What does does it mean to re-age your credit card account? In all of my years in banking I have never heard of the term re-aging.
The fact that I have never heard of the term maybe because in my long credit history I had never ever been late on a payment until last year.
I recently set up a good majority of my credit cards with both Chase and Bank of America on what they called their Balance Liquidation Program or BLP. But yesterday I received a letter from Chase stating I now qualified for their Reage Program and I thought what does re-age mean. Here's what I found:
Re-aging a credit card account can give you a fresh start with your creditors! The creditor will give you a clean slate like nothing happened from what I am gathering. So for instance I was 7 months past due on all my accounts. If what I have found in my research is correct that would mean they would remove the 7 months of past due payments from my credit report.
I have also found that a lot of creditors won't re-age your account. So if you try this with your creditors don't be disappointed if they won't do it. Also, some creditors follow federal guidelines, which allows them to re-age your credit cards once in a 12 month period or twice every 5 years.
According to the letter I received from Chase if I fall behind on payments again I may not be eligible for this program again for 5 years.
I have no intention on falling behind on payments again, but I never thought I would ever be late on payment either. So you never know.
I probably wouldn't try re-aging my account if I were only late by a month or so, but if you are a few months behind with your payments then it might be worth it. Also, be sure you are ready to commit to the program before you start it. You don't want to get it going and then not be able to make the established payments.
If what I have found is true and Chase does remove the past due payments that were reported I am going to be tickled pink. Not only did they remove over the limit and late fees, drop my interest rate to 0.00%, and take off thousands in accumulated interest, now they are bringing my account current. Now that's what I call customer service!
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