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New Member
noob101
Posts: 1
Registered: ‎03-03-2011

Capital One, 30 day late

Hello Everyone, nth

 

I had a 30 day late with capital one in november last year for $4.99 . Due to this and a recent spike in utilization ratio, my FICO was in mid 600s. I am looking for a car loan, so I thought I would ask Capital One if they could remove my 30 day late. I was travelling abroad when this late payment happened. I had never carried a balance and always used to pay to 0 each monthe. I explained this to the Accoutn Specialist(called the number in the backdoor number post from myfico), and she was nice and forwarded me to another agent. She said she is sending a letter to all three CRAs and send a copy to me also. 

 

Two days later I get an alert from Equifax saying one of my account changed. I went ahead and pulled my FICO equifax score and the score jumped to 700 something and there is no negatives on my account. But, my capital one account details says, "Customer disputes the informaiton on this account". I read elsewhere on the net that this would stop many creditors from approving a loan. 

 

My equifax report still shows that there was a 30 days late in november last year. What is going on here? I talked to a agent today and she said Capital one will return my late fee in next couple of days, and its likely that CRAs will remove this negative. 

 

Will the 30 day late be removed from my account?

 

Was the score bump because FICO didnt include Cap One becuse its disputed? 

 

Will they remove "Customer dispute this information" from commets once the investigation is complete? How long will it take to compelte the investigation?

 

Thanks in advance

Moderator
LIGHTNIN
Posts: 4,030
Registered: ‎03-24-2008

Re: Capital One, 30 day late

Welcome to the family here at myFICO,

 

 I'm a little confused. In your 2nd paragraph it says Equifax with no negatives, then the 3rd paragraph EQ shows 1-30day late in Nov.

 Cap One said they were going to send you a copy of a letter, What did the letter say?

 

 It can take 30 to 45 day to complete an investigation, it just depends on how the dispute was started, by phone,online or thu annualcreditreport.com

 

I believe when an item is in dispute, that item is not included in the FICO score.

 

noob101 wrote:my capital one account details says, "Customer disputes the informaiton on this account". I read elsewhere on the net that this would stop many creditors from approving a loan. 

 

 Yes, this is true with mortgage loans if the late happened within 12mos from the mortgage apps.

Lenders do not like to see recent lates, because they feel that if can not handle the debt you already have, then you can not handle any new loans either

FICO's Oct 2013 TU711 EQ713 EX723~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010

Re: Capital One, 30 day late

I believe OP is referring to lenders being wary of any items that have the notation that it's under dispute.

 


LIGHTNIN wrote:

Welcome to the family here at myFICO,

 

 I'm a little confused. In your 2nd paragraph it says Equifax with no negatives, then the 3rd paragraph EQ shows 1-30day late in Nov.

 Cap One said they were going to send you a copy of a letter, What did the letter say?

 

 It can take 30 to 45 day to complete an investigation, it just depends on how the dispute was started, by phone,online or thu annualcreditreport.com

 

I believe when an item is in dispute, that item is not included in the FICO score.

 

noob101 wrote:my capital one account details says, "Customer disputes the informaiton on this account". I read elsewhere on the net that this would stop many creditors from approving a loan. 

 

 Yes, this is true with mortgage loans if the late happened within 12mos from the mortgage apps.

Lenders do not like to see recent lates, because they feel that if can not handle the debt you already have, then you can not handle any new loans either


 

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Established Contributor
MBOhio2
Posts: 946
Registered: ‎02-07-2011

Re: Capital One, 30 day late

Oftentimes the "Customer disputes the information on this account" line will reamin well after the investigation is complete and resolved. And yes, you are correct that many mortgage lenders will require you have that removed before approving your loan. Once the whole situation is resolved, I would recommend calling the CRA and telling them that you no longer dispute the item and ask them to remove that notation. I've heard ths can be a big pain and CRAs are terrible about removing it quickly, so you're better off getting it removed asap so it doesn;t come back to haunt you later when you're applying for something.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010

Re: Capital One, 30 day late

Here's a helpful thread from today about how to get this done:

http://ficoforums.myfico.com/t5/Mortgage-Loans/Best-Way-to-Remove-quot-Account-In-Dispute-quot-for-M...


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge

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