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Chase / JP Morgan Smacked My Credit Score

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https://sigforum.com/eve/forums/a/tpc/f/230601935/m/1530022044

April 08, 2018, 09:58 AM
V-Tail
Chase / JP Morgan Smacked My Credit Score
I noticed that my credit score dropped by sixty points (!) because the incompetent bastages at Chase ERRONEOUSLY reported late payment / nonpayment for my "scheduled" home mortgagae payment.

FACT: The week before the March 2018 payment was due, I paid the total outstanding balance on the mortgage. There were about three payments left, so I just paid the whole thing, to get it over with.

Chase evidently mis-handled my check and submitted a negative report to at least one, possibly all three, credit reporting services.

I owe nothing, repeat: NOTHING on my home mortgage. Actually, it appears that I overpaid by just a tiny bit, less than two dollars, and Chase should send me a refund check.

Incompetent bastages.



הרחפת שלי מלאה בצלופחים
April 08, 2018, 10:12 AM
sourdough44
I closed some accounts, lowered my credit limit on others. My credit score went down a fair bit. I realize other things are tied to it, don’t plan on any borrowing anyway.
April 08, 2018, 10:20 AM
Jimbo54
quote:
Originally posted by sourdough44:
I closed some accounts, lowered my credit limit on others. My credit score went down a fair bit. I realize other things are tied to it, don’t plan on any borrowing anyway.


This happened to me as well. A few years ago my rating was in the low 800's, and now it's at around 760. After investigating I found out the reason was that I have no debt and pay off my credit cards and carry no balances. Geesh!!

Jim

Edit: After posting this, I thought I would check my score through Chase because I have a credit card with them. 819. Go figure. I have done nothing that would cause this change that I know of. I used the card on a short trip, but paid it off before interest kicked in.


________________________

"If you can't be a good example, then you'll have to be a horrible warning" -Catherine Aird
April 08, 2018, 10:39 AM
Elk Hunter
Same thing here. We have not had any debt since the wife paid off our home mortgage a year before I retired, 25 years ago.

Strange thing, to me anyway, was when we bought my new car back in 2011, we told the dealership that we would pay cash for it. They insisted that they had to go through a credit check anyway! I started to get "excited" but the Mrs calmed me down (a little).

AIR, our credit rating came back at something around 860. We use our only credit card for a lot of purchases as we get some kind of payback which means we come out ahead. We have a not cost credit card through our credit union.

If some idiot at a bank, like JP Morgan, screwed up our credit score, I can assure everyone that we would instantly close all accounts there.

We have several accounts at our credit union, every one of them are "deposits".


Elk

There has never been an occasion where a people gave up their weapons in the interest of peace that didn't end in their massacre. (Louis L'Amour)

"To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves and abhors, is sinful and tyrannical. "
-Thomas Jefferson

"America is great because she is good. If America ceases to be good, America will cease to be great." Alexis de Tocqueville

FBHO!!!



The Idaho Elk Hunter
April 08, 2018, 11:14 AM
V-Tail
No, the credit score did NOT go down because the account was closed.

It went down because Chase / JP Morgan actually reported a late payment! THERE WAS NO PAYMENT DUE, because the mortgage had been paid off.

I did not owe a payment, there was nothing due, but the bastages reported a late payment.



הרחפת שלי מלאה בצלופחים
April 08, 2018, 11:33 AM
Jimbo54
quote:
Originally posted by V-Tail:
No, the credit score did NOT go down because the account was closed.

It went down because Chase / JP Morgan actually reported a late payment! THERE WAS NO PAYMENT DUE, because the mortgage had been paid off.

I did not owe a payment, there was nothing due, but the bastages reported a late payment.


Have you talked to them yet? If so, have they said that they will make it right?

Jim


________________________

"If you can't be a good example, then you'll have to be a horrible warning" -Catherine Aird
April 08, 2018, 11:39 AM
BBMW
Challenge it. I think you need to do this through the credit bureaus. Send them your evidence, and they should remove the late payment report.

quote:
Originally posted by V-Tail:
No, the credit score did NOT go down because the account was closed.

It went down because Chase / JP Morgan actually reported a late payment! THERE WAS NO PAYMENT DUE, because the mortgage had been paid off.

I did not owe a payment, there was nothing due, but the bastages reported a late payment.

April 08, 2018, 12:49 PM
egregore
quote:
Challenge it.


Like, yesterday.

quote:
I think you need to do this through the credit bureaus. Send them your evidence, and they should remove the late payment report.

