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New Member
Posts: 5
Registered: ‎11-14-2011
0

Capital One Charge Off...Is There Anything I Can Do?

Hi Everyone,

I'm new at this, so bear with me. I'm a small business, and in 2007-2009 my credit rating took a drubbing. Barely survived it. No Bankruptcies, no foreclosures (but it was very close...) Although i am back on track now with one year of perfect payments on all current accounts, I desperately want to refinance my house, but I'm afraid to apply for a loan. Ad here's why: I had a Capital One Credit Card Charge Off on my credit report on July of 2009 for $5500 (DOFD was January 2009). Although the card was closed, with interest this amount has grown to $8500. I live in North Carolina where the SOL is 3 years on revolving debt, so it is out of statute, and I do not risk being sued if I try to resolve this (I don't think.) I have validated the debt directly with Capital One, it's accurate, they own it, and validated it.

My questions are:

How should I proceed in order to raise my credit score the most? Do I risk reactivating the debt by calling up and offering a settlement directly to Capital One? I am being severely penalized on my credit report by it saying that I have utilized 109% of my available revolving credit, but in fact, I currently only have 3 "rebuilding" credit cards with a grand total balance of $17. It's the old $8500 charge off from Capital One that is killing me. (Available credit utilization is supposedly responsible for about 25% of your credit score, so I really want the balance to go to $0.)(At least I *think* that would have the greatest impact on my FICO score.) What would a good number be to offer them? Does anyone have any experience with this?

Please help save me from making a rookie credit repair error! Any advice would be hugely appreciated. Thanks.

Frequent Contributor
Posts: 382
Registered: ‎06-26-2012
0

Re: Capital One Charge Off...Is There Anything I Can Do?

First off, never just send a payment.

 

Sending a payment can in some states restart the SOL clock.

 

2nd of all your going to want to either get it removed or at the very least not reporting the balance and show that its paid (mortgage lenders won't talk about a loan to you if they find out you have an open collection.)

 

What I would do is write them a letter stating that you saw this account on your report. You do not want it on your report and that you would pay $____ to have it removed and consider the matter closed and settled. They may agree or not. but try sending monthly and try going further and further up the food chain. Make sure you point out that this debt is outside of the SOL and that your willing just to get it off your report...

 

If you get to the top and keep getting No's month after month then save up to pay it off and then try to GW them.



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Capital One Charge Off...Is There Anything I Can Do?

[ Edited ]

You can start offer them as much as you can afford....but well I said start from30% and up........depend on how sweet talkthou are to them......

1. Only offer the, to paid for delete and get it on paper mail before you paid them......

2. Look for your SOL again and make sure itout of SOL.

3. Keep trying until you get your result but like I said start from 30% your change is less but not hurt to try......

4. Do you known what your current score is ???

5 if you really wanna do a mortgate you need to get them fix ASAP otherwise they might sent to collection........


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Regular Contributor
Posts: 195
Registered: ‎01-05-2012
0

Re: Capital One Charge Off...Is There Anything I Can Do?

I paid CapOne off recently. Once mybalance finally reported 0,my score went up 62 points!They would not go lower than 70% of the balance for me.They will not do PFD. They will take a monthly payment plan.

Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
New Member
Posts: 5
Registered: ‎11-14-2011
0

Re: Capital One Charge Off...Is There Anything I Can Do?

Thank you so much for your reply! These boards are great!

 

There is one additional factor going on here: I opened this Capital One card in California in 1997 (where the SOL is 4 years), but moved to North Carolina in 2006 (where the SOL is 3 years.) My last payment of any kind on the card was 10/10/2008. Although the SOL has expired in North Carolina, it has not fully expired in California. I will be clearly out of statute in California in another month from now, so JUST IN CASE they try to claim the California SOL (because I opened the card there) I think I am going to wait until 11/1/2012 to contact them with a payoff offer of 50% of the balance, "just to get it off my credit report". I have heard repeatedly that they will not do a pfd. Won't even consider it, but at least I can move it to Paid / 0$ balance status so I can apply for refinancing my house.

 

Starting Score: EQ 552  ( CU pull on May 2011 )
Current Scores: EQ : 668 Trans : 646   EX :  651
Just pulled FICO score: 602 (Yes, 602. **bleep**?)
Goal Score: 720+ Across the Board
Baddie : 1 Capital One collection/charge off. Last paid date: 10/10/2008 $5500 (unpaid--grew to $8500 with interest)

New Member
Posts: 5
Registered: ‎11-14-2011
0

Re: Capital One Charge Off...Is There Anything I Can Do?

More good advice. Thank you so much scarrollprint.

 

There is one additional factor going on here: I opened this Capital One card in California in 1997 (where the SOL is 4 years), but moved to North Carolina in 2006 (where the SOL is 3 years.) My last payment of any kind on the card was 10/10/2008. Although the SOL has expired in North Carolina, it has not fully expired in California. I will be clearly out of statute in California in another month from now, so JUST IN CASE they try to claim the California SOL (because I opened the card there) I think I am going to wait until 11/1/2012 to contact them with a payoff offer of 50% of the balance, "just to get it off my credit report". I have heard repeatedly that they will not do a pfd. Won't even consider it, but at least I can move it to Paid / 0$ balance status so I can apply for refinancing my house.

 

Now that I've read a number of postings, I know that I should never do anything by phone, but to make my offer in writing. I will do this on November 1 of 2012, after the California SOL has clearly expired, just so I can negotiate safely. But who do I write to? Is there a direct address for credit negotiations? I hate to say it but your average CSR is pretty sad--I don't want to waste a bunch of time sending payoff offers to people who just go "Duh, what do i do with this?" and then toss it or ignore it. Do you have a best address for the offer?

 

Starting Score: EQ 552  ( CU pull on May 2011 )
Current Scores: EQ : 668 Trans : 646   EX :  651
Just pulled FICO score: 602 (Yes, 602. **bleep**?)
Goal Score: 720+ Across the Board
Baddie : 1 Capital One collection/charge off. Last paid date: 10/10/2008 $5500 (unpaid--grew to $8500 with interest)

New Member
Posts: 5
Registered: ‎11-14-2011
0

Re: Capital One Charge Off...Is There Anything I Can Do?

Hi scmaml,

Your posting gives me hope! Now that the worst of the Meltdown is over (knock on wood), I'm trying really hard to set everything right, and refinancing my house at the lower interest rates will be key in restoring my overall financial health for the next 20 years. I can only dream of my score going up 62 points like yours did. I promise to post updates once I get my reply from Capital One about my written payoff offer (see my other posts). Thank you so much!

 

 

Starting Score: EQ 552  ( CU pull on May 2011 )
Current Scores: EQ : 668 Trans : 646   EX :  651
Just pulled FICO score: 602 (Yes, 602. **bleep**?)
Goal Score: 720+ Across the Board
Baddie : 1 Capital One collection/charge off. Last paid date: 10/10/2008 $5500 (unpaid--grew to $8500 with interest)

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