topic Re: Four different Capital One Charge Off's in Rebuilding Your Credit

Four different Capital One Charge Off's

Anonymous — Fri, 29 May 2015 14:51:14 GMT

Between me and my Fiance we have 4 capital one credit cards listed on our credit as Charge Off's, 2 a piece. All 4 are over 5 years old. I have been sending letters out to CONFIRM the deby hoping they would delete off my credit since its been soo long ( high hopes ).

They have since sent me back packets for all 4 accounts showing tranaction history, ect. At this point what is my next step to get these deleted off my credit. I was thinking try the "pay for delete" method using a template I have and offering about 20% of the total balances due to the age of the debt.

Nothing is over $1100 but I definitely do not have the cash to pay the entire amount for all 4 cards. Can anyone give me some suggestions on what my next step should be.

Thanks much!

-FB

Re: Four different Capital One Charge Off's

damnedanddetermined — Fri, 29 May 2015 14:59:21 GMT

If you dont have the funds to PFD, I def would not do that. And to PFD, you prob want to offer a PIF. They are a hard nut to crack! And if youre within SOL, tread carefully.

Re: Four different Capital One Charge Off's

Anonymous — Fri, 29 May 2015 15:01:32 GMT

Thanks for the reply. What is a SOL?

@damnedanddetermined wrote:
If you dont have the funds to PFD, I def would not do that. And to PFD, you prob want to offer a PIF. They are a hard nut to crack! And if youre within SOL, tread carefully.

Re: Four different Capital One Charge Off's

Anonymous — Fri, 29 May 2015 16:03:16 GMT

SOL is your states Statute of limitations which governs the time period during which you can be sued and forced to pay a debt.

Re: Four different Capital One Charge Off's

Anonymous — Fri, 29 May 2015 18:03:32 GMT

Have any of them gone to a collection agency or does Cap One still own all 4 accounts ???

Re: Four different Capital One Charge Off's

Anonymous — Fri, 29 May 2015 18:11:23 GMT

I wonder if anyone gas been successful at paying a percentage to the OC for a delete?

Re: Four different Capital One Charge Off's

gdale6 — Sat, 30 May 2015 00:52:44 GMT

@Anonymous wrote:
I wonder if anyone gas been successful at paying a percentage to the OC for a delete?

Past SOL is when this works better.

Re: Four different Capital One Charge Off's

fabrownii — Mon, 01 Jun 2015 13:33:22 GMT

Yes they still own all 4 accounts. After research I found that they sold the accounts to Portfolio Recovery. I disputed my 2 accounjts and recieved letters stating

"Portfolio Recovery Associates has concluded its investigation of your dispute and is closing your accounts. PRA,LLC has filed a Universal Data Form electronically requesting that the 3 major credit bureaus delete PRA, LLC's trade line for these accounts on your credit reports."

They have since been removed but the Capital One's still show on my credit as a ZERO balance since they were sold. I contacted Capital One on Friday and they keep referring me to Portfolio who then refers me back to Capital One. I spoke to a supervisor at Capital One and she said there is no way to get it off my credit. These accounts went went deliquent through a tough time in 2012 so it has been 3 plus years since any activity. How can I get those Capital One's off my credit? Both cards total over $2k and I certainly cant afford that right now. Will offering them a portion for them to change the accont to "SETTLED" help my credit at all or is there a seperate route I should take?

Re: Four different Capital One Charge Off's

fabrownii — Mon, 01 Jun 2015 13:35:02 GMT

@gdale6 wrote:
@Anonymous wrote:
I wonder if anyone gas been successful at paying a percentage to the OC for a delete?
Past SOL is when this works better.

SOL for FL is 5 years so I am not quite there yet. I cannot afford to wait 2 morte years to get my credit going. I have since gotten 2 capital One credit cards which I pay my bills with monthly and just pay it off every month but with all these negative remarks my credit is staying around 499-540 all 3 bureas.

Re: Four different Capital One Charge Off's

fabrownii — Mon, 01 Jun 2015 14:04:22 GMT

I use Identity Guard to monitor my credit. I get an update monthly. The next update is 6/4/15 so I will tell if anything has changed.

