Hello all, long time lurker first time poster. I am at a point in my life where I am trying to get my credit strightened out. I have built my Fico from 505 june of last year to 568 now (according to equifax). I have 2 major problems on my report however and they are both CO's from Capital One. I know PFD do not generally work with CapOne. However I want to get your opinion on my situation and see if it would be worth trying.
CapOne Account #1
Date of First Del: 11/04
Date of Major Del: 06/05
CapOne Account #2
Date of First Del: 09/04
Date of Major Del: 05/05
Now both of these are CO's now. I live in the state of Oklahoma, and the cards were issued to me here. I believe they are both past the SOL (can someone verify, I know Oklahoma is 3 years) My question is, should I try for a PFD with these to get them off my report? If I am past the SOL it seems like a PFD would be win-win for both parties, however I dont want to wake a sleeping dog if you know what I mean.
From previous posts...Capital One...IS NOT going to do a PFD...you can try...no hurt in trying...except maybe for your feelings if they say no...if these charge offs have balances...they are still affecting your scores...and being counted in you UTL...2011 is a long time to wait for these to just fall off...I would say...pay what you can..and try to get these balances down...especially before they go to collections....
I'd try to pay these asap. Your actual balances are much more than your CL so that hurts too, from what I understand. Cap 1 won't do a PFD, like sly said. They are also notorious for not selling their papers and they will sue for small amounts. This is coming from experience.
SOL is SOL...but if they assign it to collections...you would have both the OC..and CA reporting...hitting your scores with the double whammy...by it being out of SOL...all that means is..the can't sue you for it...but they can assign it to a CA...up until the point it falls off...of course the CA will have the same drop of date...but you will have both reporting...
DW has a CapOne CO. They will continue to own the account for quite some time. Unfortunately, they are sue happy and will often wait until the last second to file a suit. If they can't, then they will sell the account to another party.
When they send it to collections, CapOne typically (but not always) will be the only one reporting, even if a CA is involved. They will continue to add interest and will update the CR monthly with "CO", thereby adding a 90+ day late monthly. When they sell the account, they will report a $0 balance and stop reporting the lates from that point forward.
As mentioned, CapOne very rarely accepts a PFD, or even a GW. I sent at least 20+ PFDs to CApOne without any success (5x per month now). Maybe had 2-3 responses from those 20 saying that they are reporting accurately, blah, blah, blah.