Capital One Charge Off

[Anonymous]

Hi everyone,

      I opened a capital one credit card back in 2005.  I later moved to Florida to live with my fiance that was stationed in Mayport, Fl.  After moving, I fell behind on payments about six months until I found a job.  My card had a limit of 500,  but had gone up to 841 after fees and missed payments.  I contacted Capital One and made a payment of 342, which brought my balance down to 499.  A few weeks later I received a letter from RAB INC, stating Capital One had Charged Off my account.  So I went ahead and set up ACH payments with RAB for 90 for six months.  I thought I was good now but a few years later I discovered RAB had not taken the last 90 dollars out of my bank account and had sent the debt back to Capital One.  My credit report now shows Capital One - paid for lesser amount.  I feel that I tried to pay back my debts.  Should Capital One have sent me to collections after making a payment?  Why hadn't RAB taken the last payment out of my checking account?  I tried asking these questions but never get an answer and I'm told everything is reported accurately.  I know most of this is my mistake and I should have keep track of my finances.  Is there anything I can do, GW letters did not work and the Credit Bureaus agree with Cap One. Thanks for reading.

sammied84

[fused]

Welcome to the forums!

Since your questions are about fixing your credit, I'm moving your post to the rebuilding forum.

[guiness56]

Hi and welcome to the forums.

They can send you to collections whether you are paying or not. 

Cap One is not the nicest to work with, as you can see.  They may have already sent you to collections before the payment and just didn't tell you.

Have you tried to contact Cap One and explain what happened?

[Anonymous]

You are right, I requested a check image from my bank and it said "pay to the order of : Capital One Collections. for the $342 check.  So now I'm wondering, why did Regional Adjustment Bureau (RAB) take over the collection. 

When contacting Cap One, they would usually tell me they had no record of my account and give me another number, when I called that number, they would give me some account info and tell me everything is reported as normal. 

[guiness56]

Its possible Cap One decided to go with a 3rd party CA instead of their internal one.

[Anonymous]

So they went with a third party (RAB).  Well I set up ACH payments with RAB to pay the debt in full (plus interest they were charging).  But RAB fails to collect the last payment.  They have my info and I gave them permission to take it out automatically on the 3rd of each month.  So how do they miss taking my last payment (which would had settled the debt in full).  Plus they never notified me concerning the last payment.  So when I spoke to Cap One about it, they told me RAB had sent the bad debt back to Cap One, (Should that have even happened).

Thanks again

[guiness56]

No, it should not have happened. 

About the only thing you can do now is ask Cap One to accept the last payment.  I doubt they will delete or change the information but it doesn't hurt to ask.

[Anonymous]

What are the benefits of paying it off now,  or should i just let it be and let it fall of my credit report in a couple years.  Would paying it off cause it to stay on my report longer.  Guess I'll have to weigh the pros and cons.

[guiness56]

No, a payment does not make it stay longer.

The benefit of paying it off is the amount will be deducted from your utilization.  (Pro)

If the account has not updated in a while and you pay it off, it will make it look newer and possibly drop your score.  (Con)

[Anonymous]

I only owe 84 dollars, so I guess I'll let it ride, don't wanna lower my score.  Thanks for the prompt replies.