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Established Member
buckley
Posts: 21
Registered: ‎04-01-2009

Cap1 - Too Good to be True?

Ok so the last year I have worked hard at paying off all of my credit cards, and got to the point where I wasn't using my Cap1 Card. Of course, this meant that I missed the Annual Fee that showed up in June for $39.  I didn't check the account (my fault, I know) until today and it was up to $215 past due, and my reports showed it as 120+ days late! 

 

I immediately scheduled a payment for the entire amount, and called a backdoor number from this site.

 

I first spoke with a woman and explained the situation and asked to close the account. I was hoping for her to ask "Oh what can we do to get you from doing that?" and then plead my case for them to remove the 120+ day late marks from my score, which dropped from 700+ to 559 because of this.

 

She put me on hold and the next thing I know, I am transferred to another woman who says "Capital One will pay your entire balance off, close the account, and report it to the credit agencies that the account is closed in good standing."

 

I hadn't even gotten to the point to ask for that yet. I then told her that was great, but that I had submitted a payment for the past due amount already. She then cancelled the payment from me (which I verified on Capital One's website).

 

So basically, without me asking for anything other than saying I wanted to close my card, they offered to pay the entire amount and make it disappear off of my credit report within 60-90 days. Is that too good to be true?  

 

I thanked her, but still wanted to clarify. I called back and spoke to another person who said that the negative marks on my reports would go away and it would be as if I was never late. The only thing that would change is that the Cap1 card would no longer be listed, since it was closed.

 

I never thought it would be that easy. Does this sound right? Should I keep calling every week to see if that is still the case? What I am worried about is in 60-90 days I check my account and they have closed the account with a balance, or charged it off or something.

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011

Re: Cap1 - Too Good to be True?

Strange. Maybe there is some sort of new legislation that prevents them from going gung-ho with the interest when it's THEIR fee that caused it? Or maybe they just see that it's their fee and it shouldn't have went on like this. Either way, can you call and ask for something in writing in the mail? A fax? A PDF email? Anything to backup what they stated?



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


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Established Member
buckley
Posts: 21
Registered: ‎04-01-2009

Re: Cap1 - Too Good to be True?

I did call back and spoke with two more people, who said that within 7-10 business days I would be receiving a letter that my account was paid off and would be closed and reported as a zero balance to the credit bureaus. I asked specifically if the 30, 60, 90 and 120 day lates would be removed. At first the agent seemed to be confused at what I was asking, but she then asked her Supervisor, and the Supervisor said that the late payments would change from 30/60/90/120 to "on time." I have all their names, so hopefully when the letter comes and I check my credit in a couple months, this will all have been taken care of. If not, I will be calling again! It's such a bummer to lose 150 points because of a stupid $39.00 membership fee. But I think they feel the same, and since I had a $0 balance before that they may be taking pity on me. Plus, today is my birthday....

Member
J_S
Posts: 36
Registered: ‎11-26-2012

Re: Cap1 - Too Good to be True?

Happy Birthday!

Established Contributor
hoping2rebuild
Posts: 905
Registered: ‎07-25-2008

Re: Cap1 - Too Good to be True?

Happy Birthday :smileyhappy:

 


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011

Re: Cap1 - Too Good to be True?

OK,, so I'm a day late,  Congrats and Happy Birthday!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Member
buckley
Posts: 21
Registered: ‎04-01-2009

Re: Cap1 - Too Good to be True?

Thank you all for the birthday wishes! Sadly, finding out I am nearly destroyed credit wise was not the birthday present I wanted.

Does anyone have any advice on whether I should wait it out and see if they take it off? I was told specifically by three people now that it will be as if it never happened. But that seems too easy and good to be true. Can I use that in a potential dispute?
Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011

Re: Cap1 - Too Good to be True?

It can take up to 45 days to update, give it a bit.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011

Re: Cap1 - Too Good to be True?

+1 definitely be patient and give it some time before you start to look deeper into it.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


Take the FICO Fitness Challenge
Established Member
buckley
Posts: 21
Registered: ‎04-01-2009

Re: Cap1 - Too Good to be True?

So I got a letter yesterday saying

 

"As you asked, we've closed your account. All applicable fees and finance charges have been removed, and your account reflected a $0 as of November 28, 2012. Your account will be reported to the credit bureaus as closed within 30 days."

 

The letter makes no mention about them removing the late notations on my report as I was told by 3 separate people, so I hope that when I check my reports in 30 days, it has been removed.

 

If not, what course of action do I have?


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