Missed payment - help!

[stacyjuhl]

My fiancé has an old Capital One card which he does not use. They got him in June with an annual fee without him realizing. Two months later, he got a credit karma notification of a ding in his credit for a delinquency. Dammit! He just didn't know it was there. He has called Capital One who removed fees and agreed to report again to credit bureaus that it "never happened". Capital One is going to send him a letter to this effect too. But his credit has taken a 17 point dive! Any suggestions?

Also, he is considering closing the account (only $700 CL) since he has another card with much higher limit and uses regularly. Should he do this or should he leave it open?

TIA!

[coolerscouter]

If Capital One is going to make it like it never happened, once it is removed from the reports the score will jump back up (in theory).

If there is still an annual fee, I'd say close it once the delinquency has been cleaned up. Otherwise, keep it open to halp his AAoA.

[kimmiller112]

He should contact the executive office.  Email is best and you can google the address.  They will call in 1 - 3 days.  He needs to address three issues: 1.  taking care of the missed payment  2. seeing if they will remove the annual fee from the account  3.  asking for an increase to at least what he has on his other card or more (if I were him, I'd ask for more as they will counteroffer if they don't agree with the amount you are asking for).

[coolerscouter]

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@kimmiller112 wrote:

He should contact the executive office.  Email is best and you can google the address.  They will call in 1 - 3 days.  He needs to address three issues: 1.  taking care of the missed payment  2. seeing if they will remove the annual fee from the account  3.  asking for an increase to at least what he has on his other card or more (if I were him, I'd ask for more as they will counteroffer if they don't agree with the amount you are asking for).

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The OP ststed that CapOne was already dealing with the missed payment and had removed the fee and is going to remove it from the credit reports.

From what I've heard, Capital One doesn't really do PCs. CLI is a possibility though.

[stacyjuhl]

What is a PC? Sorry, I'm new to these boards . Thanks!

[CAnNY]

PC= product change. Basically change the current cap1 cc to a diff cap1 cc. For example change from platinum to a signature card within Cap1. Better example, change from cash rewards to a non-cash rewards all within Cap1 line of credit cards.

[CribDuchess]

Capital One granted a PC for me on my then 8-year old Platinum Visa.  I was able to PC the card to their green cash rewards visa signature card (1.5% cash back).  My original card had a $39 annual fee with no rewards and the card I was pc'd to has no annual fee.  They also raised my CL from $1300 to $8000 at my request.  This was all done with a soft-pull.  My card will be 10 years old next March and I will probably call them to PC to the Quicksilver once I have been credited with the .5% annual rewards.

Cap One's Exec Office has come through for lots of people.

[djc1puno]

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@stacyjuhl wrote:
My fiancé has an old Capital One card which he does not use. They got him in June with an annual fee without him realizing. Two months later, he got a credit karma notification of a ding in his credit for a delinquency. Dammit! He just didn't know it was there. He has called Capital One who removed fees and agreed to report again to credit bureaus that it "never happened". Capital One is going to send him a letter to this effect too. But his credit has taken a 17 point dive! Any suggestions?

Also, he is considering closing the account (only $700 CL) since he has another card with much higher limit and uses regularly. Should he do this or should he leave it open?

TIA!

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glad they are forgiving him with the missed payment... but like everyone has mentioned, go thru the EO gl!

[Dustink]

If they are being so nice as to remove the delinquency. I wouldn't close the account. That is a nice move on their part and I would want to make it worth their while.

Agree with the other poster in that you should contact the EO.

[mtrsprt]

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@Dustink wrote:

If they are being so nice as to remove the delinquency. I wouldn't close the account. That is a nice move on their part and I would want to make it worth their while.

Agree with the other poster in that you should contact the EO.

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THIS^^^^^^

Also, a 17 point hit isn't too bad for a brand new 30 day late reporting.  Most I hear of are in the 23-34 point range!!