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wpsnickers
SMU Fan
Member since May 2004
2525 posts

re: Account closed by credit grantor


Ha, you obviously don't know how hard it is to change a credit bureau do you? It'll say that it was paid, but the delinquencies (prob 90 days) and the account's payment history will stay, and they will make him an unviable candidate for a loan. His DTI would have to be really good. He's going to be a FHA/ SBA applicant.





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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4579 posts

re: Account closed by credit grantor


quote:

Ha, you obviously don't know how hard it is to change a credit bureau do you?


As a matter of fact I do. They start out saying "We are not allowed to report inaccurate information to the credit bureaus." While technically true, they aren't obligated to report at all. They can and will remove the late payments or the whole trade line if you're persistent.

ETA: I've had a medical collection removed by offering to "Pay For Delete" the collection agency. I paid them over the phone and "poof" they had it removed from my reports. Collections show up on your report even after you pay them unless you can convince the CA to remove them. I was lucky to be dealing with decent human beings who understood that my collection was from an honest mistake. Maybe the OP will have the same good fortune with Chase.



This post was edited on 2/22 at 3:04 am


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Bestbank Tiger
Tulane Fan
Landmass
Member since Jan 2005
18411 posts

re: Account closed by credit grantor


The last two years carry the most weight. It'll hang around for a long time but it won't hurt as much.





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wpsnickers
SMU Fan
Member since May 2004
2525 posts

re: Account closed by credit grantor


Hahaha, you're crazy if you think Chase is taking that off.
Medical collections are different than bank collections, There's no "pay for delete" option. Unless the bank made an actual mistake reporting his credit history, the "account closed by creditor" remark is staying on there.









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Captain Ron
Hawaii Fan
Location: Ted's
Member since Dec 2012
3785 posts

re: Account closed by credit grantor


quote:

This is absolutely wrong. To the OP, try to work out a payment plan with them.


No it isn't.

The negative marks on this account will stay on his credit report for 7 years. How much they affect his score will be dependent on future on time payments of existing credit accounts.

But the negative marks will still be on his report, which will affect his ability to get decent credit everywhere, unless Chase can be convinced to remove them.




This post was edited on 2/22 at 9:59 am


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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4579 posts

re: Account closed by credit grantor


quote:

Hahaha, you're crazy if you think Chase is taking that off.


Google "Chase goodwill success."






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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4579 posts

re: Account closed by credit grantor


quote:

There's no "pay for delete" option


I just posted the pay for delete as an example. What he needs is a goodwill adjustment. Creditors do them all the time and Chase is one if the best at doing so.






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wpsnickers
SMU Fan
Member since May 2004
2525 posts

re: Account closed by credit grantor


The only thing they'll do is say that the account is paid off and state the number of times its been delinquent. Unless there is an extenuating circumstance (natural disaster, the institution's fault, etc) they aren't changing it. If Chase were to adjust a bureau for a person who had unexcused late credit card payments, they'd be compromising the very source they lean so heavy on to make almost all of their credit decisions. Been a credit analyst and comm loan officer for eight years, and have pulled thousands of credit bureaus... but I guess since you can use google and cleared up some of your past medical collections I guess you know more on the subject than I do....







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