The Mother Of All Challenges

[John060675]

FICO Gurus:

I have in front of me a challenge, which I need assistance from the professors here to rectify.  Here is the information:

Credit Account Cap 1 Bank Status as of September 2007

Date opened [?] Apr, 2002

Date of last activity [?] Jan, 2003

 Largest past balance [?] $200 Credit Type

 Revolving Account holder [?]

Individual Scheduled payment amount [?] $0

Descriptions [?]

• Settlement accepted on this account
• Charged off account

No contact information provided by Equifax

Balance [?] Current Status [?] Past Due Amount [?] $0

Bad debt/collection Not on Record

Seven year payment history [?] 30 days late 1 time 60 days late 1 time 90+ days late 4 times (Jul 2003, Jun 2003, May 2003)

My question is how can I get this off my report?  It is accurate (sad to say), and I have tried a GW to Cap1.  The results were negative, they shot me down.

Has anyone had success with Cap 1 in a similar situation as mine?  If so, how did you do it? 

The other baddies on my report I think I can handle and get removed with work, but from what I read on this forum Cap 1 is  not into GW letters.  I am so close to a clean report for the first time in my credit life!  Please help!

Thank you.

[Anonymous]

There is no magic way...I would recommend persistence and repeating the GW letters.

However, at four years out going on five, this account is probably not hurting your FICO very much at all. In fact, if this is your oldest account, removing it might even lower your FICO.

[Anonymous]

There is nothing that you can do but keep sending GW letters.

[John060675]

TheNewWorldMan,

Thank you for your reply.  Honestly, I know it probably will not do much for my score, and it even might decrease it.  However, it is mainly due to the fact that this is the last bit of stuff from a very bad time in my life (divorce).

I know it will be just symbolic, but getting it off would mean final end to an era for me.  I will keep sending GW letters, but I was hoping someone had an example of a GW letter they sent to Cap 1. 

Or even better, maybe a contact name that has helped someone.

Thank you!

[John060675]

I suppose I should focus my information into a better question.  I settled for less than the full amount on this account back in 2003 with Cap 1.  I really would like it off my report (obviously), and my GW attempts have failed.

What options for a settled for less than full amount account are there?  PFD?

Thank you.