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Established Contributor
Posts: 581
Registered: ‎01-31-2009
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Capital One CO "Status Change" Alert from EQ

I have a $2009 CO from 2008 -- the orginal card limit was only $200. Capital One was reporting the debt as revolving and that I was $1800+ over my limit, which was affecting my UTI; every similator  I use says that I'm usuing 1000% of my credit!!!  This reporting was causing me to be denied credit.

 

A few weeks ago I wrote Capital One a letter asking them to validate the amount owed, penalties and fees. Well I just received an alert for a status change. The "Status" column changed from "charge off".....to... "bad debt; placed for collection; skip."  The balance is $2009; past due $2009.

 

There is no mention that the original credit limit was $200.

 

Question: Will this status change raise my fico score since it now appears that I am not 1000% over the limit? 

 

May 2013 Starting Scores: 540's-570's [no credit cards, no inq's, 1 Student Loan 90 day late, CA's and CO's...most PFD'd!]
December 2014 Scores: 654-705 ...Oldest accounts just aged off! :/
Current Cards: SDFCU Secured ($300); Logix Secured ($500); Tobyhanna FCU ($5000); Sony Visa ($3000); Apple PC'd to Rewards MC ($1200); Barclay Rewards MC ($1300); B&N ($500); Discover ($1000); 'Credit Steps' ($2300), QS One ($750);Care Credit ($9000); US Bank Platinum ($5000); Fifth Third SU2C ($3000); Kay's/Jared's ($4700); Fingerhut ($1550); **All my favorite retail cards ($42,650)..Luv'Em..they get heavy use!
Established Contributor
Posts: 581
Registered: ‎01-31-2009
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Re: Capital One CO "Status Change" Alert from EQ

Oh... I forgot to mention, that on my 3 credit reports it was being actively and monthly reported as an open account even though the DOLA was 7/2008 and had been charged off.

May 2013 Starting Scores: 540's-570's [no credit cards, no inq's, 1 Student Loan 90 day late, CA's and CO's...most PFD'd!]
December 2014 Scores: 654-705 ...Oldest accounts just aged off! :/
Current Cards: SDFCU Secured ($300); Logix Secured ($500); Tobyhanna FCU ($5000); Sony Visa ($3000); Apple PC'd to Rewards MC ($1200); Barclay Rewards MC ($1300); B&N ($500); Discover ($1000); 'Credit Steps' ($2300), QS One ($750);Care Credit ($9000); US Bank Platinum ($5000); Fifth Third SU2C ($3000); Kay's/Jared's ($4700); Fingerhut ($1550); **All my favorite retail cards ($42,650)..Luv'Em..they get heavy use!
Valued Contributor
Posts: 1,977
Registered: ‎04-07-2009
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Re: Capital One CO "Status Change" Alert from EQ

[ Edited ]

It could but I would not guarantee it. The thing that is going to hurt your score more is a new collection account being added to your credit history. If possible I would talk to someone at Capital One. regarding the account and try to make apyment arrangements with them if possible.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Established Contributor
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Re: Capital One CO "Status Change" Alert from EQ

So you think they have sent it to a collection agency.....even if Capital One is still showing a balance? I understood -- from reading many posts -- that the OC would need to report a balance of $0??? But I could be wrong....

May 2013 Starting Scores: 540's-570's [no credit cards, no inq's, 1 Student Loan 90 day late, CA's and CO's...most PFD'd!]
December 2014 Scores: 654-705 ...Oldest accounts just aged off! :/
Current Cards: SDFCU Secured ($300); Logix Secured ($500); Tobyhanna FCU ($5000); Sony Visa ($3000); Apple PC'd to Rewards MC ($1200); Barclay Rewards MC ($1300); B&N ($500); Discover ($1000); 'Credit Steps' ($2300), QS One ($750);Care Credit ($9000); US Bank Platinum ($5000); Fifth Third SU2C ($3000); Kay's/Jared's ($4700); Fingerhut ($1550); **All my favorite retail cards ($42,650)..Luv'Em..they get heavy use!
Frequent Contributor
Posts: 329
Registered: ‎02-24-2012
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Re: Capital One CO "Status Change" Alert from EQ


toi34 wrote:

So you think they have sent it to a collection agency.....even if Capital One is still showing a balance? I understood -- from reading many posts -- that the OC would need to report a balance of $0??? But I could be wrong....


If Cap1 sold the debt, then they should be reporting $0, however from your description, it seems Cap1 still owns it and the account is placed with a collection agency.  As stated, you may want to contact Cap1 and arrange a repayment to avoid the CA from reporting, because that will certainly drop your score.



Last HP 8/29/14

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Re: Capital One CO "Status Change" Alert from EQ


toi34 wrote:

I have a $2009 CO from 2008 -- the orginal card limit was only $200. Capital One was reporting the debt as revolving and that I was $1800+ over my limit, which was affecting my UTI; every similator  I use says that I'm usuing 1000% of my credit!!!  This reporting was causing me to be denied credit.

 

A few weeks ago I wrote Capital One a letter asking them to validate the amount owed, penalties and fees. Well I just received an alert for a status change. The "Status" column changed from "charge off".....to... "bad debt; placed for collection; skip."  The balance is $2009; past due $2009.

 

There is no mention that the original credit limit was $200.

 

Question: Will this status change raise my fico score since it now appears that I am not 1000% over the limit? 

 


If they are still reporting a balance and CL your score will not change.  Even being placed for collection or charged off, as long as they show the balance and CL it is factored into your utilization and will continue to be unless they sell the debt or it is paid.

Valued Contributor
Posts: 1,977
Registered: ‎04-07-2009
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Re: Capital One CO "Status Change" Alert from EQ

[ Edited ]

From the status change and the account type change  I would say they are going to / already have placed it with a collection agency.  The key part of the phrase is "placed ofr collection". The other change the account type going from revolving to Open would further indicate this as well. An open account type can als be used to describe an charge card where the balance is due in full each month.  This  account type is also used with collections accounts.  I would contact and work with Capital 1 on getting this account taken care of  IE phone them ASAP.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
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