I honestly wouldnt worry about it....
If its that far out, chances are you wouldnt even see a neg impact on your score from it....
I wouldnt even worry about it.
Was it a charge-off or late like 90-120+ days? If so, the settled comment really doesn't make a difference because of the majors derogs reporting. A paid in full CO is equally bad as one that's settled. Now if the account was current and never late, the settlement comment hurts (as opposed to paying per the original agreement on a CC w/ perfect history). Also, if you had a balance of $x, and at the first month entered into an agreement with CapOne for $x divided by three equal payments, even if paid 100% in full, it still would be a settlement because they are knocking off part of the balance due to not charging interest during that time.
To get it removed, try GWing.
GWing? Is that a good will letter? How do I go about doing that? Yes the account was 120+ late, It was charged off as bad debt and then I paid the full amount which was $600+ over the course of 3 months. But it doesn't say charged off paid in full instead it says charged off settled for less than owed. What are the chances of them removing it from my credit report? How should I start the GW process and what should it include?
IMO, there's no score difference at all in your scenario. It would be a settlement because the CO amount was paid over time vs. at once when due. But again, there's no scoring difference and I certainly wouldn't fight them out of risk of a score drop as the TL is updated.
I would GW them. I've seen some success stories with CapOne. There aren't many, but they are open. I've even had a 30 and a 90 deleted via a GW with CapOne (on TU only).
Check this out for more info and for GW examples:
I have GW lettered Cap 1 to death with no success. Then I tried calling them using the "backdoor number" section listed on this website. I called the first account specialist number under the listing. When I called them I explained my situation and asked for a GW. They removed the derog within 5 business days.
I would try that in addition to writing. Good luck
I agree with prior comments that the damage to your CR most likley will not be overcome by getting the account corrected to read paid in full.
Whether you paid in full or setlted for less,the charge-off is not contested, and would not be removed. Further, the current account status, either way, is the same. Paid. The fact that you paid for less is separatetly reported by way of a special comment code, and that would be the only thing that would change should you prevail in proving paid in full.
The prior lates and charge-off would still remain,which are the bulk of the scoring damage. Being so late in the exclusion period, the damage has already mitigated.
I dont see a gain worth the effort.