cap1 help

[Anonymous]

Hi everyone!

Great board and a lot of great advice to take in.  My question is I have an old Cap 1 account that is charged off past due 150 days $594 written off.  $1058 past due as of Jan 2008.  I have a lot of work to do, I know.  But the original balance was $300.  I would like to pay something, but I am scared to contact them.  I have in no way $1058 nor $594. Now, how do I negotiate a settlement or give an offer?  Can i send them a letter? Which type? Help, my husband and i want to purchase a home in this century

Thanks in advance for all the helpful advice coming my way!

[SmartCookie]

What is the DOLA or DOFD dates showing on your CBRs?  Also, what is the debt collecting SOL for your state?  http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

Cap1 is not too hard to settle with but they are difficult to work with regarding removal of derog info.  Let's start with the dates.

[Anonymous]

Thanks!  I'm new here so bear with me and the abbreviations,  um, the DOLA  by my EX. CR is 8/2004.  Date of first delinquency is 8/2005 and the SOL for my state is 6 years.

[SmartCookie]

Ok this is a little sticky.  First of all, you are still within collecting SOL and this also is going to report for a year after that.  Cap1 is difficult (more like impossible, at least currently) with PFD's even when you pay the entire amount.  But if you don't deal with this in some way, it very well might be sent or sold to a CA and that makes things even worse as then you will have 2 major derogs reporting.

You might be able to settle this as legally paid in full for roughly 50%.  This will look much better on your reports but it will still be there for years and that will not look good on a manual review for the mortgage.

Cap1 does rehab accounts.  I think I would search around for info on that and consider calling them to see if they will allow you to do this with monthly payments and deletion of derogs.  If they agree, you need to get it in writing as some people have unfortunately had trouble getting the bad info off as promised.  This would be your best bet in your situation IMHO.

[CreditDrama85]

call them and make arrangements......cap1 is notorious for allowing fees to pile up like that and then getting a judgement against customers with delinquent accounts......

you said your original balance was $300.....why did you stop paying? the minimum payment is very low...now look at what has happened...

i have heard about so many cases like this.....i could see if it was a few thousand dollars because sometimes people get over extended...but the minimum on a $300 balance is $15.....

btw, i dont mean to get on your case....its just that like i said...ive heard about a lot of cases like that where a $300 balance turns into a $1,500 judgement.

[Anonymous]

Thanks for all the info, I will contact them and try to work things out.  Sometimes, times get rough, even a small amount seem monumental, things happen and that's why I am here.  If it was as simple as a $15 payment and low interest, I wouldn't seek this kind of help and  that was not the case.  However, I do appreciate the advice and will take it to heart and use it to my advantage.  I made this debt, I must get out of it. Thanks Again!

[Anonymous]

Try calling them and let us know how you make out.

Does anyone know the best number to call when dealing with CO's?

[Anonymous]

I definitely will let you know, I wish I had found this years ago.  I did come across a number for capital one for rehab accounts, now I don't know if it's valid but It's worth a try. 1-800-261-5872 they answer under another name, but it's capital 1.  I found this on another board and the person posting said the number MAY have changed.  What the hay, Good luck. 

[CreditDrama85]

GOOD LUCK

[Anonymous]

Good Luck Venus! A lot of us understand how you got where you are and please know that you have everyones support in getting it taken care of. Please keep us updated.