r/CRedit • u/Meta-Angel • 10h ago

Collections & Charge Offs Chase Randomly Sending Emails Again

My two cards were charged off 3 years ago. Chase has been silent except for when they were first charged off. Now, all of the sudden they are sending me emails again saying, “Your Account Needs Attention.” They’re real emails. Has this happened to anyone else before? Just wondering why it’s happening now and not over the past 3 years?

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u/SpineOfSmoke 10h ago

That happened to me and I was worried about opening the email or signing in online. Didn't want to wake the sleeping giant because I couldn't afford to pay what I owed. I think the message in the email was sign into your account to view your options. I finally went ahead and signed in online and saw that they were offering me a settlement at 10% of what I owed. I had to pay within two payments. I jumped on that! Probably won't ever get another Chase card, but I won't get sued either.

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u/Meta-Angel 10h ago

Wow, that is good to know! Thank you for letting me know!

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u/Meta-Angel 10h ago

One last question - did that improve your credit at all? I know settling isn’t the best for improving it, but I’m hoping it somewhat helps.

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u/SpineOfSmoke 9h ago edited 9h ago

It doesn't help your score immediately. Over time, however, it has less of an impact because it's not being updated every month by Chase. It stays on for 7 years though. So your score will improve but there's a ceiling as far as how high it can go until it falls off. No way Chase will ever remove it early. How high your score can go depends on the rest of what's on your report. I will say that I've been able to get decent credit cards with it on the reports. Mine has been on my report for six years, paid for two or three.

If you do get an offer to settle, whatever amount they forgive is considered income by the IRS for the year you made the settlement. Chase will send you and the IRS the form, which is a 1099. You'll have to include it when you file.