Capital One ..revolving account but charged off? now with collection? but not showing as collection?

[Supafly535]

    Hi Everyone!

 I have a Capital Onecard that was charged off about a year ago for $565 - it is still showing up in my revolving accounts and is being calculated in my credit card usage. anyway - I called Capital One today (recovery department) and the girl quickly pushed me off the phone giving me the phone number to Alliance One collection agency and said it is now with them.

What do I do now?

Since it's not coming up as a collection yet or being reported - do I try to send the payment in full to Capital One? Or should I try to negotiatesomething with alliance One? Or should I keep trying Capital One until I get someone who is willing to help me there?

[guiness56]

Does it say on the TL placed for collection or something to that effect?  Is it showing a balance?

[Supafly535]

no it just says closed account by creditor. and still shows up as Capital One credit card revolving account.  doesn't say anywhere that it was placed with a collection agency and is not showing up in collection section.

[guiness56]

It sounds as though they have placed it for collections and not updated their reporting to reflect that.  Is there any HP on your CR from Alliance?  If there is send them a DV letter, it will start a cease collections until they validate.

I hestitate to tell you to pay Cap1.  They would probably just send it to the CA who might turn around and put it on your CR as paid.

[ktl72455]

If you are wanting to pay it, email upper management and they will help where the front line will blow you off.

BUT... you need to know they will tell you even if you pay it, the CO on yor CR will stay but show paid.

[Anonymous]

Pay it ASAP anyways.

CapOne will hold on to that debt forever and it counts against your UTIL.

I paid mine off recently (CO that was 2 years old) and my score jumped almost 40 points. Even those it's in internal collections and/or charged off, the bureau's still see it as "revolving".

[ktl72455]

wow cant wait to see what mine does once I get the 2 paid off on mine the first of the month! I'd be happy with a 1 point bump just be done with it!

[guiness56]

This is one of those between a rock and a hard place.

Cap1 owns the debt and is reporting.  Yes, it hurts utilization and they have the memory of an elephant.  It is not in collection or CO'd per OPs report.

If OP pays Cap1, and they accept the money, once it reports 0, it will be gone from factoring into utilization but the CO still remains.

Cap1 reports to Alliance the debt is paid.  Allliance can report that to the CRAs and tank the score even more.

[Supafly535]

Yes.. It's definitely between a rock and hard place. Should I keep calling Capital One and see if I can get them to accept payment - so my utilization drops?

[guiness56]

Even if you pay the CA your utilization will drop. 

What I'm worried about is the CA reporting since they have not done so yet.

I think I would DV the CA to cease collections then offer to them a pay for not reporting.