topic Re: Settlement for Discover Card/Capital Management Services in Rebuilding Your Credit

UpdateSettlement for Discover Card/Capital Management Services

BB30 — Fri, 11 Feb 2022 22:58:29 GMT

Hey all, just want to leave this here for anyone who may look for info in the future. I didn't find a lot of threads about Capital Management Services (CMS).

So, they were collecting on *behalf* of Discover. They didn't own the debt so they didn't show on my credit reports. But Discover has been reporting me as late/in collections every month still and I'm pretty sure they're dragging my score down a lot. The total was $2079.00 for a $1600 limit ugh.

Anyways, I called and they offered to settle for like $1200. I said that was out of my range and I'd have to call them back. He then said, let me see if I can get any lower. He came back in like a minute with a little over $1000. I said I appreciate you checking and doing that for me but I just don't have that kind of extra money. He asked what I could do. So I sighed and said, "Well, I don't even know. It's a pretty big difference from what you're asking. I can only do like $500 I guess." He said let me check and comes back with "My supervisor said we can do $623, that's the absolute lowest." I hemmed and hawed and sighed and said ok, I can probably swing that lol.

So I settled for $623 which was 30%. This was my first time negotiating. I might have been able to get the same deal by being very direct and demanding. But instead I just played dumb and unsure lol. So that's what I recommend.

Update***

It reported to the Credit Agencies (Experian at least) and bumped my FICo score up 21 points. I'm now at 662. I was really hoping to hit that 670 mark but I'll get there. Next is either a collection I still have, which will be removed by Portfolio Recovery, or a student loan that's a charge off but not yet sold. I need to decide soon which one to tackle first.

Re: Settlement for Discover Card/Capital Management Services

OmarGB9 — Sun, 23 Jan 2022 02:45:30 GMT

Yup, I settled for around 44%. I suppose I could've/should've tried negotiating harder.

Re: Settlement for Discover Card/Capital Management Services

Anonymous — Sun, 23 Jan 2022 02:51:44 GMT

Congrats I did the same a while back but discover with **bleep** you and black list you , I've been denied a card for over 2 years now , when I used the pre approval tool it says no due to status of previous account . Eventually they'll let us in but not sure when , but I wouldn't get any discover cards for now but don't like that fact that I couldn't get one if I wanted ...

Re: Settlement for Discover Card/Capital Management Services

BB30 — Tue, 25 Jan 2022 01:09:30 GMT

That's still pretty good. Mine was just over the 4 year SOL period here in my state so I assume that helped, not sure what yours was. But hey, it's taken care of so that's good!

Next I have to take care of a private student loan through Citi. It's about $3000 and they're offering half right now. Not sold to collections yet but they're collecting on their behalf. I'm afraid they'll sell it and my score will take a huge hit so I do want to get it taken care of.

Re: Settlement for Discover Card/Capital Management Services

BB30 — Tue, 25 Jan 2022 01:10:00 GMT

Yeah I heard that's what they do. Not sure how long it lasts.

Re: Settlement for Discover Card/Capital Management Services

Anonymous — Tue, 25 Jan 2022 01:33:27 GMT

Take it if you can afford , ask them to finance the payment like a payment plan, collections sucks don't let that hit not worth it

Re: Settlement for Discover Card/Capital Management Services

Anonymous — Tue, 25 Jan 2022 01:34:28 GMT

I think every case Is different but minimum 2 years I think , no one can confirm it tho ...

Re: Settlement for Discover Card/Capital Management Services

simplegirl — Thu, 27 Jan 2022 10:45:45 GMT

@Anonymous wrote:
Congrats I did the same a while back but discover with **bleep** you and black list you , I've been denied a card for over 2 years now , when I used the pre approval tool it says no due to status of previous account . Eventually they'll let us in but not sure when , but I wouldn't get any discover cards for now but don't like that fact that I couldn't get one if I wanted ...

From what i was told from the discover representative is i would have to wait for it to drop off my reports & i paid in full.

