05-12-2012 09:14 AM
I have an old Cap 1 card that is out of the SOL. But of course it is still reporting (CC SOL in KS is 3 yrs, but its been less than 7 yrs so still showing up) I have read a million posts on myfico that Cap1 doesn't do PFD so I'm going to save myself the stamp. I plan on sending them a settlement offer since I know I can't get a PFD. Balance is $1100. I was planning on offering $200 settlement and mentioning in my letter that I know this debt is out of the SOL but I want to offer $200 in exchange for the marking it "paid in full" instead of "settled". Has anyone done a settlement with a CC that is out of the SOL?
I wonder if Cap1 would consider a PFD since it IS out of SOL, any thoughts on this? I've just read over and over that cap1 is hard core and will not budge. Plus I don't really feel like paying $1100.
Has anyone ever done a successful settlement PFD? Does that exist? Lol
05-12-2012 10:10 AM
The worst thing that can happen is they deny the offer. I'd go for it.
05-12-2012 10:14 AM
05-12-2012 10:29 AM
Hate to be a naysayer, but...
We have a 6.5 year old CO with cap1. I've GWed, begged, pled, etc...and nothing. FINALLY this week my husband got in touch with a supervisor at the internal collections deaprtment who agreed to a 50% settlement.
She claims 50% is the absolute lowest they will settle for...that's to report a o balance, not for a deletion.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO