topic Re: Capital One question regarding charge off. . . in General Credit Topics

Capital One question regarding charge off. . .

Anonymous — Sun, 10 Jun 2007 13:58:14 GMT

I have posted before that my Capital One account is showing as open but yet says closed. I do believe that it is still adding interest every month also since it is showing as open. I have sent them a PFD letter, however if they would possibly not honor the PFD letter should I start sending them payments on this account? It is not scheduled to come off my report until 2010. I know that it is hurting my score because it is showing as overlimit and open. What should I do in the event they may not accept the PFD?

Re: Capital One question regarding charge off. . .

Anonymous — Sun, 10 Jun 2007 19:17:48 GMT

I would NOT just start repaying it. You will reset the SOL. Do you know whether you're out from under the SOL?

Re: Capital One question regarding charge off. . .

Anonymous — Sun, 10 Jun 2007 21:09:29 GMT

I am unsure if I am still under the SOL. The date opened is 7/2001. It was updated 3/2007. And the estimated date to be removed is 9/2011. What do you think about the SOL? And the date closed is 6/2005.

Re: Capital One question regarding charge off. . .

Anonymous — Sun, 10 Jun 2007 21:24:22 GMT

SOL is determined by the state where you reside.

Removal date of 9/2011 would seem to imply a DOFD of 9/2004. Does that sound about right to you?

Re: Capital One question regarding charge off. . .

Anonymous — Sun, 10 Jun 2007 23:05:14 GMT

For me I found out that my so called charged off Cap1 account was updating monthly with interest and monthly as the balance increased my FICO went down. It wasn't until I read somewhere on another site that Cap1 does not stop the interest rate and they will not remove the balance until it is paid IN full. I contacted the Collections department in Richmond, VA and explained that I wanted to pay my outstanding balance and when I setup the drafts they stopped reporting the interest, and corrected the balance. With each payment that cleared my account I disputed instead of waiting the 30 days after the payment for them to update the CRA. I can finally say that my balance is now $0, but I don't know when it will drop off of my TL because each month it was reported was a punishment resetting the clock.

Does anyone else have experience with this company and a charge-off?

Re: Capital One question regarding charge off. . .

Anonymous — Mon, 11 Jun 2007 00:11:18 GMT

Sorry but I do not know what a DOFD is. Can someone explain? I did send them a PFD letter and am waiting to hear back. That is exactly what is happening to my fico score. Every month that they report it is reporting as overlimit and past due and dropping my score. I don't know what else to do if they do not accept the PFD because i have got to get this off my record. It seems for everything that I pay on time or when I pay my cc to between 1-9% this account reporting is just tearing down everything I try to do to improve. Anyone have any suggestions?

Re: Capital One question regarding charge off. . .

Anonymous — Mon, 11 Jun 2007 00:16:06 GMT

DOFD is Date Of First Delinquency.

http://ficoforums.myfico.com/fico/board/message?board.id=myficoprod&message.id=207

It's usually the date when the account went to 120 days late.

When did you mail off your PFD letter?

Message Edited by Noah_Bodie on 06-10-2007 05:16 PM

Re: Capital One question regarding charge off. . .

Tuscani — Mon, 11 Jun 2007 14:32:46 GMT

And you should call the CRA to get an accurate DOFD.

Re: Capital One question regarding charge off. . .

Anonymous — Mon, 11 Jun 2007 15:28:26 GMT

I mailed my PFD letter last week. The week of June 4.

Re: Capital One question regarding charge off. . .

Anonymous — Mon, 11 Jun 2007 15:47:50 GMT

I had two Cap1 card that were charged off. They were keeping it fresh by adding $5/month to each account even though it was charged off. They didn't $0 balance, and instead where reporting it as amount owed and past due. It was really hurting my score because not only had CO, overl Limit Credit Utilization, and Past Due amount owed.

they settled for about 60% of the amount owed, and I was able to take a large tax refund and pay off both accounts in full.

However, when they corrected the balances to $0 amount owed, they noted the account as being charged off again. So fico was handling it as though I had just received a new 30 day late on these two accounts. I disputed this reapplying of the charge off, and they took it off.

After all this drama, I'm still have the CO from Cap One, but my score has increased about 60 points. Now Cap One has sent me a credit card offer, saying "we see we've lost you in the past...:

Re: Capital One question regarding charge off. . .

Anonymous — Mon, 11 Jun 2007 19:50:55 GMT

smooshiesmom wrote:
I mailed my PFD letter last week. The week of June 4.

I would give 'em at least 4 weeks to respond, and preferably 6. Then send another PFD letter restating your offer. Do NOT offer more, yet. They might be waiting for you to blink, and a second PFD letter might engage them and get them to respond. If your second letter offers more, then they might think, "Aha, they wanna settle up with us! Got 'em."

Be pro-active with Cap 1, but don't look desperate. "Help! Help! I really need to resolve this. I'm buying a car, house, llama ranch, etc." Business-like, detached, but not flippant or snarky.

Cap 1 has a nasty habit of suing within 6 months of SOL, so don't just presume they will go away if they don't respond to your PFD letters.

Are you running close to the SOL? What state are you in? I'll check the SOL for ya.

Re: Capital One question regarding charge off. . .

Anonymous — Mon, 11 Jun 2007 20:09:18 GMT

I am in WV.

Re: Capital One question regarding charge off. . .

Anonymous — Tue, 12 Jun 2007 04:33:56 GMT

smooshiesmom wrote:
I am in WV.

Still researching the SOL, but it appears to be 5 years for CCs.

http://www.legis.state.wv.us/WVCODE/55/WVC%2055%20%20-%20%202%20%20-%20%20%206%20%20.htm

I also found this.

http://www.wvago.gov/press.cfm?ID=71&fx=more

West Virginia law prohibits collecting or attempting to collect interest or other charges, fees or expenses incidental to the principal obligation of a debt. This law applies both to professional debt collectors and to creditors collecting their own accounts.

I believe you said Cap 1 is still adding on fees and penalties. Under WV state law, that appears to be illegal.

http://www.wvago.gov/consumers.cfm?fx=savy&savy=2

If you have any questions or difficulty resolving issues with your credit report, remember that you can always speak with a mediator in the Attorney General Darrell McGraw's Consumer Protection Division by calling 1-800-368-8808.

You appear to have a very consumer friendly AG. Probe around the AG's website. Looks to be some useful info there.