What would you do here?

Anonymous · ‎06-11-2015

I had some financial hardship a number of years back after an accident left me unable to work (not to mention, was also young and had little savings) and therefore have two negative accounts from Capital One.

One account had a number of lates, with the worst being 120d. The other, same, plus closed (stupidly) with a $558 collections charge off. I have heard Cap1 is not great to work with in these kinds of circumstances but I'm curious nonetheless what I can/should do here. I'm in a great financial position now and haven't had any issues for years, enjoy relatively high credit limits on my current two cards, no payment issues, plenty of savings/assets etc.

Curious what the best course of action should be as I prepare to get a mortgage in the next 12-18 months.

gdale6 · ‎06-11-2015

attempt the PFD on the COed account, the older the account is since the trouble the better and goodwill letter on the account that was late, hold off on the GW until the COed account is settled.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

RobertEG · ‎06-11-2015

For the account where a collection is also reportting, who now owns the debt, the OC or the debt collector?

Anonymous · ‎06-12-2015

It was an HSBC card but was turned into a Cap1 card, but otherwise I don't know.

Anonymous · ‎06-12-2015

Thanks for the resources. How would I figure out how much the payoff amount would be?

SunriseEarth · ‎06-12-2015

@Anonymous wrote:
I had some financial hardship a number of years back after an accident left me unable to work (not to mention, was also young and had little savings) and therefore have two negative accounts from Capital One.

One account had a number of lates, with the worst being 120d. The other, same, plus closed (stupidly) with a $558 collections charge off. I have heard Cap1 is not great to work with in these kinds of circumstances but I'm curious nonetheless what I can/should do here. I'm in a great financial position now and haven't had any issues for years, enjoy relatively high credit limits on my current two cards, no payment issues, plenty of savings/assets etc.

Curious what the best course of action should be as I prepare to get a mortgage in the next 12-18 months.

Unfortunately, Capital One will not do a PFD. They also very, very rarely do GW removals of settled COs or other baddies. Nonetheless, it is still in your advantage to settle the CO. You likely will need to in order to get a mortgage, plus if they are still updating monthly and/or reporting a balance, settling will clear that up. I saw a 20 point boost across all CRs when I settled my Cap One CO, even though it remained on my reports. I recommend contacting the Cap One EO to discuss your options.

Anonymous · ‎06-12-2015

Is there a way to contact them by email? I'm in Germany so the Cap1 site is serving me UK based stuff, which isn't helpful as my accounts are US-based and I'd need US contact info...

Should I simply contact them, keep it simple, and say I'd like to discuss options re: settling the chargeoff? Or is there a preferred way to approach it so I have the best chance of success? Anything else to keep in mind?

Thanks all for the responses.

gdale6 · ‎06-12-2015

@Anonymous wrote:
Is there a way to contact them by email? I'm in Germany so the Cap1 site is serving me UK based stuff, which isn't helpful as my accounts are US-based and I'd need US contact info...

Should I simply contact them, keep it simple, and say I'd like to discuss options re: settling the chargeoff? Or is there a preferred way to approach it so I have the best chance of success? Anything else to keep in mind?

Thanks all for the responses.

Let me Google that for you http://bit.ly/1g0P1zO