Capital One c/o

[907grown]

Been looking for an answer on the forums, couldn't find one so here is my question. My husband Has a co with capital one for 1100, refinanced my car yesterday and found out it is reporting monthly, dragging his score down into the 500's now, historically, his score was much better then mine. He had much less credit but it was good. So what do I do? I have the cash to pay for it, I am willing to pay it off in full with the hopes that I can make it go away. Do I call, PFD, who do I call or email?
Thanks

[DaBears]

I would call Capital One and ask if they still own the account. If there is a balance listed that means they still do. If there is a $0 bal then they sold the account to a CA. 

[guiness56]

Paying it will remove it from factoring in his utilization but will not change the fact it is a CO. 

You can call the CCC and ask them if they will remove the TL for full payment.

[907grown]

They report the balance so I know they still own it, it keeps creeping up monthly. I want to call to get the ball rolling, but I want any payment arrangement in writing. Not sure whether to PFD or payoff then GW....

[DaBears]

+1 @ Guiness. I would call Capital One and ask. It never hurts to ask. 

[907grown]

Called Cap 1, you're right, they no longer own the debt, the collection lady was very pleasant and honest and told me my options to pay in full or settle the debt, she did also tell me that either way, the debt would not be removed. She told me it would say PIF or Settled depending on which route i went. Either way, they would report it as PIF OR SETTLED and then would not report the acct again. as i said above the monthly reporting is killing his score. Given that information i may as well just settle, but what do I offer? I want to offer the least amt possible. The original credit limit was $500, should i offer that? then they get the credit extended and i dont pay 600 in intrest and fees. She told me to contact the national attorney Network as they have my acct.

[DaBears]

I would offer a PIF. Would look better than settled for less on a manual review on your credit report. If you currently have a mortgage than settle for less. If you plan on getting a mortgage then PIF, would look better to the underwriter. Best of luck and keep us posted. Me and Guiness love success stories 

[coffeepleeze]

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@nyankovic wrote:
Called Cap 1, you're right, they no longer own the debt, the collection lady was very pleasant and honest and told me my options to pay in full or settle the debt, she did also tell me that either way, the debt would not be removed. She told me it would say PIF or Settled depending on which route i went. Either way, they would report it as PIF OR SETTLED and then would not report the acct again. as i said above the monthly reporting is killing his score. Given that information i may as well just settle, but what do I offer? I want to offer the least amt possible. The original credit limit was $500, should i offer that? then they get the credit extended and i dont pay 600 in intrest and fees. She told me to contact the national attorney Network as they have my acct.

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just to clairify, unfortunately whether you PIF or settle for a less amount, it will continue to report but with the updated status and $0 balance, but it Will continue to report as a charge off, unless you get lucky with a GW request some where down the road... Good luck!

[DaBears]

If OP pays it in full it will report as PAID, CLOSED was a charge off. 

[guiness56]

Cap 1 doesn't own the debt, should not be reporting a balance and cannot legally take money from you. 

Since the CA has to be paid because Cap one doesn't own it, the CA is under no obligation to report it to Cap one and their TL will not update to paid CO.