cancel
Showing results for 
Search instead for 
Did you mean: 

Settled CO with Capital One, when do they bring the balance to 0?

tag
money_talks
Frequent Contributor

Settled CO with Capital One, when do they bring the balance to 0?

I took a settlement offer with a CA for less than the balance owed last month. Cap1 is the only one reporting on my CR and is still the debt holder. I checked my CR and the balance was reduced to only the amount I paid on the settlement, rather than to a 0 balance.

 

When I spoke to Cap1 last month, they said it takes 22 days from the CA to report to Cap1, then another 60-90 days for Cap1 to report to the CRAs. Should I continue to wait or is there something I can do to speed up the process and have the balance reduced to 0 with a "settled less than full" comment? I could use the help in my util as I'm trying to apply for a BOA secured card.

 

Thanks!

Message 1 of 9
8 REPLIES 8
sharriel
Frequent Contributor

Re: Settled CO with Capital One, when do they bring the balance to 0?

I am going through the same thing!!!  I have read on here to dispute it and say that it should have a $0 balance since it was settled in full and that should take care of it.

5/16/13 Starting FICOEQ: 521 FICOTU: 536 FICOEX: 571
5/13/14 Current FICOEQ: 668 FICOTU: 690 FICOEX: 673
Message 2 of 9
money_talks
Frequent Contributor

Re: Settled CO with Capital One, when do they bring the balance to 0?

sharriel: You are right. If you settle the account, the creditor is required to reduce the balance to $0. If they don't, you can dispute it. Cap1 did tell me last month that they would reduce the balance to $0 with the "settled in less than full" comment. I'm just concerned that after the 22 days and 60-90 days timeline the balance is not yet reduced to $0. I have read threads on this forum where Cap1 has not reduced it to $0.

 

When did you settle your account with Cap1? Did you go through a CA or pay Cap1 directly? Who is listing the debt in your CR?

Message 3 of 9
RobertEG
Legendary Contributor

Re: Settled CO with Capital One, when do they bring the balance to 0?

Personally, I would not file a dispute.  That will place a pending dispute flag on your CR that will remove certain items from FICO scoring, thus making your score essentially useless until the dispute is resolved and the flag removed.

 

They dont appear to be contesting the need to both report $0, and they dont report daily.

I would give it time.

Message 4 of 9
money_talks
Frequent Contributor

Re: Settled CO with Capital One, when do they bring the balance to 0?

RobertEG: Thanks. That makes a lot of sense. I kind of sensed that having a dispute on my CR is not necessay at this point if the timeline Cap1 gave me has not passed yet.

Message 5 of 9
sharriel
Frequent Contributor

Re: Settled CO with Capital One, when do they bring the balance to 0?

I just paid yesterday but have been reading heavily about it.   They gave me the 22 days + 30-60 days schpeal too.  It was directly with Cap1.  I had 2 - 1 for $1800 and 1 for $100 in which they let me settle for the principal balance each, $505 & $472 respectively.

 

Luckily, in my case, these are set to fall of 5/14 & 7/14 so I think that gave me some leverage.  I wanted to give them something and not leave them high & dry.

5/16/13 Starting FICOEQ: 521 FICOTU: 536 FICOEX: 571
5/13/14 Current FICOEQ: 668 FICOTU: 690 FICOEX: 673
Message 6 of 9
money_talks
Frequent Contributor

Re: Settled CO with Capital One, when do they bring the balance to 0?

sharriel: Are the debts past the SOL in your state? I decided to pay Cap1 given their notoriety in suing before SOL expires. My debt is still within SOL. I reasoned it would be a hassle and more expensive with the added legal fees if I didn't pay. Plus it was killing my util.

Message 7 of 9
sharriel
Frequent Contributor

Re: Settled CO with Capital One, when do they bring the balance to 0?

Yes, they are past the SOL.  I am in NC.  I was really surprised that they fell through the suing and/or CA cracks

5/16/13 Starting FICOEQ: 521 FICOTU: 536 FICOEX: 571
5/13/14 Current FICOEQ: 668 FICOTU: 690 FICOEX: 673
Message 8 of 9
money_talks
Frequent Contributor

Re: Settled CO with Capital One, when do they bring the balance to 0?

sharriel: Wow, then your payment to Cap1 is really sincere, you really had no reason to pay them, especially since the baddies are falling off next year. Good for you! This is the stuff FICO should reward you for, unfortunately their system is not set up this way.

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.