Cap One CO.Best course of action??

[cruisinmel]

Hello All,

I have been working on clearing up by credit reports and clearing off all bad/old debt from my careless college days...Could you please give me advice on the best way to handle this adverse account? I have the money to PIF but is that the best way to go about this? I know Cap one can be a pita..Thanks in advance!

CAPITAL ONE BANK USA NA

PO BOX 30281
SALT LAKE CITY , UT 84130
(800) 955-7070 

Balance: 

$1,632  

Date Updated: 

07/2010  

High Balance: 

$1,167 

Credit Limit: 

$500 

Past Due: 

>$1,632< 

Loan Type: Credit Card

Remark: 

Account closed by credit grantor

Estimated date that this item will be removed:   09/2014

Pay Status: 

>Charged Off as Bad Debt<  

Account Type: 

Revolving Account  

Responsibility: 

Individual Account  

Date Opened: 

09/2004 

Date Closed: 

07/2008

[cruisinmel]

anyone?

[Anonymous]

I would try to do a PFD.. i would try to do 50% settlement possibly. I know some people say 100% is best for PFD... I have learned in negotiation to always start low.

[RobertEG]

OC account opened 9/2004

OC account charged off at some unspecified time, apparently with a % util of over 200%.

If you are contemplating a PFD request, you must specify each of the derogs that you are requesting deleition from your CR.

I would presume that you might have up to four derogs currently in your CR for this OC.

Apparently, you had a 30-day late sometime in mid-2007.  That would be your DOFD.

Since it went to charge off, you apparently then also had a 60-day late, then a 90-day late.

Then they reported a charge off.  Probably in late 2007.

So you would have four separate reportings to ask for deletion.

The condition of the OC account now could bring additional credit woes.  They mght refer it for collection, adding an additional derog to your CR.

Whether you want to go the PFD route first is your choice.  But it is not without risk.  They never have to respond to any PFD offer.  They could just refer it for collection, adding further woes.  There really is no best course of action.  It amounts to you first knowing the risks and benefits of your chosen course of action.