topic Re: Has anyone settled a CO with Cap 1? I need advice. in Rebuilding Your Credit

Has anyone settled a CO with Cap 1? I need advice.

PeacefulP — Wed, 07 Aug 2013 17:17:16 GMT

We met with a mortgage broker this a.m. and are going to get a loan, as long as we pay 2 COs of my husband's. One is with Cap one for $5,000. It's way past SOL and technically should have aged off his report in June.

Any tips on how to go about settling with them? We need to do it pretty quickly.

Thanks!

Re: Has anyone settled a CO with Cap 1? I need advice.

Anonymous — Wed, 07 Aug 2013 17:46:46 GMT

If you know it's his, and have the funds to pay it, I say give them a call and see if they even own the account anymore. If so, see if they will accept an offer - start at 25% of the debt owed and see what they say. If they don't own it anymore, you'll have to figure out who does and go from there.

Re: Has anyone settled a CO with Cap 1? I need advice.

DaBears — Wed, 07 Aug 2013 18:10:52 GMT

When was the DoFD of the charge-off? SOL has nothing to do with aging off your credit reports.

Re: Has anyone settled a CO with Cap 1? I need advice.

PeacefulP — Wed, 07 Aug 2013 22:53:55 GMT

@DaBears wrote:
When was the DoFD of the charge-off? SOL has nothing to do with aging off your credit reports.

I know. It's both past the SOL, AND should have fallen off in June (according to credit report). I don't have my report in front of me right now, but I believe the DOFD was in '05 or '06.

Re: Has anyone settled a CO with Cap 1? I need advice.

PeacefulP — Thu, 08 Aug 2013 15:24:43 GMT

Update:

I called yesterday and they are willing to settle for half the balance. Is this good or can I get them lower?

Re: Has anyone settled a CO with Cap 1? I need advice.

DaBears — Thu, 08 Aug 2013 15:31:38 GMT

I would call the CRA and let them know its past the CRTP and needs to be removed. Then I would call Capital one and make sure once you settle it will be considered done and no worries.

Re: Has anyone settled a CO with Cap 1? I need advice.

PeacefulP — Thu, 08 Aug 2013 15:40:24 GMT

Ok. Do you think 50% of the balance is as low as we can go at this point?

Re: Has anyone settled a CO with Cap 1? I need advice.

DaBears — Thu, 08 Aug 2013 15:47:14 GMT

If its more than 5 yrs old see if they will settle for 20% If not take the 50% and be done with it. Then have them send you a copy of the settled in full paper so you can show your LO it has been paid. When is the next time he is pulling the credit reports?

Re: Has anyone settled a CO with Cap 1? I need advice.

PeacefulP — Thu, 08 Aug 2013 15:50:55 GMT

He didn't say. He just said to get him a letter saying this has been paid. He said after he has the letter (and proof that other minor things have been paid) that we can choose to do a "rapid rescore" which would basically calculate the fico without the debt. I didn't fully understand how it works, but I'm pretty pleased with the interest rate we would get right now, so I'm not too concerned.

Thank You!

Re: Has anyone settled a CO with Cap 1? I need advice.

DaBears — Thu, 08 Aug 2013 16:03:38 GMT

Every point you can gain will make a HUGE difference on your Interest rate.

Re: Has anyone settled a CO with Cap 1? I need advice.

fishbjc — Thu, 08 Aug 2013 16:19:21 GMT

Does Cap One know you're working toward a mortgage? If not.....I'd give them 25% and be done with it. Have the cash in hand I think 50% for something past sol is too high. Of course, this is just my opinion.

Re: Has anyone settled a CO with Cap 1? I need advice.

PeacefulP — Thu, 08 Aug 2013 16:22:31 GMT

@fishbjc wrote:
Does Cap One know you're working toward a mortgage? If not.....I'd give them 25% and be done with it. Have the cash in hand I think 50% for something past sol is too high. Of course, this is just my opinion.

No, I didn't tell them because I figured they wouldn't budge knowing we would have to pay to get the loan. I'll call back today to try for less. I thought 50% seemed like a lot too.