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Cap One COs & GW Efforts

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SunriseEarth
Moderator Emeritus

Cap One COs & GW Efforts

Hello,

 

Just wanted some opinions about how to resolve a CO from Cap One.   I have two COs.  One is due to fall off my CRs between Feb and April of next year, so I don't wish to do anything further with that at this time.  However, I have another CO with Cap One.  I'm currently making monthly payments on that one through ARS.  The balance on that one is about $1400 and I'm paying a bit above $60 a month on it.   As I'm clearning up my CRs, I believe the COs are currently the most damaging items (I do have a BK that is 8+ yrs out).  

 

Anyway, I'm expecting a federal tax refund.  I'm am wondering if, at that time, I should make ARS an offer to settle on the CO for less than the full amt.  Once settled, would I have a shot of Cap One removing early through GW?  Or should I just keep plugging away at this until it's PIF?  IIRC, the DOFD was around March 2008, so this would stay on the CR till March 2015.

 

Thanks for any advice!

 

Update - One CO fell off my reports in Feb. I settled on the other one in December and I am currently making attempts at GW deletion. (6/5/14)

 



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 1 of 39
38 REPLIES 38
llecs
Moderator Emeritus

Re: Cap One COs

Is CapOne reporting the balance, or ARS? 

 

In any case, I'd definitely pay it off sooner rather than later if you have the ability, and I'd at least try via a PFD with whomever is reporting the balance all the while making regularly scheduled payments on it just in case the PFD is rejected. If after a few tries the PFD isn't accepted, then I'd settle and GW at a later date.

Message 2 of 39
RobertEG
Legendary Contributor

Re: Cap One COs

I would additionally suggest that if you cant get their agreement to delete, you at least attempt to get their agreement not to report paid/settled for less.

Absent the additional reporting that they accepted less than the full amount of the debt as settlement, your CR will then appear to others the same as if the debt had been paid in full. 

 

Posting to one's credit report that, in the past, you did not fully pay the entire debt you obligated informs others that they took a loss.

That is a negative reflection of risk in any manual review by a prospective creditor.

 

As for the CO that is expected to soon be excluded, it may still be beneficial to pay, as credit report exclusion does not negate the continued presence of unpaid, delinquent debt.  If asked for disclosure of any unpaid delinquent debt, you would still be obligated to disclose the debt.

In that case, any issue of reportting of paid for less becomes moot.

Message 3 of 39
SunriseEarth
Moderator Emeritus

Re: Cap One COs


@llecs wrote:

Is CapOne reporting the balance, or ARS? 

 

In any case, I'd definitely pay it off sooner rather than later if you have the ability, and I'd at least try via a PFD with whomever is reporting the balance all the while making regularly scheduled payments on it just in case the PFD is rejected. If after a few tries the PFD isn't accepted, then I'd settle and GW at a later date.


Cap One is the one reporting the balance.  I hadn't even thought about PFD...I supposed it wouldn't hurt to try.  

 

(edited for typo...ack!)



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 4 of 39
SunriseEarth
Moderator Emeritus

Re: Cap One COs


@llecs wrote:

Is CapOne reporting the balance, or ARS? 

 

In any case, I'd definitely pay it off sooner rather than later if you have the ability, and I'd at least try via a PFD with whomever is reporting the balance all the while making regularly scheduled payments on it just in case the PFD is rejected. If after a few tries the PFD isn't accepted, then I'd settle and GW at a later date.


I've decided to call the Cap One EO today to see if I can settle on the more recent CO.  The agent will be coordinating with another department and I should be hearing back from her on Monday.  I will certainly ask if PFD is an option (AFAIK, I've heard around here it's almost never done by Cap One).  If not, I'll definitely see if they can report as "Paid in Full" versus "Settled in Full."  Regardless, as long as the balance reports as $0, I'll definitely see a boost to my UTIL.   Cross your fingers for me!  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 5 of 39
SunriseEarth
Moderator Emeritus

Re: Cap One COs

The EO had ARS reach out to me, since they administer this account.   I am settling for $500 on a $1388 balance.  It appears the reporting would update to "Settled" status.  However, when I spoke with the EO agent after speaking with ARS, Cap One may be willing to do something about how the CO reports on my CRs.   I'll keep my fingers crossed on this!



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 6 of 39
RobertEG
Legendary Contributor

Re: Cap One COs

Reporting of a charge-off is simply their posting to your credit report that they took an internal accounting measure at a piror point in time.

Thus, the only change in that reporting that would be of any benefit is its total deletion.

I see no other change that could be made in that reportingm other than possible the amount they charged-off, which is a fixed fact.

 

I hope they delete.....

Message 7 of 39
SunriseEarth
Moderator Emeritus

Re: Cap One COs


@RobertEG wrote:

Reporting of a charge-off is simply their posting to your credit report that they took an internal accounting measure at a piror point in time.

Thus, the only change in that reporting that would be of any benefit is its total deletion.

I see no other change that could be made in that reportingm other than possible the amount they charged-off, which is a fixed fact.

 

I hope they delete.....


As the balance is affecting UTIL, updating that would help...clearly not as much as deletion, though!   I'm keeping my fingers crossed and will hope that my case meets sympathetic ears.  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 8 of 39
907grown
Established Contributor

Re: Cap One COs

Please let us know your result, I am dealing with hubby's CO with Cap One, going to settle I think. His CO is killing his util, we need to buy a house this summer so I need to get this taken care of. Keeping fingers crossed for you!
Good luck!!


Starting Score: 460
Current Score: EQ 764, TU 764, EX 740,
BOA AK AIR 30,000, Discover IT 6300, Freedom 25,300, Barclays RMC 15,660, Ring 15,000, BCE 15,000, QS17,000,AARP 15,000, ChaseFU 8,000,AND A LOT MORE!
Message 9 of 39
SunriseEarth
Moderator Emeritus

Re: Cap One COs


@907grown wrote:
Please let us know your result, I am dealing with hubby's CO with Cap One, going to settle I think. His CO is killing his util, we need to buy a house this summer so I need to get this taken care of. Keeping fingers crossed for you!
Good luck!!

I'll definitely keep you posted.  Good luck with your DH's CO!   I recommend contacting the Cap One EO for assistance, if you are looking for a point of contact. 



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 10 of 39
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