Re: Four different Capital One Charge Off's

Anonymous — Mon, 01 Jun 2015 18:39:22 GMT

@fabrownii wrote:
Yes they still own all 4 accounts. After research I found that they sold the accounts to Portfolio Recovery. I disputed my 2 accounjts and recieved letters stating

"Portfolio Recovery Associates has concluded its investigation of your dispute and is closing your accounts. PRA,LLC has filed a Universal Data Form electronically requesting that the 3 major credit bureaus delete PRA, LLC's trade line for these accounts on your credit reports."

They have since been removed but the Capital One's still show on my credit as a ZERO balance since they were sold. I contacted Capital One on Friday and they keep referring me to Portfolio who then refers me back to Capital One. I spoke to a supervisor at Capital One and she said there is no way to get it off my credit. These accounts went went deliquent through a tough time in 2012 so it has been 3 plus years since any activity. How can I get those Capital One's off my credit? Both cards total over $2k and I certainly cant afford that right now. Will offering them a portion for them to change the accont to "SETTLED" help my credit at all or is there a seperate route I should take?

Cap One has sold the accounts and they can no longer legally accept payments on them. You can only ask for GW deletions from them at this point. You've done the best you can by getting PRA to delete - that is an accompishment in itself. The drawback is that PRA will likely sell the debts to another JDB down the road. Clean your reports of old mailing addresses to reduce the likelyhood of missing a dunning notice from a new collector.

Re: Four different Capital One Charge Off's

fabrownii — Mon, 01 Jun 2015 18:57:16 GMT

@Anonymous wrote:
@fabrownii wrote:
Yes they still own all 4 accounts. After research I found that they sold the accounts to Portfolio Recovery. I disputed my 2 accounjts and recieved letters stating

"Portfolio Recovery Associates has concluded its investigation of your dispute and is closing your accounts. PRA,LLC has filed a Universal Data Form electronically requesting that the 3 major credit bureaus delete PRA, LLC's trade line for these accounts on your credit reports."

They have since been removed but the Capital One's still show on my credit as a ZERO balance since they were sold. I contacted Capital One on Friday and they keep referring me to Portfolio who then refers me back to Capital One. I spoke to a supervisor at Capital One and she said there is no way to get it off my credit. These accounts went went deliquent through a tough time in 2012 so it has been 3 plus years since any activity. How can I get those Capital One's off my credit? Both cards total over $2k and I certainly cant afford that right now. Will offering them a portion for them to change the accont to "SETTLED" help my credit at all or is there a seperate route I should take?
Cap One has sold the accounts and they can no longer legally accept payments on them. You can only ask for GW deletions from them at this point. You've done the best you can by getting PRA to delete - that is an accompishment in itself. The drawback is that PRA will likely sell the debts to another JDB down the road. Clean your reports of old mailing addresses to reduce the likelyhood of missing a dunning notice from a new collector.

Thanks for the reply. I still have active disputes through the 3 credit bureaus to see if Capital One will comply and give them what I asked for in the first place (verification). Once that completes I will try the GW letters. It cant hurt.

Re: Four different Capital One Charge Off's

Anonymous — Mon, 01 Jun 2015 23:02:19 GMT

As far as FICO scores, from everything I've learned on here, it won't make any difference to your scores if these accounts stay CO, Settled, or Paid. It may help you if someone manually reviews your credit, as seeing Paid might look more favorably to them, but it's not going to raise your scores.
I doubt you've got any way of having these deleted other than GW by Cap One. Their still too young, and Cap One will probably not remove them. Unfortunately time is probably going to be your remedy, and that's going to be several years. I hope not, but that's the way the system works. There's penalties for screwing up your credit.

Re: Four different Capital One Charge Off's

RobertEG — Mon, 01 Jun 2015 23:25:10 GMT

Once the creditor sold the debt, they were obligated to update the debt balance owed to them ot $0.

That terminated any further involvment on their part.

The only way to get the CO deleted is to get their voluntary agreement to delete.

There is no inaccuracy in reporting of the fact that they did a CO, and disputes are only apt to harden their lack of willingness to grant GW.