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Capital 1 CO's

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medicgrrl
Valued Contributor

Capital 1 CO's

Has anyone had any luck working with Cap 1 to do payment plans of CO's?  Did they continue to report late every month or were you able to work out a deal to start repairing the damage?  Were you able to negotiate a lower balance?  Also, if the SOL ended 2 years ago will I be opening a can of worms by doing this?


EQ 778 EXP 782 TU 729
Message 1 of 12
11 REPLIES 11
MsKiwi
Established Contributor

Re: Capital 1 CO's


@medicgrrl wrote:
Has anyone had any luck working with Cap 1 to do payment plans of CO's?  Did they continue to report late every month or were you able to work out a deal to start repairing the damage?  Were you able to negotiate a lower balance?  Also, if the SOL ended 2 years ago will I be opening a can of worms by doing this?

 

If the sol ran out how much time is left on the crtp? I would ignore the co in case it would somehow update this account to more recent and reset your sol. If I'm wrong, someone will correct me.

The sol protects you from being sued and somehow you slipped under the radar. Cap1 is famous for suing on co's.

Message 2 of 12
medicgrrl
Valued Contributor

Re: Capital 1 CO's

I still have 2 more years until they drop off.  The problem is that every month they update so the balance keeps increasing and they continue to report a new 90 day late on each account.  I tried working something out with them and they said they couldn't work anything out but if I wanted to just make a payment I could.  I declined LOL


EQ 778 EXP 782 TU 729
Message 3 of 12
Anonymous
Not applicable

Re: Capital 1 CO's

Try calling back and talking with different reps.  Has a CA picked up the account yet? I had a CO with them and they held onto the debt for 5 years and never sent it to a CA or sued. I settled the account for around 35% of the balance. They WILL keep adding interest and fees until you make a deal or PIF.

 

Leave the account alone for a litte while longer and save up some cash. Once you have 20-30% call them and try to work out a deal. Whatever deal you make, get it in writing and don't fork over checking account info. Overnight a certified check instead.

Message 4 of 12
medicgrrl
Valued Contributor

Re: Capital 1 CO's

Nope, they haven't done anything with it yet.  It has been sitting there for 5 years.  It is 2 years past the SOL now.  I will take your advise and wait.  I am moving in with a friend in May so I can save up some money.  I will wait until July to deal with it.  How difficult was it to work out a payoff?  I wanted to just offer them the original amount on it which is $1200.  It is up to $4300 now


EQ 778 EXP 782 TU 729
Message 5 of 12
Anonymous
Not applicable

Re: Capital 1 CO's

Just something to think about here.

 

Capitol One is the worst company to deal with concerning your credit and your credit reports.

 

If your beyond the SOL for that debt and you only have 2 years for it to fall off your credit report I'd highly recommend (And this is something I VERY seldom recommend) leaving it alone for the full 7 years and let it die a natural death from your reports.

 

Now here is the reason I say this.  Capitol One WILL NOT remove derogatory items from your credit report period.  Even if you paid it in full with all the accrued interest and fees.  Take that from someone who knows from personal experience and a great deal of searching on these boards of others experiences.

 

Capitol One did indeed promise me to remove an old account from my reports in exchange for payment in full which I did instantly.  The account continued to report not only for the full 7 years from first delinquency, but they even attempted to update it to have it report from the time I paid it in full.

 

If you do a search on the boards you will find my experiences as well as many others with this company. 

 

Think long and hard about how badly they can hurt you when you do the right thing with them.

 

Just my 2 pennies worth.

 

PS.  This thread brought me out of posting retirement if that tells you anything about how strongly I feel about Capitol One.

 

Van

 

Message 6 of 12
medicgrrl
Valued Contributor

Re: Capital 1 CO's

Ihave read a lot about the terrible experiences with Cap 1.  If I can bring my scores high enough to qualify USDA then I will definitely leave them alone til they drop off.  I have already talked to the lender and they said they could remain unpaid.  I am just concerned that by leaving them unpaid I will not be able to get my scores high enough.  They will be the last credit issue I deal with, IF necessary!

 

Thanks for all the input!!



EQ 778 EXP 782 TU 729
Message 7 of 12
Anonymous
Not applicable

Re: Capital 1 CO's

I would be careful of just waiting for it to fall off your reports. What if they sell it to a CA during that time and further damage your credit?

Message 8 of 12
Desneige
New Contributor

Re: Capital 1 CO's

I am also having Capital One nightmares.  Right now it's one of only 2 remaining badies on my CR.  My balance is reporting as a charge off of $2400.  Statute of limitations in my state is 5 years-can someone tell my from what date that five years is figured?  Dofd?  I want to buy a home, and think that I'm going to need to pay off capital one to be successful.  Problem is that my scores or borderline for the home purchase, and I worry that Capital One will update my account and could continue to cause me further problems, with my credit score decreasing.  Is it best to settle for the the entire amout owed? or to try to get them to settle for less?  Confused and unsure of how best to proceed.  Any advice would be appreciated.  Thanks. 
Message 9 of 12
llecs
Moderator Emeritus

Re: Capital 1 CO's


Desneige wrote:
I am also having Capital One nightmares.  Right now it's one of only 2 remaining badies on my CR.  My balance is reporting as a charge off of $2400.  Statute of limitations in my state is 5 years-can someone tell my from what date that five years is figured?  Dofd?  I want to buy a home, and think that I'm going to need to pay off capital one to be successful.  Problem is that my scores or borderline for the home purchase, and I worry that Capital One will update my account and could continue to cause me further problems, with my credit score decreasing.  Is it best to settle for the the entire amout owed? or to try to get them to settle for less?  Confused and unsure of how best to proceed.  Any advice would be appreciated.  Thanks. 


CapOne is tough to deal with. They are very much sue happy. SOL is based on DOFD. Some states also base it on the date you last paid them. If you are planning to buy a home prior to SOL and CRTP expiring, then it may be worth just paying in full, ASAP. You can then go back and attempt GWs. You may also see a significant score boost if this account is still factoring into utilization. IMO, don't settle. They will mark "settled" on your CR and FICO reads that on the same par as a CO.
Message 10 of 12
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