Reply
Valued Contributor
SunriseEarth
Posts: 2,005
Registered: ‎08-12-2013

Cap One COs

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!




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 661 (Wally, 4/4), 680 (Merrick 3/19) | Goal Score: 700+
Care Credit $10200 | AMEX BCE $1500 | Sony Card $1500 | JCP $1400 | Merrick $1200 | Target $1000 | Cap 1 QS1 $1000 | Amazon Store $700 | Walmart Store $700 | BML $339 | VS $250 | Gold Violin $250
~~Gardening since 3/16/14
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

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.

Mega Contributor
RobertEG
Posts: 17,271
Registered: ‎03-19-2007

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.

Valued Contributor
SunriseEarth
Posts: 2,005
Registered: ‎08-12-2013

Re: Cap One COs

[ Edited ]

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!)




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 661 (Wally, 4/4), 680 (Merrick 3/19) | Goal Score: 700+
Care Credit $10200 | AMEX BCE $1500 | Sony Card $1500 | JCP $1400 | Merrick $1200 | Target $1000 | Cap 1 QS1 $1000 | Amazon Store $700 | Walmart Store $700 | BML $339 | VS $250 | Gold Violin $250
~~Gardening since 3/16/14
Valued Contributor
SunriseEarth
Posts: 2,005
Registered: ‎08-12-2013

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!  




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 661 (Wally, 4/4), 680 (Merrick 3/19) | Goal Score: 700+
Care Credit $10200 | AMEX BCE $1500 | Sony Card $1500 | JCP $1400 | Merrick $1200 | Target $1000 | Cap 1 QS1 $1000 | Amazon Store $700 | Walmart Store $700 | BML $339 | VS $250 | Gold Violin $250
~~Gardening since 3/16/14
Valued Contributor
SunriseEarth
Posts: 2,005
Registered: ‎08-12-2013

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!




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 661 (Wally, 4/4), 680 (Merrick 3/19) | Goal Score: 700+
Care Credit $10200 | AMEX BCE $1500 | Sony Card $1500 | JCP $1400 | Merrick $1200 | Target $1000 | Cap 1 QS1 $1000 | Amazon Store $700 | Walmart Store $700 | BML $339 | VS $250 | Gold Violin $250
~~Gardening since 3/16/14
Mega Contributor
RobertEG
Posts: 17,271
Registered: ‎03-19-2007

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.....

Valued Contributor
SunriseEarth
Posts: 2,005
Registered: ‎08-12-2013

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.  




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 661 (Wally, 4/4), 680 (Merrick 3/19) | Goal Score: 700+
Care Credit $10200 | AMEX BCE $1500 | Sony Card $1500 | JCP $1400 | Merrick $1200 | Target $1000 | Cap 1 QS1 $1000 | Amazon Store $700 | Walmart Store $700 | BML $339 | VS $250 | Gold Violin $250
~~Gardening since 3/16/14
Frequent Contributor
907grown
Posts: 250
Registered: ‎08-09-2009

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 627, TU 688, EX 639,
Goal Score: 750
Valued Contributor
SunriseEarth
Posts: 2,005
Registered: ‎08-12-2013

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. 




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 661 (Wally, 4/4), 680 (Merrick 3/19) | Goal Score: 700+
Care Credit $10200 | AMEX BCE $1500 | Sony Card $1500 | JCP $1400 | Merrick $1200 | Target $1000 | Cap 1 QS1 $1000 | Amazon Store $700 | Walmart Store $700 | BML $339 | VS $250 | Gold Violin $250
~~Gardening since 3/16/14

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+