CapOne Charge Off...What should my next move be?

Anonymous · ‎08-25-2015

Hi Everyone!

In January of this year I had a card charge off with Cap One. The balance is $560 with fees and what not. They still own it as they've sent First Source and CBE Group after me. CBE offered to settle with me for $360. Should I settle with CBE or start mailing CapOne with PFDs since this is such a recent charge off? Any input is appreciated. I'd really like to get back into CapOne's good graces but also would like to get the best benefit with my dollars.

RobertEG · ‎08-25-2015

Has the debt collector already reported a collection?

Anonymous · ‎08-25-2015

@Anonymous wrote:
Hi Everyone!

In January of this year I had a card charge off with Cap One. The balance is $560 with fees and what not. They still own it as they've sent First Source and CBE Group after me. CBE offered to settle with me for $360. Should I settle with CBE or start mailing CapOne with PFDs since this is such a recent charge off? Any input is appreciated. I'd really like to get back into CapOne's good graces but also would like to get the best benefit with my dollars.

I would check my CR to see how the account is being reported.

If the account is listed as sold then you will have to deal with the CA as Cap1 would not be allowed to collect on the alleged debt

If it has not been sold then you may have a PFD chance with Cap1

Anonymous · ‎08-25-2015

It is still just on my report under Capital One. On none of the reports does it say anything about CBE Group or First Source so that would mean that since CapOne is the only one reporting, they own it still right?

CH-7-Mission-Accomplished · ‎08-25-2015

@Anonymous wrote:
Hi Everyone!

In January of this year I had a card charge off with Cap One. The balance is $560 with fees and what not. They still own it as they've sent First Source and CBE Group after me. CBE offered to settle with me for $360. Should I settle with CBE or start mailing CapOne with PFDs since this is such a recent charge off? Any input is appreciated. I'd really like to get back into CapOne's good graces but also would like to get the best benefit with my dollars.

I have been reading this site daily for two years and I have never seen Capital One agree to a pay for delete. (In fact I haven't seen even one example of a major national lender agreeing to a pay for a delete). I have only very rarely seen Capital 1 delete a very old account that is reporting derogatory information - like 5 year old baddies.

Your debt isn't very large. Can you just pay it off? That might look better to future lenders. Cap 1, of course, won't hold the writeoff against you. In fact, you could probably get another card with them right now with that outstanding! Or maybe six months from now.

Collection agents are hit or miss about PFD's. It seems that most of the major ones will reject the quid pro quo of a pay for delete, but will honor a goodwill letter if you send it right after you pay the debt.

SunriseEarth · ‎08-26-2015

@Anonymous wrote:
Hi Everyone!

In January of this year I had a card charge off with Cap One. The balance is $560 with fees and what not. They still own it as they've sent First Source and CBE Group after me. CBE offered to settle with me for $360. Should I settle with CBE or start mailing CapOne with PFDs since this is such a recent charge off? Any input is appreciated. I'd really like to get back into CapOne's good graces but also would like to get the best benefit with my dollars.

My advice? Take the offer.

Cap One will not accept PFDs. They still own the debt, but they have CAs that administer the COs. You'll have to work with the CA to settle. They will update as "settled in full" and update the balance to $0 and stop monthly reporting. This will definitely help. As for removal of the CO, Cap One only grants GW removal on a very rare basis. You can try, but don't get frustrated at the results.

Cap One is also very forgiving. You may have to recon future apps with them, but you will get back in. I had two COs with them, one unsettled and one settled. I was able to get back in with the settled one still reporting, but I had to recon.

Anonymous · ‎08-26-2015

@SunriseEarth wrote:
@Anonymous wrote:
Hi Everyone!

In January of this year I had a card charge off with Cap One. The balance is $560 with fees and what not. They still own it as they've sent First Source and CBE Group after me. CBE offered to settle with me for $360. Should I settle with CBE or start mailing CapOne with PFDs since this is such a recent charge off? Any input is appreciated. I'd really like to get back into CapOne's good graces but also would like to get the best benefit with my dollars.
My advice? Take the offer.

Cap One will not accept PFDs. They still own the debt, but they have CAs that administer the COs. You'll have to work with the CA to settle. They will update as "settled in full" and update the balance to $0 and stop monthly reporting. This will definitely help. As for removal of the CO, Cap One only grants GW removal on a very rare basis. You can try, but don't get frustrated at the results.

Cap One is also very forgiving. You may have to recon future apps with them, but you will get back in. I had two COs with them, one unsettled and one settled. I was able to get back in with the settled one still reporting, but I had to recon.

^^^^ +1

Absolutely agree 100% - Take the offer and run like hell, before they DO place a collection on your reports.