01-16-2012 05:53 AM
01-16-2012 06:08 AM
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.
01-16-2012 07:30 AM
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.
01-16-2012 07:35 AM
01-16-2012 07:40 AM
01-16-2012 07:57 AM
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:
01-18-2012 02:56 PM
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
01-19-2012 07:13 PM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.