cancel
Showing results for 
Search instead for 
Did you mean: 

Deal with Capital One or Collection Agency?

Valued Member

Deal with Capital One or Collection Agency?

I had a Cap One account charged off a few years ago and I'm seeking to clean this up after avoiding it for a while. I've sent a PFD letter to Cap One (which is the only party listing this on my credit reports)...however, I have been contacted in the past by a couple of different CA's attempting to settle it (OSI was one...but I can't remember the other without looking through files). Am I best just do deal with Cap One since they are the only one listing this on my credit reports or would the CA's possibly be able to offer a PFD (something which Cap One apparantly doesn't do often)?
4 REPLIES
Frequent Contributor

Re: Deal with Capital One or Collection Agency?

I have sent one PFD letter to Cap 1 and it was a no go.  I then sent two PFD letters to the CA that is also listing this account and they just keep ignoring my letters and sending me settlement letters. 
Valued Member

Re: Deal with Capital One or Collection Agency?

Even if settling is the only option available, I will probably take them up on it now as I need to clear this revolving credit from my CR's. According to the score estimator that I got with the Suzie Orman kit, doing this alone would raise my score from about 600 to up around 670 (Personally, I have my doubts it would do this much...but even if I get half that jump, it would be worth it). I also want to avoid the possibility of them filing against me before the SOL expires and desire to put this chapter of my life (when I made many bad credit decisions) behind me.
Regular Contributor

Re: Deal with Capital One or Collection Agency?

As far as seeing the bigger picture (ie: protecting your credit so your can get the bigger loans like a mortgage or refinance at the lowest possible interest rates, thereby saving lots of money every month), I would strongly advise you to try and settle up NOW with CapitalOne, so long as you can afford to.  Even if you have to, work out a payment plan with this creditor before this goes any further...
Highlighted
Frequent Contributor

Re: Deal with Capital One or Collection Agency?

I agree, work it out before it goes to the CAs

I'm David, and I am a FICO-aholic