Chase has 30 days to prove they are in the right, or the ding must be taken off.
April 08, 2018, 02:47 PM
12131
At your age, why worry about credit score? Razz


Q






April 08, 2018, 03:30 PM
smschulz
Look at the bight side now you have money to pay cash.
Nothing to worry about unless you are competing for another loan.
April 08, 2018, 04:29 PM
GWbiker
Screw Chase Bank. I tried to change a one hundred dollar bill into smaller bills and was refused because I didn't have an account there.

I did have a car loan at that bank until a year ago when it was paid off and sold back to VW. But, that didn't matter as I did not have a current Chase account.


*********
"Some people are alive today because it's against the law to kill them".
April 08, 2018, 06:21 PM
trapper189
Did you follow through with the suggestions the forum made when you went in to pay off your? If not, are you now wishing you had?
April 08, 2018, 06:23 PM
JSB3
Go online and file a complaint with the CFPB. Most banks have a policy to contact the client within 48 hours of a complaint being received. They will call it the Office of The President or some crap like that. Be polite as the person you speak to will probably be the same to resolve your complaint on the back end.
If your account was paid off, this will probably require simple research on the banks end and be resolved within a few days. It may take up to 90 days to reflect on your credit score though, depending on the bank.
I handled this exact same issue in my position for over a year at another one of the monster global banks.


Blaming the crime on the gun, is like blaming a bad story on the pencil.
April 08, 2018, 07:05 PM
OKCGene
They'll probably initiate foreclosure soon.
April 08, 2018, 08:19 PM
V-Tail
quote:
Originally posted by OKCGene:
They'll probably initiate foreclosure soon.
I need to check with the county recorder's office, or whatever it's called, to confirm that the mortgage payoff is recorded there.



הרחפת שלי מלאה בצלופחים
April 09, 2018, 09:46 AM
Jimbo54
quote:
Originally posted by V-Tail:
quote:
Originally posted by OKCGene:
They'll probably initiate foreclosure soon.
I need to check with the county recorder's office, or whatever it's called, to confirm that the mortgage payoff is recorded there.


Keep track of your time spent on this and send the bank a bill for your time. I know I would.

Jim


________________________

"If you can't be a good example, then you'll have to be a horrible warning" -Catherine Aird
April 09, 2018, 10:26 AM
V-Tail
quote:
Originally posted by Jimbo54:
quote:
Originally posted by V-Tail:
quote:
Originally posted by OKCGene:
They'll probably initiate foreclosure soon.
I need to check with the county recorder's office, or whatever it's called, to confirm that the mortgage payoff is recorded there.
Keep track of your time spent on this and send the bank a bill for your time. I know I would.
I too, am a "Crusty Old Curmudgeon." I can certainly drop an invoice to them, but the probability of actually receiving any payment is something less than 0.00000000001.



הרחפת שלי מלאה בצלופחים
April 09, 2018, 11:49 AM
sjtill
My bet is that a call to Chase mortgage will clear that up in about 30 seconds. In any case, let us know.


_________________________
“ What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.”— Lord Melbourne
April 10, 2018, 06:20 AM
CoolRich59
quote:
Originally posted by 12131:
At your age, why worry about credit score? Razz

Yep. Smile

While in your case I would tell Chase to fix it, I’m also old enough now that I don’t care too much about my credit score.

I recently had a dispute with a medical lab. They performed an expensive test without getting the ok from my insurance company. When the insurance company wouldn’t pay, the lab wanted me to pay. I told them it was their screw up and I wasn’t paying.

They sent it to a collection agency. When they called me, I told them to go pound sand. They reported it as a bad debt and my score went down 50 points. I’m not buying a new house and have no plans to buy a new car, so I don’t care.


_____________________________________________________________________
“Civilization is not inherited; it has to be learned and earned by each generation anew; if the transmission should be interrupted for one century, civilization would die, and we should be savages again." - Will Durant
April 10, 2018, 11:09 AM
at-home-daddy
quote:
Originally posted by Elk Hunter:

Strange thing, to me anyway, was when we bought my new car back in 2011, we told the dealership that we would pay cash for it. They insisted that they had to go through a credit check anyway! I started to get "excited" but the Mrs calmed me down (a little).



I had the same thing happen...told the salesperson and sales mgr. I was paying cash for our new CX-5 and so did not want them to run any kind of credit check. They said, No problem..but then when I went into the Business Office to do the paperwork, I was told they ran the check and all was fine. Like you, I got a little politely "excited" and was told they had to do it "to make sure you are who you say you are." Didn't make sense then, doesn't make sense now. I had cash, a driver's license, and proof of insurance...I don't know how much more identity proof they need.

I went through with it because I'd negotiated a good deal, but I've not been back for service and I've warned a few other prospective folks from them. Their little stunt has potentially cost them far more profit than they ever made from my sale.