jeffysdad wrote:Minor damage to your credit, if any, will drop off and you'll have a clean slate. Why worry about making a payment on time when you don't have to.
Future Man, Why did Chase close your card? Normally they send you a letter stating their actions, but don't always give a reason why. Before you pay it off, call them up and see if they will negotiate a one-time settlement payment. Easy enough to do. Don't tell them that you have the $2k just sitting around waiting to be spent, though. You can say something like "times are tough, what would you take to settle this account right now?" And before you make a final decision, tell them you have to talk to your girlfriend, wife, pastor, accountant, etc.
I just helped one of my client's negotiate a $20,000.00 biz card for a lump sum of $1,500.00. No joke. Although, normally the standard is 40 - 50%.
Make sure you get everything in writing, even if its an email to confirm. AND write down the contact person's name, phone number, ID, extension, etc. Everything that they say. This "log" can be used as prima facie evidence should you need to use it.
Few people realize that now more than ever, credit card companies are willing and able to "play" when it comes to negotiating or renegotiating debt. Wish you success in your endeavors.