topic Re: Question on Capital One charge offs in Rebuilding Your Credit

Question on Capital One charge offs

Anonymous — Tue, 27 May 2008 21:32:51 GMT

Hi all, first off, many thanks for all of the valuable information here. I have learned quite a bit since joining the forums. I have found some answers to many of my questions, but I am still confused on two charge offs that I have from 2004. Both are Capital One. Originally, they were handed off to NCO, however when I contacted NCO (3/08) regarding these charge offs, I was told that Capital One had taken them back over. I haven't received any calls or letters from Capital One, but Capital One keeps reporting these monthly on my credit report.

These are my questions:

1. Can Capital One continue to report AND continue to charge monthly interest?

2. Should I send Capital One a PFD letter for each account offering a settlement on the charged off amount (less the interest they have been tacking on since 2004?

Thank you so much in advance for any advice!

Here is how one of the charge offs appears on my Experian CR:

Status: Account charged off/Past due 180 days. $1,466 written off. $2,796 past due as of May 2008.
Status Details: This account is scheduled to continue on record until Sep 2010.
Date Opened:
03/2001 Type:
Revolving Reported Since:
03/2001 Terms:
NA Date of Status:
08/2004 Monthly Payment:
$0 Last Reported:
05/2008 Responsibility:
Individual
Credit Limit/Original Amount:
NA High Balance:
$2,796 Recent Balance:
$2,796 as of 05/2008 Recent Payment:
$0 Creditor's statement: Account closed at credit grantor's request.
Account History:
Charge Off as of May 2008, Apr 2008, Mar 2008, Feb 2008, Jan 2008, Nov 2007, Oct 2007, Sep 2007, Aug 2007, Jul 2007, May 2007, Apr 2007, Mar 2007, Feb 2007, Jan 2007, Dec 2006, Nov 2006, Oct 2006, Sep 2006, Aug 2006, Jul 2006, Jun 2006, May 2006, Apr 2006, Mar 2006, Feb 2006, Dec 2005, Nov 2005, Oct 2005, Sep 2005, Aug 2005, Jul 2005, Jun 2005, May 2005, Jan 2005, Aug 2004 to Dec 2004
180 days as of Jul 2004
150 days as of Jun 2004
120 days as of May 2004
90 days as of Apr 2004
60 days as of Mar 2004, Feb 2004
30 days as of Jan 2004, Dec 2003

Re: Question on Capital One charge offs

Anonymous — Tue, 27 May 2008 21:43:32 GMT

I'm sure someone with more knowledge and experience will chime in with more info but this is some info I have from experience with them. Capital One rarely sells their papers. They can and will continue to charge interest. They usually won't contact you but will have their CA contact you and they will sue for small amounts. Hubby was sued for less than $700 at the time of charge off. The CA attorney that they used for his account did settle for less. They settled for $650 when the debt with interest was near $1000. I've read numerous times that Cap 1 is very hard to deal with as far as PFD and GW. If it were me, I'd try to call Cap 1 if they don't have the account assigned to a CA because once they assign it or sue you, they will not talk to you at all. They'll refer you to the CA every time.

Re: Question on Capital One charge offs

Anonymous — Tue, 27 May 2008 22:18:52 GMT

Capital One is NOT going to do a PFD..they have the right to charge interest on it...you need to pay ASAP...settle..PIF...whatever...by them still reporting a balance..its still being counted in your UTL...and hurting you scores every month...since they are not going to PFD...I would try to get them to agree to remove all negative notations...in exchange for PIF...or you can just stick it out and wait for them to fall off...but it will continue to hurt you until they do..and it they hand them back off to CA's...it will hurt you more..because you would have to get those removed also...GOOD LUCK!!!

Re: Question on Capital One charge offs

Anonymous — Tue, 27 May 2008 23:43:20 GMT

Thanks FixinMyCredit and slyhouse08 for the quick and informative responses..

Quick question slyhouse08.. I couldn't find UTL on the common abbrevation list, I know its sort of obvious, but I don't want to assume anything, so if you could please enlighten me..

Another quick question, is it safe to assume that if I don't do anything (offer settlement, PIF), they WILL fall off my CR's in 2010? Not that I am looking at leaving them sitting there till 2010, I just want to make sure I have all of my facts straight.

Thank you again!!

Re: Question on Capital One charge offs

Anonymous — Tue, 27 May 2008 23:47:28 GMT

When you have CC's...the UTL is the percentage of balance in reference to the credit limit...if you have a $500 CL on a CC...and your balance is $400...that is 80% UTL...the higher you UTL% is...the more it affects you CC...and it you have these charge offs...especially if they are over the initial CL...they are hurting you scores...