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Thoughts on proposed Cap One settlement?

Valued Member

Thoughts on proposed Cap One settlement?

I have an old charged off account with Cap One that I had proposed a 35% settlement on with a PDF letter. They have countered with a 50% settlement offer and agreed to list it as settled. I really want to clean this up as they continue to report the balance on my credit report and this is killing my current utilization. I also want to avoid any chance of them pursuing the full balance in court before the SOL expires. Is this the best it will get will Cap One? Should I just accept and close this bad chapter of credit history book? Please let me know if anyone thinks I can do better. Thanks.
Message 1 of 10
9 REPLIES
Moderator Emeritus

Re: Thoughts on proposed Cap One settlement?

I'd accept the 50% counter if they agree to PFD.. CAP1 generally doesn't do PFD.. so be 100% sure you get it in writing!
Message 2 of 10
Valued Member

Re: Thoughts on proposed Cap One settlement?

They are not agreeing to PFD and I don't think they will ever do so (I've tried and tried and tried). It just doesn't seem to be a practice they employ. If the credit score estimater I received with the Suzie Orman package is accurate though, just eliminating this balance will raise my score 50-90 points as the utilization will go from about 176% to under 10%. This could make a big difference in the rate I get on an auto loan (which I'm looking to take out by the end of the year) and I'd also recieve the peace of mind that this debt will not "bite me in the ass" anymore during the years to come.
Message 3 of 10
Moderator Emeritus

Re: Thoughts on proposed Cap One settlement?

Ok.. I would still settle with them. CAP1 is the only CCC I would pay without a PFD.
Message 4 of 10
New Contributor

Re: Thoughts on proposed Cap One settlement?

I have the  same problem with cap 1.  If this account gets paid it will remain on report for another 7 years right? 
 
Message 5 of 10
Moderator Emeritus

Re: Thoughts on proposed Cap One settlement?



lorileet wrote:
I have the  same problem with cap 1.  If this account gets paid it will remain on report for another 7 years right? 
 



No.. paying does not reage.
 
Message 6 of 10
Established Contributor

Re: Thoughts on proposed Cap One settlement?

I would settle as well but when they tell you it will take 60-90 days to actually update on your reports they aren't kidding.....and no disputing it doesn't make it go any faster. It took all of the 90 days for mine to update.
Message 7 of 10
Valued Member

Re: Thoughts on proposed Cap One settlement?

They said I'd receive a letter within 30 days stating that I fullfilled the settlement and that it would be adjusted within 60-90 days.  Couldn't I just submit a dispute to the credit bureaus with the letter of fulfillment attached and get this revised sooner?
Message 8 of 10
Established Contributor

Re: Thoughts on proposed Cap One settlement?



salukidean wrote:
They said I'd receive a letter within 30 days stating that I fullfilled the settlement and that it would be adjusted within 60-90 days. Couldn't I just submit a dispute to the credit bureaus with the letter of fulfillment attached and get this revised sooner?



I tried that and even sent the letter I got the agencies. Didn't help they came back verified. It took the full 90 days before they reported as "Legally settled for less than full amount". I am soooooo glad they are finally cleared up and I don't have to deal with them again.
Message 9 of 10
Contributor

Re: Thoughts on proposed Cap One settlement?

Sometimes if you dispute an item that you are trying to delete, the delete will not post right away because the item is still in dispute status.
 
Try it one at a time, it will be a lot quicker!
Message 10 of 10