Capital One causing problem with Mortgage

[Anonymous]

Hello -

My broker told me today that one of my baddies needs to be closed for the conventional loan to be processed. It has to do with a Cap1 account from 2006. It will drop from my CR next year in Dec. So now i need to get it closed. What is the best way to go about it? They havent called me in ages and the balance is 1500. I dont have a collection on it (on the CR). Should i call them and ask them for PIF for delete? I heard they dont do that, so whats the second best option? everything i should get it in writing correct? do they update the CR asap though?

 Your help is greatly appreciated.

Thanks,

[LondonMassey]

Contact them when you have access to a fax machine.  Tell them over the phone that you will PFD IN FULL right then if they fax over something to you agreeing to the PFD, do not give them anything unless they get that paper to you.  If they don't, you could just attempt to settle the account for less than.  It doesn't matter the amount you pay to close the account, be it $0.50 or all $1500, if it isn't deleted, it will just state something like "paid for less than amount owed" or "paid after collection".  The damage done to your score has already passed being that set to fall off soon, your goal now is to either get it deleted to help your score/clean your report or pay a fraction of it to save money/close the account.

[LondonMassey]

As for updating the report... you would have to wait until your reports update the following month or have your LO do a rapid rescore, I believe.

[Familywantsahouse]

I have a CO charge off. It is not our only baddie. They aren't going to PFD. The won't make a GW adjustment. The *best* you can hope for is a settlement, but we were literally told this week "they don't settle"

I'm really hoping we don't have to pay our off in UW. We plan on doing our offical app next week. Mine is ltierally 6.5 years old and not a huge amount of money. I won't just pay it since they are now asking six times the original credit limit.

Message me if you want the number to their internal collection department!