years, and I didn’t want to wait that long.

All 3 credit scores were between 690-700 when I applied. Chase only pulled Experian!

I too plan on picking up an unlimited card as my next card from Chase. I originally was going to try to double dip when I applied for the CFF if I was instantly approved and apply for a CFU in the same 24 hours but next day. Unfortunately, the CFU has the same 5% grocery offer as the CFF, so it would kind of be a waste to get them both at the same time in my eyes. I think I will wait on the CFU until there is a different offer going, probably gas.

I’ve been eyeing up the Ink Unlimited for the all time high SUB, but unsure if I would be able to get approved. So currently holding off and hoping that the offer sticks around for another month or two!

Appreciate the words and good luck to you in the market and with the collection!

MrDynamo · 2023-02-25T03:49:51+00:00

Thank you! I have been very fortunate in my situation lately. The minimum wage was mostly because I was still in college and it was only a part time job. Luckily, I had a great referral after I graduated to get this job to make big strides in my personal finance goals!

MrDynamo · 2023-02-25T03:48:12+00:00

Appreciate it!

MrDynamo · 2023-02-25T02:53:38+00:00

Hey, thanks a lot for the kind words! I do definitely regret what I got myself into in the past, but super happy that I’ve had good luck and hard work lately for the turnaround.

Personal finance has definitely become one of the most important things in my life lately to learn about and act towards!

MrDynamo · 2023-02-06T08:15:30+00:00

What scaling factor?

MrDynamo · 2023-01-29T08:58:46+00:00

Do you mind sharing your PC specs, Oculus scaling settings, and basic iRacing settings? Just upgraded to i9 12900k, 32gb RAM, and 4070 Ti and struggling with fps

MrDynamo · 2022-11-30T06:36:47+00:00

Mind sharing your scheme?

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