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I have an unpaid Capital One charge off that is supposed to fall off in Jan 2019. I contacted Capital One's executive office by email and a few days later they called me back. As of now I havent spoken with the person I've been told to call back, we keep missing each other. The account reports monthly as "late". Obviously my goal is a pay for delete. My questions are:
If Capital One doesn't offer to do that, is there anything I should counter with while on the phone?
If they don't do the PFD should I take a settlement?
Thanks...
Cap1 does not PFD. Has it not been assigned to a CA? Otherwise that could still happen and this unpaid charge off is also affecting your util rate. Is it updating monthly?
If if they offer a settlement , take it. If you are out of SOL you have a little bit more wiggle room to negotiate a settlement.
@Anonymous.
Are you hoping to get back in with Cap 1? As long as that obligation is out there, it is difficult to get credit products from them. Either way, if you are able to settle the account, why not just take care of it and stop it from updating monthly. It is a relief in itself to not have to worry about it becoming collection until it falls off your reports.
@Anonymous wrote:@Anonymous.
Are you hoping to get back in with Cap 1? As long as that obligation is out there, it is difficult to get credit products from them. Either way, if you are able to settle the account, why not just take care of it and stop it from updating monthly. It is a relief in itself to not have to worry about it becoming collection until it falls off your reports.
I agree, if the debt is yours and you created it, you should pay it as quickly as possible.
As for not obtaining future credit products with them, you could very well be approved for another credit product after 1 year of a chargeoff, paid or unpaid.
Infact, I had two unpaid chargeoffs with them at one time and got approved for the Platinum card with a $500 SL. So I speak from experience. Of course I eventually paid the chargeoffs and had them goodwill deleted a few years later.
As part of your settlement offer, I would suggest including the provision that they agree not to report as settled for less, or similar language.
That special comment is optional, and if excluded, will make the account appear the same in any manual review as if it had been paid in full.
Settled for less informs others that you failed to pay the full debt, and thus they took a loss in their lending to you.
That is never favorable in any manual review, and I would attempt to avoid that comment.
@Anonymous wrote:
I agree with you Kay. That is the reason I contacted them on my own. They haven't tried to contact me in 1-2 yrs. Obviously a PFD would be great for me but if not I'm still willing to pay them just to be done it.
Do you know of any pro's/cons when it comes to PiF vs settled on credit report?
This is one of those YMMV things because of the totality of your CRs. From my own experience with doing both, I didn't see a major change in my score, but it seemed to open up the door to my getting more bank card approvals. I would say the biggest pro is not looking over your shoulder waiting on a collection to show up. Just because you might reach the SOL and not be sued doesn't mean that a collection can't show up before the 7 years and tank your scores even more. Also, the one thing I've learned for myself since being on this forum is to take ownership for my debts, and since I made them, I need to pay them. I know there are extenuating circumstances, but if you can pay it, then it is the right thing to do.
@Anonymous wrote:
@Anonymous wrote:
I agree with you Kay. That is the reason I contacted them on my own. They haven't tried to contact me in 1-2 yrs. Obviously a PFD would be great for me but if not I'm still willing to pay them just to be done it.
Do you know of any pro's/cons when it comes to PiF vs settled on credit report?This is one of those YMMV things because of the totality of your CRs. From my own experience with doing both, I didn't see a major change in my score, but it seemed to open up the door to my getting more bank card approvals. I would say the biggest pro is not looking over your shoulder waiting on a collection to show up. Just because you might reach the SOL and not be sued doesn't mean that a collection can't show up before the 7 years and tank your scores even more. Also, the one thing I've learned for myself since being on this forum is to take ownership for my debts, and since I made them, I need to pay them. I know there are extenuating circumstances, but if you can pay it, then it is the right thing to do.
+1
If the debt is yours and you created it, it should be paid.