Re: Settlement for Discover Card/Capital Management Services

Anonymous — Thu, 27 Jan 2022 11:11:54 GMT

Ouch! Good it's discover and not Amex

Re: UpdateSettlement for Discover Card/Capital Management Services

bnsweene — Fri, 18 Feb 2022 09:53:13 GMT

Congrats! I did the same recently.

How long did it take to update to show as $0/Paid? Mine has updated the amount I paid as the settlement, but still shows the balance - but I am only about a week after the payment cleared.

Have you tried to GW Discover to clean up some of the baddies? I've heard they will sometimes clean up a few after PIF/settlement - they won't delete though.

Re: UpdateSettlement for Discover Card/Capital Management Services

FireMedic1 — Fri, 18 Feb 2022 10:59:31 GMT

@bnsweene wrote:
Congrats! I did the same recently.

How long did it take to update to show as $0/Paid? Mine has updated the amount I paid as the settlement, but still shows the balance - but I am only about a week after the payment cleared.

Have you tried to GW Discover to clean up some of the baddies? I've heard they will sometimes clean up a few after PIF/settlement - they won't delete though.

Takes 30-45 days. Even if lates were removed which doesnt happen. Wouldnt do any good. The CO still overpowers all lates.

Re: UpdateSettlement for Discover Card/Capital Management Services

Anonymous — Fri, 18 Feb 2022 12:36:02 GMT

Hi , I don't remember details , but the I don't have any baddies from them because it was on collections and my deal was to delete the account , so when I paid the collections agency they deleted the account. BUT, I can't get another card from discover , I tried the pre approved and it get denied they send a letter saying it's because of status of previous account , but honestly , I'm fully rebuilt i have 5 Amex cards and wouldn't use discover for anything now days

Re: UpdateSettlement for Discover Card/Capital Management Services

BB30 — Fri, 18 Feb 2022 19:22:14 GMT

It was 2/14 when it showed as zero.

Re: UpdateSettlement for Discover Card/Capital Management Services

bnsweene — Sat, 19 Feb 2022 06:31:06 GMT

@BB30 wrote:
It was 2/14 when it showed as zero.

Thank you!, So right around 3 weeks, appreciate it! I got a bump already from the payment, but excited to see what the change is when it reports 0% util.

Re: UpdateSettlement for Discover Card/Capital Management Services

bnsweene — Wed, 02 Mar 2022 08:39:35 GMT

To piggyback off the original thread, And to provide information for anyone else dealing with Discover and Capital Management:

I paid approximately 38% of my original debt to Capital Management after some back and fourth. They definitely will try to get more, but if you start low, they will keep countering.

It was paid on February 7th and updated with the 3Bs on March 1st. So right around 3 weeks.

+20 points across the board update for me.

topic Re: Settlement for Discover Card/Capital Management Services in Rebuilding Your Credit

**Update**Settlement for Discover Card/Capital Management Services

Re: Settlement for Discover Card/Capital Management Services

Re: Settlement for Discover Card/Capital Management Services

Re: Settlement for Discover Card/Capital Management Services

Re: Settlement for Discover Card/Capital Management Services

Re: Settlement for Discover Card/Capital Management Services

Re: Settlement for Discover Card/Capital Management Services

Re: Settlement for Discover Card/Capital Management Services

Re: Settlement for Discover Card/Capital Management Services

Re: **Update**Settlement for Discover Card/Capital Management Services

Re: **Update**Settlement for Discover Card/Capital Management Services

Re: **Update**Settlement for Discover Card/Capital Management Services

Re: **Update**Settlement for Discover Card/Capital Management Services

Re: **Update**Settlement for Discover Card/Capital Management Services

Re: **Update**Settlement for Discover Card/Capital Management Services

UpdateSettlement for Discover Card/Capital Management Services

Re: UpdateSettlement for Discover Card/Capital Management Services

Re: UpdateSettlement for Discover Card/Capital Management Services

Re: UpdateSettlement for Discover Card/Capital Management Services

Re: UpdateSettlement for Discover Card/Capital Management Services

Re: UpdateSettlement for Discover Card/Capital Management Services

Re: UpdateSettlement for Discover Card/Capital Management Services