Capital One falling off JUNE 2014- To pay/settle???

[ash0032001]

I have a charged off Capital One card, credit limit was $300, DOFD was June 2007. CAP1 is currently reporting balance as $1855.   EX and TU both show that it is scheduled to fall of the record May 2014.

Here is the problem... made an offer on a short sale property, received tentative bank approval this week , but bank will not agree to 90 day escrow. Loan officer said I am going to have to settle this account to get utilization under control (need CAP1 to report 0 balance), to get my score up the 19 points I need to close. (This is my only option to squeeze any additional points out)

I am planning to call CAP1 on Mon (last day of the month) and offer a LOW LOW settlement offer. The original charge off balance was under $300, planning to offer $80 / 26%,  feel like my max offer is going to be $150 / 50%.

Does any one have suggestions or tips to dealing with Capital One to settle charge off credit card accounts?

Inventory in my housing market is VERY slim, and I love this house, but I just cannot justify spending $500+ to settle a debt that is going to fall of my credit report in less than 3 months.

[Whitneyy]

You can always request an early deletion from the CRAs.

[policebox]

I wouldn't settle this. It isn't going to get it off your report any earlier and it will be a waste of money.

You should immediately dispute the trade line with Experian and TransUnion as being "obsolete". TransUnion will generally remove a trade line as early as 6 months before it is normally scheduled to fall off. Since this is falling off in May, I think you run a very high rate of success with them. Experian bats about up to 3 months early, so again you stand a good chance of having it deleted if you dispute it. Just do an online dispute with the reason being that the item is past the 7 year reporting timeframe and you should have a good chance of getting it deleted.

[alvon123]

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@policebox wrote:

I wouldn't settle this. It isn't going to get it off your report any earlier and it will be a waste of money.

You should immediately dispute the trade line with Experian and TransUnion as being "obsolete". TransUnion will generally remove a trade line as early as 6 months before it is normally scheduled to fall off. Since this is falling off in May, I think you run a very high rate of success with them. Experian bats about up to 3 months early, so again you stand a good chance of having it deleted if you dispute it. Just do an online dispute with the reason being that the item is past the 7 year reporting timeframe and you should have a good chance of getting it deleted.

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+1

[pinkbetty]

Inventory in my housing market is VERY slim, and I love this house, but I just cannot justify spending $500+ to settle a debt that is going to fall of my credit report in less than 3 months.

Would you be willing to pay $500 more for this house? $1,000? $1,800?

Because, in effect, that's where any money you pay to settle and delete the debt is going...to get you into the house you love, in a VERY slim market.

Let's say you have to pay the full $1,800. That's $600 a month, for those three months, to secure a home.

IMVVHO, being mulish about spending the money to remove the obstacle to owing a home is being penny wise and pound foolish.

[BatHunters]

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@pinkbetty wrote:

Inventory in my housing market is VERY slim, and I love this house, but I just cannot justify spending $500+ to settle a debt that is going to fall of my credit report in less than 3 months.

Would you be willing to pay $500 more for this house? $1,000? $1,800?

Because, in effect, that's where any money you pay to settle and delete the debt is going...to get you into the house you love, in a VERY slim market.

Let's say you have to pay the full $1,800. That's $600 a month, for those three months, to secure a home.

IMVVHO, being mulish about spending the money to remove the obstacle to owing a home is being penny wise and pound foolish.

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+1 Totally agree