Capital One charge off and now have a new Capital one card..

[tpham]

I have a collection from Capital One that I settled with in MAy '10.  I didnt pay it in full and this was before I knew of PFD.  It shows as a collection on my credit report as "Account closed my consumer" Payment after Charge Off/ Collection.   I've been trying to send GW letters with no success.  in October '10, I received an offer from Capital One in the mail for 0% Platinum card.  I was shocked to see this offer considering I had a baddie with them.  I glady accepted the card and have been keeping a low balance and paying it off every month.  I called Capital ONe and asked if they would remove the trade-line or late payments on the old CC but they refused.  They stated that doing so would be inaccurate.  This was the same response I was getting from my GW letters.  Anyone know how I should go about this now?  Can I use the new card as some leverage?  Thanks for advance!

[john398]

keep it in good standing, belive or not I have a charge off than 3 capital one cards(including a sony card)

[JayRizzo]

Exactly as John398 stated, keep your new Cap-1 account in good standing.  You're more likely to be in the Credit Steps program which will give you an increase right after your 3rd or 5th statement.  This new card have absolutely nothing to do with any accounts from the past.  Capital One is one of the most forgiving companies out there, especially to start many off with zero interest for almost a year.  If you burn some banks in the past, they blacklist you and their answer is Heck-To-The-No for a new card.  There's nothing to leverage except to allow your card to grow over the next year and more doors will open for you with higher limits and better features to help you do Balance Transfers and pay off old stuff.  Sidenote: Cap1 stopped taking increase requests on the phone, so be patient.  Use the new card wisely and pay it often (several times a month, if needed).  Good thing you paid your old account off, but for people who still owe a balance from the past to Cap1, do not get too happy and set up Bill Pay to your new Capital One card using your bank account (super-oops)... you just gave them all of your financials.  But, congratulations and welcome to the Capital One family!!! 

[halos24]

Congrats!  I had a Cap One card back from 2006 that was charged off but PIF back in 2008 and to this date they will not forget!  Each time I have applied (twice to be exact) they tell me I had past obligations that I did not meet, as well as they did not pull my report because of this which is a good thing at least.  I am thinking that I am probably a bigger risk to them since I also had a healthcare loan which I defaulted on (but never went to collections) only 2 60 days late but was PIF just a year ago.  Don't need them any more, but definitely like others say take good care of the card. 

[Walt_K]

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@tpham wrote:

I have a collection from Capital One that I settled with in MAy '10.  I didnt pay it in full and this was before I knew of PFD.  It shows as a collection on my credit report as "Account closed my consumer" Payment after Charge Off/ Collection.   I've been trying to send GW letters with no success.  in October '10, I received an offer from Capital One in the mail for 0% Platinum card.  I was shocked to see this offer considering I had a baddie with them.  I glady accepted the card and have been keeping a low balance and paying it off every month.  I called Capital ONe and asked if they would remove the trade-line or late payments on the old CC but they refused.  They stated that doing so would be inaccurate.  This was the same response I was getting from my GW letters.  Anyone know how I should go about this now?  Can I use the new card as some leverage?  Thanks for advance!

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Since you didn't pay in full, can you offer to pay the balance in exchange for delete.  I thought you could set up a PFD this way, but I'm not sure.  Maybe search through the PFD threads or someone else will chime in.

[Captain13]

I also just paid off a Capital One card charged off back Dec. 2010.  Hasn't been effecting my credit since then as far as reporting negatively. Credit reports did show O.K. and I've been working on my credit for the past year and it was time to pay off this eye sore on my credit. I contact them and setup a payment plan in which they agreed to except less than the CO amount. I ask how will this reflect on my credit and got the response that it will show "closed, 0 balance, account paid for less than full but would no longer be on credit report as a debt owed. Well I complete the payments as agreed as of May 2013 and sure enough they report finally on July 2013 as a closed account but a 3 point loss for closing a credit card I guess. 

I wake up this morning with an alert that my score had changed. I log in and Cap One had reported to my credit as CO from January 2011 to July 2013 and dropped my score 30 points over night.  Is this possible? I have read that after 2 years an account cannot reflect on your credit.  As I wrote the account had been reporting CO but O.K. since January 2011 and I pay them off and now they change it from that to CO 90+ every month since Jan of 2011 as if there never CO my card and took my high credit from 0 back to the 778 as if the account had never been closed. Is this Legal?

30 points over night... it will take me months to recovery that..... I should have just left it alone

[09Lexie]

***Req move to Rebuilding****

[twall06]

Yes they can report like that its accurate . Its the same way they report on mine

[twall06]

Sorry just checked mine again they reported as a CO failed to pay until I made the last payment .