Capital One won't report my account as BK llb

[Anonymous]

Hello,

I just got my discharge order today and I"m trying to clean up my accounts.    There are only a few accounts that I need to clean up and Capital One is one of them.    

I got the card in 2012 and it was charged off and sold to Portfolio Recovery in 2013.     I just called CO and they told me that since they sold it to another company it will report on my credit report still as a charge off since it was before I filed bankruptcy.  So how the heck am I supposed to try and rebuild my credit if Capital One won't report as bankruptcy on my credit report?   This blows.

Thanks.

[Scupra]

If the account was charged off prior to your BK it is reporting correctly. This should not hinder your rebuild by much.

[Anonymous]

But how am I supposed to get another capital one credit card if it still says charged off?

[CH-7-Mission-Accomplished]

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@Scupra wrote:

If the account was charged off prior to your BK it is reporting correctly. This should not hinder your rebuild by much.

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This is 100% correct.  People need to understand that "IIB" and "chargeoff" score exactly the same.  The important thing is that it reports a zero balance so your utilization is not negatively impacted.

Some people take this advice to a crazy extreme and start demanding that all their old accounts report as "IIB" based on the BK thread.  "IIB" is as bad of a rating as you can have for a credit card!

Something else you should know, there are a couple of recent reports on here where people have contacted Cap One's EO and requested that Cap One delete the item entirely since the consumer is taking the hit based on the collection reporting, and Cap One has been saying "yes."

It is VERY EASY to dispute and/or GW collections off your reports ... even if they were IIB ... but it is very hard to get OC's to cut you a break.

Work on getting rid of the collection one way or the other and contact Cap One to do a GW deletion of the original account.

Welcome and good luck!

[CH-7-Mission-Accomplished]

Cap 1 would give you a new card if you defaulted on them this morning!

Go their prequal page.  If they say you qualify they will give you two cards.

If you are on their blacklist, they won't even pull your credit reports.

It is a win-win.

[Anonymous]

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@Anonymous wrote:

But how am I supposed to get another capital one credit card if it still says charged off?

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They're very forgiving. Check the pre-qual regularly and they'll likely let you back in eventually.

I have a good friend who had chargeoffs with them years ago. He assumed he had terrible credit and I told him to try their pre-qual anyway (based on what I've learned here) and they approved him for two $1000 limit cards.

I'm 7 months post discharge and still waiting for them to let me back in. They were one of my biggest burns.

[Anonymous]

I'm sorry but I'm not understaning your abbreviations.  What is Capital One's EO,  GW deletion, and OC's mean?

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

I'm sorry but I'm not understaning your abbreviations.  What is Capital One's EO,  GW deletion, and OC's mean?

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EO = executive office

GW = goodwill letter/request

OC = original creditor (in this case Cap 1

Welcome to Acronym Hell!  (How I remember it well)

[DaveInAZ]

Never mind, already explained.

[Anonymous]

Sooo....after being discouraged because I went on the website and didn't get any offers I decided to bite the bullet and call and do my application over the phone even risking my credit more because of the hard inquires and low and behold I was approved for both cards with a 300 limit!!!!   I can't believe it but I did it and I thank all of you and this website for helping me...I really appreciate it!