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@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.
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.
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
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!!
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?
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.